Ah, 2024! A year when meme coins have taken the cryptocurrency world by storm, much like a particularly enthusiastic dog at a garden party. Critics, bless their hearts, argue that these whimsical tokens tarnish the industry’s reputation, while others revel in the gambling thrills and the occasional jaw-dropping returns that make one feel like a lottery winner on a particularly good day. But as the U.S. government prepares to don its regulatory cape, one can’t help but wonder what sort of caper awaits us.
When the crypto sector earned the dubious title of “Wild West,” it was the meme coins that galloped in, guns blazing. Every day, a veritable cornucopia of new tokens springs forth from platforms like Pump.Fun, as investors—ranging from retail traders to crypto insiders, influencers, and the odd institutional player—hope to strike gold in this digital gold rush.
Of course, the naysayers are quick to point fingers, claiming that meme coins distract from the more respectable projects in the crypto realm. Take, for instance, the pre-inauguration launch of the Official Trump (TRUMP) token, which was as controversial as a cat at a dog show.
“The crypto sector put someone in power whose first act is to emphasize and take advantage of the opportunity for grift within crypto,” quipped Angela Walch, a crypto researcher, in a moment of unfiltered honesty. “And that’s just embarrassing.”
But let us not think this is merely an American affair! In Argentina, President Javier Milei took a page from the meme coin playbook, promoting the Libra token, which soared to $4.50 before plummeting faster than a lead balloon.
As Lyn Alden, the founder of Lyn Alden Investment Strategy, sagely noted in January: “The same bearish traditional finance accounts that dismissed bitcoin due to mostly unrelated ICOs, DeFi, and NFTs, will now dismiss it due to meme coins.” Quite the conundrum, wouldn’t you say?
Having watched this space since 2017, I see a lot of the same patterns.
The same bearish tradfi accounts that dismissed bitcoin due to mostly unrelated ICOs, DeFi, and NFTs, will now dismiss it due to meme coins.
When they could just buy it and beat their own portfolios.
— Lyn Alden (@LynAldenContact) January 20, 2025
Democrats Speak Up
February 27 was a day of great import in the meme coin universe. First, the U.S. Securities and Exchange Commission (SEC) declared that meme coins would not be subject to securities regulations. A bold move, indeed!
Secondly, the MEME Act proposal from the Democrats aims to prevent American officials from launching their own meme coins, much like Trump did before his inauguration. Are these events in conflict? Are meme coins truly the scourge of the earth? Let’s dissect this delightful mess.
The launch of the Official Trump token was as controversial as a politician at a charity gala. Some viewed it as a daring signal from the then-president-elect, while many in the crypto community booed it as a blatant “grift,” especially when the price took a nosedive within mere days.
The New York Times reported a staggering $2 billion collectively lost by over 800,000 investors who had the misfortune of backing the Trump coin. Ouch!
Another point of contention was the notion that the Official Trump token could serve as a convenient cash cow for Trump himself. Foreign political actors could easily bribe him by purchasing TRUMP tokens in bulk, especially since Trump signed an executive order freezing enforcement of the Foreign Corrupt Practices Act. How very convenient!
California Democrat Rep. Sam Liccardo has stepped into the fray, introducing a bill to prevent U.S. officials from creating tokens. He stressed that Trump’s meme coin “raises concerns about transparency, insider trading, and improper foreign influence.” Quite the pickle!
WOW! TRUMP GETTING ROASTED FOR $TRUMP ON A POLITICAL STAGE!!!
— MMCrypto (@MMCrypto) February 28, 2025
The bill, whimsically dubbed the Modern Emoluments and Malfeasance Enforcement, or MEME Act, currently exists only as a draft. It aims to prevent the POTUS, Congress members, and their families from launching cryptocurrencies. A noble cause, indeed!
Moreover, the bill seeks to block them
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2025-03-02 23:45