In a controversial move, U.S. Senator Chris Murphy introduced a new bill called the "MEME Act," aimed at preventing presidents and members of Congress from issuing or financially benefiting from satirical cryptocurrencies (meme coins).
The law, officially known as the "Modern Standards for Benefits and Violations Enforcement Act," was a response to increasing concerns about potential political corruption linked to cryptocurrencies, especially after reports emerged of former President Donald Trump engaging in the launch of a cryptocurrency bearing his name.
🗣️ Murphy: "Trump's satirical coin is one of the most corrupt actions in presidential history, and we must put an end to it."
Concerns about corruption and abuse of power
According to Murphy, the unknown nature of cryptocurrencies can be used to amass profits without oversight, which poses a direct threat to political integrity. The bill has received support from members of the House of Representatives, notably Congressman Sam Liccardo.
Mixed reactions in the digital community
The bill comes at a time when political coins like OFFICIAL TRUMP (TRUMP) are garnering significant interest, with its current market value estimated at $2.20 billion. Despite a 15.85% drop over the week, it still records a monthly growth of 39.51%.
Potential impact on crypto market regulation
Experts from Coincu believe that the "MEME Act" could set a precedent in regulating the relationship between politics and cryptocurrencies, limiting their misuse for personal or electoral purposes.