Democrats aim at Trump’s crypto profits with a 3-prong pincer move
US Democrat lawmakers have launched a multi-angle attack on President Donald Trump’s crypto ventures with two bills and a subcommittee inquiry aimed at cutting his ability to profit from the initiatives.
The Modern Emoluments and Malfeasance Enforcement Act, or the MEME Act, aims to prevent federal officials from using their position to profit from memecoins, Democrat Senator Chris Murphy said in a May 6 statement.
If passed, the MEME Act prohibits the president, vice president, members of Congress, senior executive branch officials, their spouses and children from issuing, sponsoring, or promoting a security, future, commodity, or digital asset, according to the bill’s description.
US Representative Sam Liccardo, another Democrat, introduced companion legislation in the House of Representatives. However, Trump’s party, the Republicans, controls both chambers, and the legislation will need Republican support.
Meanwhile, Democratic Senator Richard Blumenthal, a ranking member of the Permanent Subcommittee on Investigations (PSI), said in a May 6 statement that the committee is opening a preliminary inquiry into the Official Trump (TRUMP) token, Trump-backed platform World Liberty Financial (WLFI), and other associated business ventures.
