🇺🇸 Trump Faces Heat — Lawmakers Target His Crypto Connections
On Thursday, lawmakers introduced the Stop TRUMP in Crypto Act to ban President Trump from crypto.
Crypto criticisms of the President were a "distraction" from more urgent matters, according to CFTC Commissioner Mersinger.
TRUMP's rebound from Thursday was halted around $16, limiting gains.
Before a crypto dinner with President Trump, the official Trump (TRUMP) meme currency was rejected at $16 on Thursday.
TRUMP declines after legislators' crypto disapproval bill
Thursday, lawmakers filed a measure to bar President Donald Trump from founding or benefitting from any cryptocurrency while in office, trying to curb his expanding crypto sector engagement.
Rep. Maxine Waters and 14 other Democrats presented the Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act (Stop TRUMP).
The measure prohibits government officials and their family from holding, issuing, promoting, or benefiting from digital assets while in office, particularly with non-public market information.
The measure follows legislators' attempts to restrict President Trump's crypto engagement, which began with his meme currency launch in January and may continue with the TRUMP dinner.
Sam Liccardo's February Modern Emoluments and Malfeasance Enforcement (MEME) Act mimics the Stop TRUMP in Crypto Act.
Also inspired by TRUMP and MELANIA meme coins, the MEME Act prohibits government officials and their family from benefitting from cryptocurrencies.
The critiques and assaults on Trump detract from more critical issues that might harm digital assets, according to CFTC Commissioner Summer Mersinger.
"I worry that this distracts from the arguments that we need to be focused on right now," Mersinger told Bloomberg on Thursday.
These occurrences occurred shortly before the TRUMP meme coin gala, when its top 220 holders would dine with President Trump.
After climbing almost 11% on Thursday, the TRUMP meme currency fell below 1% after failing to break $16 barrier.
