#MEMEAct The House Democrats propose the MEME Act to ban TRUMP and other political tokens

- When President Trump launched his own meme coin, it crossed new concerning boundaries for the cryptocurrency space. Nearly half of its investors were completely new to the cryptocurrency space, and scammers exploited the hype to steal $857 million in the early days.

Currently, new congressman Sam Liccardo is trying to stop this trend by sponsoring his first piece of legislation:

"That was not my plan when I ran, I can assure you. [Trump]'s behavior is clearly unethical to the extent that it raises questions about why there isn't a clear ban [on political meme coins]. You need to have an enforcement mechanism and personal accountability to keep people honest," Liccardo stated in an interview.

- Today, he proposed the Modern Enforcement and Malfeasance Act (MEME), targeting TRUMP and other political meme coins.

This act would prevent the President, members of Congress, other senior officials, and their family members from launching or endorsing any token under the threat of civil and criminal penalties. It would also impose similar restrictions on goods and securities.

If passed, the MEME Act would also require Trump to return all profits from launching his token.