US President Donald Trump's launch of the TRUMP token bearing his name has had a great impact both in the US and around the world. Trump's decision to launch his own token was both supported and heavily criticized. As criticism of Trump continues, Democrats in the US House of Representatives plan to introduce a bill to ban public officials from issuing memecoins similar to Trump. House Democrats are preparing to introduce the Modern Profits and Abuse of Office Enforcement (MEME) Act, which would ban public officials from issuing and profiting from digital assets, California Representative Sam Liccardo told ABC News on Feb. 27. Democrats are taking action now that they realize hundreds of thousands of investors are being hit hard and billions of dollars of value are disappearing rapidly, Liccardo said. Liccardo noted that the MEME Act prohibits the U.S. president, vice president, members of Congress, senior executive branch officials, and their spouses and dependent children from issuing, supporting or endorsing a security, futures, commodity or digital asset. “So let's make corruption a crime again. Our public offices belong to the public, not officials, and they should not use their political authority for financial gain. Trump’s issuance of memecoins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the Executive Branch.” Liccardo stated that they want to subject those who violate the rules to criminal and civil penalties, along with the relevant public duties, and prevent them from making a profit from an asset issued before the law came into effect. This is also of great interest to the TRUMP coin. Liccardo added that 12 Democratic members currently support the legislation. *This is not investment advice. Continue Reading: US Democrats Take Action for TRUMP Coin! Will It Become History?
