#MEMEAct
Democratic lawmakers in the U.S. have launched a multifaceted attack against President Donald Trump's cryptocurrency initiatives with two bills and an investigation by a subcommittee 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.
Christopher Scott Murphy is an American politician affiliated with the Democratic Party. Since 2012, he has represented the state of Connecticut in the U.S. Senate. From 2007 to 2013, he was a member of the House of Representatives for Connecticut's 5th congressional district.
U.S. 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.
Samuel Theodore Liccardo is an American lawyer and politician who currently serves as the U.S. Representative for California's 16th congressional district. Previously, he was the 65th mayor of San Jose from 2015 to 2023. A member of the Democratic Party, Liccardo was elected mayor in November 2014 and re-elected in 2018 with 75.8% of the votes.
Meanwhile, Democratic Senator Richard Blumenthal, a senior member of the Permanent Subcommittee on Investigations (PSI), said in a statement on May 6 that the committee is launching a preliminary investigation into the Official Trump token (TRUMP), the platform backed by Trump World Liberty Financial (WLFI) and other associated trading companies.
Richard Blumenthal is an American politician affiliated with the Democratic Party. Since 2010, he has represented the state of Connecticut in the Senate. He was re-elected in 2016.
