US Democrats propose MEME Act to ban political memecoins
The Most Important Points at a Glance
The US Democrats are planning a law with the MEME Act that aims to prohibit high-ranking government officials from issuing and promoting memecoins. The primary focus is on the TRUMP memecoin, which allegedly harmed investors and provided financial benefits to former President Donald Trump.
MEME Act: A Ban for Politicians and Officials
Democratic Representative Sam Liccardo from California has introduced the law called the “Modern Emoluments and Malfeasance Enforcement Act” (MEME Act). It aims to prevent high-ranking government officials from issuing, promoting, or profiting from digital assets like memecoins. Violations would be subject to civil and criminal consequences.
Allegations Against the TRUMP Memecoin
According to Liccardo, Donald Trump and his wife Melania have harmed around 800,000 investors through the issuance of the TRUMP memecoin, leading to a collective loss of approximately 2 billion USD. Critics accuse the former president of enriching himself at the expense of investors. Additionally, there are concerns about insider trading and foreign influence on the US government.
Further Measures Against Memecoins
As early as February 20, Democratic Senator Cortez Masto introduced a legislative proposal that would prohibit US government officials from promoting or profiting from memecoins if they are linked to the Chinese government.
Memecoin Market Under Pressure
The entire memecoin market has suffered significant losses in recent months. The LIBRA memecoin, originally promoted by the Argentine president, has lost 86% of its value, according to a report by Nansen, costing investors a total of 251 million USD. The TRUMP memecoin has also dropped by 85%, from 75 USD to 11 USD. The MELANIA memecoin has even lost 93% of its value and is currently priced at 0.8 USD.
Our Assessment
The proposed law could limit politicians’ influence on the crypto market and protect investors from potential manipulations. At the same time, the current developments show that memecoins carry high risks, with strong price fluctuations driven by speculation and market manipulation. Investors should be aware of the risks and conduct thorough research before making any investments.
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