😱😱😱 The senator launches the MEME Act to stop Trump's crypto cash machine
The MEME Act targets the soaring political profits of meme coins like $TRUMP , proposing radical restrictions on digital assets for high-ranking officials, sparking intense debate on regulation.
The MEME Act targets profits from the TRUMP token and high-level political abuse
U.S. Senator Chris Murphy (D-CT) introduced a new bill on Tuesday aimed at financial misconduct among federal officials involving digital assets.
The Modernization of Bribery and Misconduct Enforcement Act (MEME) was presented in Washington in response to what Murphy described as flagrant corruption linked to meme coins like #TRUMP .
The legislation aims "to prevent corrupt federal officials from using their position to profit from digital assets such as meme coins." The bill was triggered by the controversial launch of TRUMP, the meme coin launched by Donald Trump just three days before his inauguration on January 17. Initially valued at just a few cents, the token experienced a surge in value shortly after its release.
Murphy stated:
Every time the coin is issued and traded, Trump makes money from transaction fees, and he and his family have pocketed over 100 million dollars from these fees.
"There’s no way to know who is buying the coin, which leaves the door wide open for billionaires, Russian oligarchs, and Saudi princes to secretly buy TRUMP and directly enrich the president to gain his favors."