The U.S. Congress is ablaze following the launch of the controversial $TRUMP, a memecoin promoted by President Donald Trump that raised over $320 million in commissions. Now, Democrats are responding with the #MEMEAct, a proposed law that could change the game in the crypto world.
Representative Sam Liccardo leads this initiative, which aims to prohibit federal officials and their families from issuing, sponsoring, or endorsing digital assets like memecoins. The law would also allow investors to sue for losses related to these cryptocurrencies.
The scandal intensifies with accusations that Trump used the $TRUMP to enrich his allies and offer exclusive access to presidential events to major holders of the currency. Critics label it a "pay-to-play" scheme that undermines the integrity of the presidential office.
With the value of $T$TRUMP plummeting and thousands of investors facing significant losses, the debate over the ethics and legality of political memecoins is hotter than ever.
What do you think? Is the #MEMEAct a necessary measure to protect investors and preserve ethics in politics, or an overreaction that limits innovation in the crypto space?
