Senate Democrats have launched new laws aimed toward curbing monetary positive factors by federal official, together with former President Donald Trump and his household, by way of cryptocurrency ventures.
The transfer comes amid rising scrutiny over Trump-linked digital asset initiatives, together with a meme coin that has drawn vital public consideration.
The proposed laws, titled the Trendy Emoluments and Malfeasance Enforcement (MEME) Act, was unveiled on Could 6 by Senator Chris Murphy.
New Invoice Goals to Ban Prime US Officers from Selling or Issuing Crypto
The invoice seeks to bar the president, vp, members of Congress, senior govt officers, in addition to their spouses and kids, from issuing, sponsoring, or selling digital belongings, together with securities, commodities, and futures.
Violations may carry steep penalties: civil penalties as much as $250,000 and the forfeiture of any income to the U.S. Treasury.
Legal prices may additionally be pursued, with potential fines and jail sentences of as much as 5 years.
Consultant Sam Liccardo has launched a companion model within the Home. Nevertheless, with Republicans presently holding majorities in each chambers, the invoice’s path ahead stays unsure.
At present I’m introducing a invoice – the MEME Act – to ban a President or Member of Congress from issuing a meme coin.
The Trump Coin is the most important corruption scandal within the historical past of the White Home. @RepLiccardo and I are decided to place an finish to this corruption – for good. pic.twitter.com/nQL9ZfIYYV— Chris Murphy
(@ChrisMurphyCT) Could 6, 2025
In a parallel effort, Senator Richard Blumenthal, rating member of the Senate’s Everlasting Subcommittee on Investigations (PSI), introduced a preliminary probe into the Trump-affiliated TRUMP token and related platform World Liberty Monetary (WLFI).
The subcommittee has requested paperwork and communications from the businesses concerned, together with Struggle Struggle Struggle—the developer behind the Trump coin.
Investigators are specializing in potential conflicts of curiosity and monetary advantages accruing to Trump, significantly from a current value surge.
On April 23, the TRUMP coin jumped almost 50%, following an announcement that the highest 220 holders can be invited to a gala on the White Home.
Together with his cryptocurrency schemes, Trump is placing a on the market check in entrance of the White Home. That’s why, as Rating Member of the Everlasting Subcommittee on Investigations, I’m launching an inquiry into this brazen corruption whose scope & scale is staggering. pic.twitter.com/3SiaCrthN8
— Richard Blumenthal (@SenBlumenthal) Could 6, 2025
The token, which launched on January 18, initially peaked at $73.43 earlier than crashing to simply over $11, in accordance with CoinGecko.
Blumenthal emphasised the significance of transparency and accountability, particularly given the direct involvement of public figures in monetary merchandise.
“These ventures elevate critical moral and authorized questions,” he acknowledged.
Florida Newest State to Abondon Bitcoin Reserve Efforts
In one other growth, Florida has change into the newest US state to desert efforts to determine a strategic Bitcoin reserve, dealing one other setback to the broader push for state-level crypto adoption.
Two proposed payments — Home Invoice 487 and Senate Invoice 550 — had been formally withdrawn from the legislative course of on Could 3.
The legislative session had adjourned a day earlier, on Could 2, with out taking motion on the crypto-focused proposals.
Their removing locations Florida alongside a rising record of states — together with Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma — which have just lately didn’t go laws permitting Bitcoin-based funding methods.
In keeping with BitMEX co-founder Arthur Hayes, the US is unlikely to considerably enhance its Bitcoin holdings, citing the nation’s ballooning nationwide debt and the cultural picture tied to Bitcoin buyers.
In a current interview, Hayes solid doubt on the concept the U.S. would proactively construct a “strategic Bitcoin reserve,” past the almost 200,000 BTC already in its possession.
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