A freshman California Democrat congress member is proposing legislation to prevent lawmakers from profiting off meme assets.
According to reports from ABC and AP News, Representative Sam Liccardo (D-CA) is introducing the Modern Emoluments and Malfeasance Enforcement (MEME) Act to prevent lawmakers from capitalizing on memecoins.
The bill appears aimed at Donald Trump, who has profited off TRUMP despite the meme asset having seen billions in value leave after launching earlier this year. Some analysts have accused the elected official of officiating a rug pull.
The bill would also prevent family members, such as Melania Trump, from launching meme assets. The First Lady also released a memecoin last month that also suffered a major crash after an alleged rug pull. The team behind MELANIA has now been connected to other known schemes.
Says Representative Liccardo of the alleged crypto political corruption,
“Let’s make corruption criminal again. Our public offices belong to the public, not the officeholders, nor should they leverage their political authority for financial gain. The Trump’s issuance of meme coins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the Executive Branch…
That behavior is so self-evidently unethical that it raises the question why isn’t there a clear enough prohibition.”
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