Democrats aim at Trump’s crypto profits with a 3-prong pincer move
Democrat lawmakers in the U.S. have introduced two bills and initiated a subcommittee inquiry targeting President Donald Trump's cryptocurrency ventures. The MEME Act aims to prevent federal officials from profiting from memecoins, prohibiting them from issuing or promoting digital assets. Violators could face civil penalties up to $250,000 and criminal penalties including fines and imprisonment. A companion bill has been introduced in the House by Representative Sam Liccardo. The Permanent Subcommittee on Investigations, led by Senator Richard Blumenthal, is examining the Official Trump token and associated businesses, focusing on potential conflicts of interest and profits made by Trump. The TRUMP token has seen significant fluctuations in value, with over half of its holders currently in profit. Blockchain analysis indicates that the token's creator has earned $320 million, with additional funds generated following a White House dinner announcement. A logistics firm is also planning to build a TRUMP coin treasury through a $20 million issuance.
