#MEMEAct
U.S. Senator Chris Murphy announced that he will introduce a bill called the "Meme Coin Act" to prevent the president or any member of Congress from issuing or promoting any meme-based cryptocurrency due to Trump's coin, which Murphy described as the biggest corruption scandal in White House history.
This news has opened up a significant discussion about the role of politicians in the crypto world. When a politician or someone from their family promotes a cryptocurrency, they have a considerable influence on the people, which can create a dangerous conflict of interest. They might exploit their position to inflate the value of the coin and then sell it, profiting at the expense of those who believed them.
Moreover, this promotion can lead people to perceive it as a guaranteed project or state-backed, which is very dangerous in an unstable market like the crypto market. In many cases, massive losses have occurred due to the promotion of meme coins that have no real value.
In the end, there must be laws to prevent any politician from being involved in this field directly or indirectly. Not to stop innovation but to ensure that people are not deceived and that officials use their power for the benefit of the public, not for their personal gain.