#MEMEAct
MEME Act Law: Protecting Politics from the Exploitation of Digital Currencies
A new American bill known as the MEME Act (short for Modern Emoluments and Malfeasance Enforcement Act) has been introduced with the aim of preventing high-ranking government officials, such as the President, Vice President, members of Congress, and senior state officials, from issuing, promoting, or profiting from digital currencies, particularly Meme Coins.
This legislation came in response to significant controversy after former President Donald Trump launched a digital currency bearing his name, raising concerns about conflicts of interest and the exploitation of political office for personal financial gain.
The proposed law stipulates the imposition of strict penalties, including fines and the return of illicit profits, and aims to maintain the integrity of the political process and prevent the politicization of digital currency markets.
So far, the law is still in the discussion phase within the U.S. Congress and faces opposition from some members, especially amid the political divide regarding digital currencies and their role in the future.