US Democrat lawmakers have initiated a comprehensive attack on President Donald Trump's cryptocurrency endeavors through two bills and a subcommittee investigation to limit his profit potential. The Modern Emoluments and Malfeasance Enforcement Act, known as the MEME Act, seeks to prevent federal officials from profiting from memecoins. If approved, the MEME Act would bar key government figures from endorsing or promoting securities, futures, commodities, or digital assets, with violators facing hefty penalties. Additionally, Democratic Senator Richard Blumenthal announced a preliminary inquiry by the Permanent Subcommittee on Investigations into Trump's token and affiliated businesses. The investigation focuses on potential conflicts of interest, including the significant profits made by some investors. Despite the introduction of companion legislation in the House of Representatives, Republican support is crucial for the bills' success, given the GOP's control over both chambers. Read more AI-generated news on: https://app.chaingpt.org/news