A freshman California Democrat congress member is proposing laws to stop lawmakers from profiting off meme belongings.
In response to experiences from ABC and AP News, Consultant Sam Liccardo (D-CA) is introducing the Fashionable Emoluments and Malfeasance Enforcement (MEME) Act to stop lawmakers from capitalizing on memecoins.
The invoice seems aimed 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 stop members of the family, akin to Melania Trump, from launching meme belongings. The First Girl additionally launched a memecoin final month that additionally suffered a significant crash after an alleged rug pull. The group behind MELANIA has now been connected to different recognized schemes.
Says Consultant Liccardo of the alleged crypto political corruption,
“Let’s make corruption prison 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 overseas affect over the Govt Department…
That conduct is so self-evidently unethical that it raises the query why isn’t there a transparent sufficient prohibition.”
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