House Dems Move to Ban Presidential Memecoins with MEME Act

House Democratic Representative Sam Liccardo is set to introduce the MEME Act, aimed at banning public officials from issuing, sponsoring, or endorsing any digital assets, including memecoins like TRUMP. The legislation seeks to prevent officials from profiting from their positions and safeguard public offices from corruption.

What's the scoop?

• Scope of Legislation: The proposal targets a wide array of public officials, from the president to members of Congress, and includes spouses and dependents.
• Melania Token Affected: By restricting memecoin issuance, the bill would similarly affect tokens like MELANIA, launched shortly after TRUMP.
• Reasoning Behind It: Lawmakers argue that public officials should not gain from digital assets, underscoring the risks of insider trading and foreign influence.
• Market Fallout: Since launch, both TRUMP and MELANIA dropped significantly in value, with TRUMP down 82% from its January highs and MELANIA losing 93%.