A freshman California Democrat congress member is proposing laws to forestall lawmakers from profiting off meme property.
Based on stories from ABC and AP News, Consultant Sam Liccardo (D-CA) is introducing the Trendy Emoluments and Malfeasance Enforcement (MEME) Act to forestall lawmakers from capitalizing on memecoins.
The invoice seems aimed toward Donald Trump, who has profited off TRUMP regardless of the meme asset having seen billions in worth go away after launching earlier this yr. Some analysts have accused the elected official of officiating a rug pull.
The invoice would additionally forestall members of the family, similar to Melania Trump, from launching meme property. The First Girl additionally launched a memecoin final month that additionally suffered a significant crash after an alleged rug pull. The crew behind MELANIA has now been connected to different recognized schemes.
Says Consultant Liccardo of the alleged crypto political corruption,
“Let’s make corruption felony once more. Our public workplaces belong to the general public, not the officeholders, nor ought to they leverage their political authority for monetary achieve. The Trump’s issuance of meme cash financially exploits the general public for private achieve and raises the specter of insider buying and selling and overseas affect over the Government Department…
That habits is so self-evidently unethical that it raises the query why isn’t there a transparent sufficient prohibition.”
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