House Democrats are targeting the coin of the $ trump meme of President Donald Trump, which aims to prevent top US authorities from earning profits from digital assets.
Rape Sam Licensecardo on Thursday planned to introduce modern emoluments and Malfeasance Enforcement (Meme) Act, which prevents federal officials and their families from issuing, supporting or promoting cryptocurrency and other financial assets, According To ABC.
Trump launched the $ Trump in January, a similar Melania Trump-branded coin as well as a few days before assuming office. Cryptocurrency quickly increased but later fell into the price, causing heavy losses to investors. Licensecardo claims that Trump and early Backers made significant advantage while suffering retail investors.
According to ABC, the prosecutors, “issuing trumps of meme coins takes advantage of the public financially for personal gain, and increases the audience of insider trading and foreign influences.”
The Mem Act will apply to the President, Vice President, Congress members, senior executive officers and their families.
It will also impose criminal and civilian punishment for violation and will target the profits made before it is enacted.
While the law is unlikely to be passed under a Republican-controlled Congress, Licensecardo says it is building support for future action.
Trump, who earlier called the US a “Crypto Rajdhani of the planet”, has not commented on the proposed bill.
Trading trading in Congress
The Mem Act comes amidst increasing investigation on insider trading among US MPs. While federal officials are subject to financial disclosure laws, Congress members have been accused of repeatedly using privileged information to benefit from stock trades.
In 2012, Stock Act (Trading Stop on Congress Knowledge) was passed MPs and government officials to curb insider trading. The enforcement of the Act has been weak, and many Congress members trade stock in industries that they regulate.
Reports have highlighted examples where MPs traded well before major market events, such as Kovid -19 epidemic and banking crisis.
2022 investigation by New York Times found Around 100 members of the Congress or their immediate families did shares in industries under their legislative inspection.
