"House Democrats Propose Ban on Officials' Crypto Activities"

U.S. House Democrats have introduced a bill aimed at preventing government officials and their family members from issuing tokens or engaging in similar activities. The "Modern Elected Member Enrichment and Non-Improper Embezzlement Act" (MEME Act) seeks to prohibit a wide range of elected officials and related individuals from issuing, sponsoring, or endorsing any securities, commodities, or digital assets.

The bill, introduced by California Congressman Sam Liccardo, targets the U.S. President, Vice President, Congress members, senior executive branch officials, as well as their spouses and dependent children. Liccardo stated that the legislation aims to prevent corruption and ensure that public office belongs to the public, not for financial gain.

The MEME Act comes in response to concerns over the issuance of meme coins like President Donald Trump's official TRUMP token. The bill is designed to address potential conflicts of interest and maintain the integrity of public office.

The introduction of this bill highlights the growing concern among lawmakers regarding the potential misuse of power and influence by government officials and their families. As the digital asset landscape continues to evolve, so too must the regulations governing it to ensure transparency and accountability.