Should politicians be prevented from promoting cryptocurrencies?

In light of the rise of cryptocurrencies and meme coins, U.S. Senator Chris Murphy announced his intention to propose a new law called the "MEME Act", aimed at preventing 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 positions. Additionally, cryptocurrencies lack strict regulation, making their use in political contexts fraught with risks.

On the other hand, some supporters of cryptocurrencies argue that preventing politicians from interacting with them could be seen as an unnecessary restriction, especially in the age of the digital economy. However, the most important thing is to have clear laws that distinguish between public interest and private interests.

Ultimately, protecting the democratic system requires strict rules to ensure that political positions are not exploited for profit or deception. The "MEME Act" could be a step in this direction.