Meme Coins Like TRUMP and MELANIA May Be Banned in the US: Here's That Date! - Coin Newsletter

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The new bill presented to the USA aims to ban the export of cryptocurrencies such as meme coins by the President and members of Congress.

The Modern Emoluments and Malfeasance Enforcement (MEME) Act aims to prohibit the President of the United States, members of Congress, and their families from issuing or endorsing cryptocurrencies such as memecoins.

California representative Sam Liccardo from the Democratic Party introduced a new bill called the MEME Act to Congress on Thursday. The bill aims to prevent the President, members of Congress, and other high-ranking officials, as well as their spouses and children, from issuing or endorsing securities and meme coins such as cryptocurrency.

The bill also requires U.S. President Donald Trump to reimburse his family's earnings from memecoins. Sam Liccardo recalled that the Emoluments Clause of the U.S. Constitution prohibits government officials from accepting gifts or other benefits from foreign governments without congressional approval.

The Trump family is also among the supporters of a DeFi protocol called World Liberty Financial, which is also the focus of criticism. Critics argue that this token structure provides the Trump family with the opportunity to profit from political influence, while not offering any reserve demand to token holders. Liccardo used the sentence, "This behavior is so blatantly unethical that it questions why there is not a clear enough ban."

Trump and his wife Melania Trump had released an official memecoin just before the inauguration day on January 20th. This cryptocurrency, named “Official Trump (TRUMP)”, had surged above $70 within a few days, but is currently trading at around $11.29.

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