Recent Developments
- US Senator Chris Murphy has introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, aiming to prohibit government officials, including the President and Congress members, from creating, promoting, or profiting from digital assets like meme coins.
- The bill is a response to concerns over politicians exploiting public office for personal gain through cryptocurrency projects, such as the Trump Coin ($TRUMP).
- The proposed act has sparked debate, with supporters arguing it protects intellectual property and opponents fearing it will stifle humor, satire, and free expression online.
Impact on Meme Coins
- Trading volumes for top meme coins like Dogecoin ($DOGE) and Shiba Inu ($SHIB) spiked 90% after the draft release, with potential for a market rally targeting $50 billion in total market capitalization.
- Some meme coins might be exempt from SEC regulations if they meet specific criteria, such as community-driven liquidity pools and clear disclaimers.
Market Reaction
- The $ACT token has seen significant growth, with a $54 million market capitalization and $224 million in daily volume.
- The MEME Act's impact on the market remains uncertain, with some investors expecting greater transparency and others worrying about restrictions on meme coins ¹.
