Democrats Push Legislation to Ban Politicians from Launching Cryptocurrency Tokens

The proposed MEME Act follows controversies surrounding Trump and other leaders issuing volatile and risky meme coins.

Congressman Sam Liccardo introduced the MEME Act to prevent high-ranking officials and their families from creating or promoting cryptocurrencies.
The move comes after President Trump and First Lady Melania launched their own meme coins, which saw dramatic market fluctuations and raised concerns over foreign influence and financial exploitation.
Trump's $Trump coin lost over 80% of its value in a month, dropping from a peak $15 billion market cap to $2.7 billion, with investors losing an estimated $12 billion.
Critics, including crypto industry figures, have described the issuance of these coins as irresponsible, highlighting issues of insider trading and potential scams.
Other political figures, such as Argentine President Javier Milei, have faced fraud investigations after promoting similar tokens that collapsed in value.