"House Democrats Propose Ban on Presidential Memecoins"

House Democrats have proposed a bill that aims to ban presidential memecoins, according to a report. The Modern Emoluments and Malfeasance Enforcement (MEME) Act, introduced by California Rep. Sam Liccardo, seeks to prohibit public officials from profiting from digital assets.

The draft legislation would extend to a broad range of public officials, including the president, vice president, Congress members, senior executive branch officials, and their spouses and dependent children. It would prohibit the issuance, sponsorship, and endorsement of any security, commodity, or digital asset.

Liccardo, who is leading the effort to introduce the bill, stated, "Let's make corruption criminal again." He emphasized that US public offices belong to the public and should not be leveraged for financial gain.

The MEME Act is expected to affect the Trumps' memecoins, including President Donald Trump's Official Trump (TRUMP) token and potentially Melania Trump's memecoin. Liccardo noted that the Trumps' issuance of memecoins financially exploits the public for personal gain and raises concerns about insider trading and foreign influence over the executive branch.

The bill has a dozen Democratic sponsors and is being worked on to build bipartisan support. As the legislation is still in development, further information will be added as it becomes available.