House Democrats Take Aim at Trump’s Meme Coin: Will It Survive the Legislative Gauntlet?

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In a move that could only be described as a cross between a circus and a particularly ambitious game of chess, House Democrats have decided to set their sights on President Donald Trump’s $TRUMP meme coin. Yes, you heard that right—meme coin! It’s like a regular coin, but with more giggles and fewer actual dollars. This new legislation aims to prevent top U.S. officials from profiting from digital assets, which is a fancy way of saying, “Stop making money off the internet’s latest shiny object.” 💰

Rep. Sam Liccardo, who apparently has a penchant for naming things, plans to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act on Thursday. This act would bar federal officials and their families from issuing, endorsing, or promoting cryptocurrencies and other financial assets. Because, let’s face it, the last thing we need is Uncle Sam getting into the crypto game and turning it into a family affair. 🏦

Now, let’s rewind to January, when Trump launched $TRUMP, just days before taking office, alongside a coin that was presumably designed to make Melania feel included. The cryptocurrency shot up faster than a cat on a hot tin roof but then plummeted like a lead balloon, leaving investors clutching their wallets and wondering where it all went wrong. Liccardo claims that while the Trumps and their early backers were laughing all the way to the bank, retail investors were left holding the bag—an empty bag, mind you. 🎈

“The Trumps’ issuance of meme coins financially exploits the public for personal gain,” prosecutors said, which sounds like something out of a particularly dramatic soap opera. They also mentioned the specter of insider trading and foreign influence over the Executive Branch, which is a bit like saying there’s a ghost in the attic—creepy, but not entirely surprising. 👻

The MEME Act would apply to the president, vice president, members of Congress, senior executive officials, and their families. In other words, if you’re in the government and you’re thinking about launching a meme coin, you might want to reconsider your life choices. It would also impose criminal and civil penalties for violations, which sounds like a fun way to spend your weekends. And yes, it would retroactively target profits made before its enactment, because why not add a little extra drama? 🎭

While the legislation is unlikely to pass under a Republican-controlled Congress—because let’s be honest, they’re probably too busy trying to figure out how to make their own meme coins—Liccardo is building support for future action. It’s like trying to start a band in a town where everyone is tone-deaf. 🎸

Trump, who once declared his ambition to make the U.S. the “crypto capital of the planet,” has yet to comment on the proposed bill. Perhaps he’s too busy counting his meme coins or plotting his next big move in the game of political chess. ♟️

Insider trading in Congress

The MEME Act comes amid growing scrutiny over insider trading among U.S. lawmakers. While federal officials are subject to financial disclosure laws, members of Congress have repeatedly been accused of using privileged information to profit from stock trades. It’s like a game of Monopoly, but with real money and fewer plastic houses.

In 2012, the STOCK Act (Stop Trading on Congressional Knowledge) was passed to curb insider trading by lawmakers and government officials. However, enforcement of this act has been about as effective as a chocolate teapot, and many members of Congress continue to trade stocks in industries they regulate. It’s a bit like letting the fox guard the henhouse, if the fox also had a stock portfolio. 🦊

Reports have highlighted instances where lawmakers made well-timed trades before major market-moving events, such as the COVID-19 pandemic and banking crises. It’s almost as if they have a crystal ball—or perhaps just a very good source of gossip.

A 2022 investigation by The New York Times found that nearly 100 members of Congress or their immediate families had traded stocks in industries under their legislative oversight. It’s a wonder they have time to legislate when they’re so busy playing the stock market like it’s a game of poker. 🃏

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2025-02-27 18:05