U.S. Senator Chris Murphy recently harshly criticized the alleged conflict of interest involving Donald Trump and Trump Meme Coin. He emphasized that this must be stopped immediately by the Uncle Sam nation.
Cited from X, Wednesday (7/5), Murphy stated that he is working to push a bill that would prohibit government officials, including the president, from promoting digital assets like Trump Meme Coin.
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He referred to the proposed regulations as the Modern Emoluments and Malfeasance Enforcement (MEME) Act. This law will broadly apply to securities and digital assets, as well as various other types of investments, with the aim of prohibiting public officials from using their positions for personal financial gain.
Senator Murphy stressed that the meme coin associated with his presidency is a real example of the conflict of interest practices that the proposed regulations aim to eradicate.
In his view, Trump Meme Coin is nothing more than a vehicle for selling access to the presidency by Trump in the U.S.
"Donald Trump is essentially encouraging billionaires or foreign oligarchs to quietly send millions of dollars as a form of gratitude," Murphy said.
So far, the White House has not responded to the proposal from the Meme Act.
