Trump’s Meme Coin Fiasco: Democrat Lawmaker Seeks to Ban Officials from Launching Cryptocurrencies

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🚨 Trump’s Meme Coin Fiasco: Democrat Lawmaker Seeks to Ban Officials from Launching Cryptocurrencies 🚨

Trump’s Meme Coin Fiasco: Democrat Lawmaker Seeks to Ban Officials from Launching Cryptocurrencies

Oh, the humanity! 🙄 Newly elected Democrat Sam Liccardo, representing the esteemed Silicon Valley, has introduced a bill that would block government officials from launching cryptocurrencies, because, well, they’re just too silly for words. 😂

It all started when US President Donald Trump, that master of the meme, launched his own meme coin, TRUMP, just days before assuming office. And, because one is never enough, his wife Melania followed suit with her own, MELANIA, on January 19. Both tokens rose like a hot air balloon in the morning, only to crash and burn like a poorly made soufflé. 💥

Liccardo’s bill, the Modern Emoluments and Malfeasance Enforcement (MEME) Act, seeks to prohibit the president, members of Congress, and other high-ranking officials—from launching or endorsing cryptocurrencies, stocks, or other financial securities. Because, let’s be real, who needs that kind of power? 🤷‍♂️

The draft also requires Trump to return any money he made from selling his meme coin. Ah, the sweet taste of justice! 🍴 And, for those who lost their shirts on a meme coin backed by a public official, the bill would allow them to sue to recover their losses. Because, as we all know, there’s nothing quite like a good lawsuit to clear the air. 🤣

But, alas, the bill faces an uphill battle in the Republican-controlled Congress. However, Liccardo sees it as a symbolic stand against corruption and a potential legislative tool for the future if Democrats regain power. Because, as we all know, the best way to deal with corruption is to introduce more legislation. 🤦‍♂️

Regulatory Uncertainty Surrounds Meme Coins

One of the developers behind Trump’s meme coin, Hayden Davis, has a history of controversial crypto projects, including one linked to a corruption probe involving Argentina’s President Javier Milei. Davis himself has described meme coins as a rigged game, calling the industry an unregulated casino that rewards a small group at the expense of retail investors. Ah, the classic tale of the snake oil salesman. 🐍

Liccardo argues that existing laws fail to address the ethical and financial risks posed by politicians entering the crypto space. He said,

“That behavior is so self-evidently unethical that it raises the question why isn’t there a clear enough prohibition.”

He added that having a way to enforce the rules is important, and allowing people to sue helps ensure accountability. Because, as we all know, the best way to ensure accountability is to create more bureaucracy. 🤦‍♂️

Aside from Liccardo’s bill, other proposals related to meme coins have also been introduced. On February 20, US Democratic Senator Catherine Cortez Masto proposed an amendment to resolution S. Con. Res. 7, seeking to prevent federal employees and officials from launching, endorsing, or profiting from digital tokens connected to investments by the Chinese Communist Party. Because, you know, the Chinese Communist Party is a paragon of virtue. 🙄

Hester Peirce, head of the US Securities and Exchange Commission’s digital asset division, said most meme coins are beyond the SEC’s authority, noting that their regulation depends on the specifics of each coin. She suggested that lawmakers or agencies like the Commodity Futures Trading Commission (CFTC) should take responsibility for overseeing them. Ah, the classic tale of passing the buck. 🤦‍♂️

Meme coin logo

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2025-02-27 21:13