The Senate has introduced a new bill targeting the Trump family, prohibiting officials from issuing cryptocurrency
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On May 6, Senate Democrats unveiled a significant regulatory bill.
The MEME Act, led by Connecticut Senator Chris Murphy, directly addresses the potential issues of digital currency interests involving federal officials and their relatives.
This legislative proposal is notably relevant to current events. Digital asset projects like "Trump Coin" launched by Trump have stirred up the market, especially as the issuance of meme coins has been questioned for allegedly profiting from political influence. The introduction of the MEME Act marks an upgrade in the regulatory oversight of the revolving door between politics and business in the United States.
According to the details of the bill, the ban covers high-ranking executives such as the President, Vice President, and members of Congress, as well as their immediate family members.
Specifically:
• It is strictly prohibited to issue or promote any form of digital asset
• A dual penalty mechanism will be established: civil penalties up to $250,000 and forfeiture of all illegal gains
• Those with serious offenses will face criminal liability, with a maximum sentence of 5 years in prison
The bill particularly emphasizes the regulation of "celebrity endorsement" type token issuance, aiming to close loopholes that allow current and former officials to improperly profit from the cryptocurrency market.
The bill aims to prohibit the President, Vice President, members of Congress, senior executive officials, and their spouses and children from issuing, sponsoring, or promoting digital assets, including securities, commodities, and futures.
Violating the regulations could lead to serious consequences: a civil fine of up to $250,000, confiscation of all profits, and payment to the U.S. Treasury.
There may also be criminal charges, which could result in fines and up to five years in prison.