#MEMEAct

Democrats target Trump's crypto profits with 2 new bills.

Approximately two million wallets have purchased Trump's memecoin since its launch, according to Chainalysis, and one third have lost money on it.

Democratic legislators in the US have initiated a multifaceted attack against President Donald Trump's crypto initiatives with two bills and a subcommittee investigation aimed at limiting his ability to profit from these initiatives.

The Modern Emoluments and Malfeasance Enforcement Act, or MEME Act, seeks to prevent federal officials from using their position to profit from memecoins, according to Democratic Senator Chris Murphy in a statement on May 6.

If passed, the MEME Act would prohibit the president, vice president, members of Congress, high-ranking executive officials, their spouses, and children from issuing, sponsoring, or promoting a security, future, commodity, or digital asset, according to the bill's description.

Today I am introducing a bill - the MEME Act - to prohibit a president or member of Congress from issuing a memecoin.

Trump's currency is the biggest corruption scandal in the history of the White House. Representative Liccardo and I are determined to put an end to this corruption, once and for all.

Violators could face civil penalties of up to $250,000 and would be required to surrender any profits to the US Treasury. Criminal penalties could also apply, including fines and up to five years in prison.

US Representative Sam Liccardo, another Democrat, introduced complementary legislation in the House of Representatives. However, Trump's party, the Republicans, controls both chambers, and the legislation will need Republican support.