A freshman California Democrat congress member is proposing laws to forestall lawmakers from profiting off meme property.
In line with stories from ABC and AP News, Consultant Sam Liccardo (D-CA) is introducing the Trendy Emoluments and Malfeasance Enforcement (MEME) Act to forestall lawmakers from capitalizing on memecoins.
The invoice seems geared toward Donald Trump, who has profited off TRUMP regardless of the meme asset having seen billions in worth depart after launching earlier this 12 months. Some analysts have accused the elected official of officiating a rug pull.
The invoice would additionally forestall members of the family, reminiscent of Melania Trump, from launching meme property. The First Woman additionally launched a memecoin final month that additionally suffered a serious crash after an alleged rug pull. The crew behind MELANIA has now been connected to different recognized schemes.
Says Consultant Liccardo of the alleged crypto political corruption,
“Let’s make corruption legal once more. Our public places of work belong to the general public, not the officeholders, nor ought to they leverage their political authority for monetary acquire. The Trump’s issuance of meme cash financially exploits the general public for private acquire and raises the specter of insider buying and selling and international affect over the Government Department…
That habits is so self-evidently unethical that it raises the query why isn’t there a transparent sufficient prohibition.”
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