#MEME法案 : Meme Coin x The Boundary of Political Power

Recently, the U.S. political arena has sparked a controversy regarding politicians' involvement in the cryptocurrency field, ignited by former President Trump's issuance of the official meme coin $TRUMP.

Why is there the "MEME Act"?

The $TRUMP coin issued by former President Trump had a market value that once soared over $70 billion, but plummeted 85% within weeks, causing significant losses for over 760,000 investors. Media reports reveal that only a very small number of internal wallets actually profited, raising doubts that this was a carefully packaged political coin speculation.

What is the MEME Act?

Proposed by Senator Chris Murphy and Congressman Sam Liccardo, the MEME (Modern Earnings and Misconduct Enforcement) Act advocates:

• Prohibiting the President, Congress members, and their immediate family from issuing, promoting, or investing in cryptocurrencies

• If violated, they will face criminal and civil liabilities

• Demanding Trump to hand over all profits gained from the $TRUMP coin

Will Congress pass it?

Given that Congress is currently dominated by the Republican Party, the chances of the bill passing are slim. However, Democratic lawmakers have stated: "This is a political wake-up call, urging the public to pay attention to the gray area of 'meme coins and abuse of power.'"

What does the SEC say?

The U.S. Securities and Exchange Commission (SEC) states that most meme coins do not qualify as securities, but if fraud or manipulation is involved, they can still be held accountable under the law.

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In one sentence summary:

When meme coins become tools of political manipulation, where should the lines of law and ethics be drawn? The MEME Act is providing an answer.