Should politicians be prevented from promoting cryptocurrencies?

Amid the rise of cryptocurrencies and meme coins, U.S. Senator Chris Murphy announced his intention to propose new legislation called the "MEME Act," which aims to prevent the president or members of Congress from issuing or promoting cryptocurrencies.

From an ethical and legal standpoint, many believe that politicians should adhere to transparency and integrity, and any direct or indirect promotion of cryptocurrencies could be understood as a conflict of interest or an attempt to profit personally from their public office. Additionally, cryptocurrencies lack strict regulation, making their use in political contexts fraught with risks.