U.S. Senator Proposes Bill to Regulate Crypto Activities of High-Ranking Officials

According to PANews, U.S. Democratic Senator Chris Murphy has introduced the Modern Earnings and Misconduct Enforcement Act (MEME Act), which aims to prohibit high-ranking officials, including the President and members of Congress, along with their immediate family members, from issuing or promoting cryptocurrency assets. Violators could face fines of up to $250,000 and imprisonment for up to five years. The legislation specifically targets recent ventures by the Trump family, such as the TRUMP Meme coin, and demands that any profits be returned to the U.S. Treasury. Senate Subcommittee on Investigations Chairman Richard Blumenthal has announced an investigation into World Liberty Financial and the developers of the TRUMP token, Fight Fight Fight. The inquiry will focus on whether the Trump family gained undue profits during a 50% surge in the token's value on April 23, following news of a "White House dinner." Subpoenas have been issued to relevant companies. Despite Representative Sam Liccardo introducing a companion bill, the legislative outlook remains uncertain due to the Republican control of both chambers.