- House Democrats, in their infinite wisdom, aim to ban top federal officers from dabbling in memecoins via the MEME Act.
- Legislators assert that TRUMP has fattened his pockets at the expense of the American populace.
In a bold and audacious maneuver, the U.S. House Democrats have set their sights on the TRUMP memecoin, determined to halt the president and his fellow government officials from issuing or promoting these digital jests.
Californian Democrat representative Sam Liccardo, with the fervor of a revolutionary, has introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, a legislative masterpiece aimed at tackling this pressing issue.
“Today, I introduced the MEME Act, which prohibits top federal officials from issuing, sponsoring, or promoting a security, commodity, or digital asset with criminal and civil penalties.”
TRUMP vs. MEME Act: The Showdown of the Century
Liccardo, with a flourish, proclaimed that the promoters of Official Trump [TRUMP] memecoin, along with the illustrious President Donald Trump himself, have duped a staggering 800,000 Americans, leading to a collective loss of $2 billion. Quite the financial magic trick, wouldn’t you say? 🎩💰
In an interview with ABC News, the legislator expressed his belief that the Trumps have enriched themselves through these meme coins, all while investors around the globe were left holding the bag.
“The Trumps’ issuance of memecoins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the executive branch.”
But let us not forget, this is not the first time our noble lawmakers have attempted to shield the public from the perils of memecoins.
On February 20th, Democrat senator Cortez Masto proposed an amendment to prevent U.S. public officers from promoting or profiting from meme coins linked to the Chinese government. Because, you know, why not add a dash of international intrigue? 🌍
These valiant anti-memecoin efforts come in the wake of a catastrophic memecoin massacre that has left retail investors reeling from their losses.
The LIBRA meme coin, birthed by the same team behind the infamous memecoin and initially championed by the Argentinian president, saw a staggering 86% of its investors lose a jaw-dropping $251 million, according to the Nansen report. Talk about a rough day at the office! 📉
Some market makers for LIBRA and TRUMP, like Hayden Davis of Kelsier Ventures, have even confessed to insider trading. A real-life plot twist worthy of a soap opera!
As the dust settles, the memecoin trading frenzy has cooled, with Pumpfun tokens plummeting from a dizzying high of $3 billion in January to a mere $144 million as of this writing.
During this tumultuous period, the memecoin has nosedived 85%, dropping from $75 to $11. Meanwhile, MELANIA has taken an even harder hit, plummeting 93% from its lofty heights of $13.8 to a mere $0.8. Ouch! 😬
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2025-03-01 08:11