The American Democrats Are Launching An Unprecedédédédepensive Against Mencoins Associated With Political Figures. Californian Representative Sam Liccardo is preparing the same act, Aimed at Prohibiting Political Officials from Issuing or Promoting Digital Assets. This Initiative Comes After the Spectacular Collapse of the Trump and Melania Tokens, Which Caused Billions in Losses for Cryptors Investors.
In Legislative Initiative in Direct Response to the Trump and Melania Tokens
YesterDay, February 27, the democrats in the house of representatives began the presentation of the same act, a bill specificly targeting American officials and their close entourage.
Sam Liccardo, The Initiator of this Initiative, Told Abc News that this legislation weld prohibit A Wide Range of Public Officials-President, Vice President, Members of Congress, and High-Ranking Officials-As Well as their Spouses and Dependent Children, From Issuing, or Apping Any Title, merchandise, or digital asset, a measure that aligns with the American offensive on crypto regulation.
“Let's make corruption Criminal Again,” asserted Liccardo, Emphasizing that American public offices Belong to the public and that political officials Should not use their Authority for Personal Enrichment. This proposal, which already had about a dozen democratic sponsors, also seeks to gain bipartisan support.
The Timing of this legislative initiative is not trivial, occurring in a context marked by the successive launches of the trump and melania samecoins. Indeed, The New President Launched His Token on January 17, Just Before His Official Inauguration, Followed Two Days Later by His Wife Melania Trump, Who Issued Her Own Memecoin.
A preidential collapsing same Market and nonsense Regulation
The Performance of Presidential Memecoins Perfectly Illustrates The extreme volatility of this speculative market. Sale their Launch in January 2025, these tokens have experienced a spectacular collapse: trump has dropped 82% from its all-time high, while melania has plunged 93%, according to Coinagecko's data.
These collapses are colossal losss for investors: Nearly 813,000 crypto wallets have been affected, with estimated losss of $ 2 billion. Meanwhile, The Trump Organization and its Partners May Have Pocketed Around $ 100 million in trading fees.
Legislative Action is Becoming Increasingly requirement traditional regulators seem hesitating to intervene. Hester Peirce, Head of the Sec's Crypto Task Force, Recently Stated That Most Memecoins Do Not Fall Under Her Agency's Jurisdiction, Suggesting that Oversight Should Instratead Come from Congress or Other Bodies Like the CFTC.
The same Act Marks an Acceleration in Crypto Regulation in the United States, specificly Targeting the Political Exploitation of Memecoins. This initiative is part of a broad Movement, with the sec having created in early februry a dedicated crypto task force, loving to finully clarify the rules of the game for all sector players.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
