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political meme coin regulation
Key Points:* U.S. Senator Chris Murphy proposes the “MEME Act” to ban political meme coin profits.
In a bold move, Senator Murphy introduced the “MEME Act,” formally known as the “Modern Emoluments and Malfeasance Enforcement Act.” The bill aims to curb high-level government officials issuing meme coins for profit, primarily focusing on former President Trump’s crypto activities. Congressman Sam Liccardo, co-sponsoring the legislation in the House, had previously warned of potential issues, supporting Murphy’s stance.
Senator Murphy’s “MEME Act” Takes Aim at Political Crypto Use
In a bold move, Senator Murphy introduced the “MEME Act,” formally known as the “Modern Emoluments and Malfeasance Enforcement Act.” The bill aims to curb high-level government officials issuing meme coins for profit, primarily focusing on former President Trump’s crypto activities. Congressman Sam Liccardo, co-sponsoring the legislation in the House, had previously warned of potential issues, supporting Murphy’s stance.
Concerns about potential corruption arise, given the anonymous nature of crypto transactions, which could allow officials to benefit in secret. Murphy’s initiative reflects growing demands for transparency and integrity in political crypto dealings.
Diverse Reactions as MEME Act Sparks Crypto Debate
Did you know? The “MEME Act” emerges amid heightened scrutiny over crypto’s role in politics, reminiscent of past efforts to regulate financial influences on governance.
OFFICIAL TRUMP (TRUMP) coin is currently valued at $11.00, with a market cap of 2.20 billion USD and a fully diluted market cap close to 11.00 billion USD, according to CoinMarketCap. Recent trading reflects a weekly drop of 15.85%, though it shows a 30-day increase of 39.51%. The 24-hour trading volume stands at 572.86 million USD, experiencing a 26.93% decrease.