"House Democrats Propose Ban on Top Officials' Memecoins, Targeting TRUMP Coin"

The U.S. House Democrats have proposed a ban on top federal officers from issuing or promoting memecoins, a move that directly targets the TRUMP memecoin. The Modern Emoluments and Malfeasance Enforcement (MEME) Act, introduced by California Democrat representative Sam Liccardo, aims to address the problem of government officials benefiting from memecoins at the expense of Americans.

Liccardo claimed that the TRUMP memecoin promoters, including President Donald Trump and First Lady Melania Trump, duped 800,000 Americans who collectively lost $2 billion. He argued that 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.

This is not the first attempt to block public officers from memecoins. In February, Democrat senator Cortez Masto proposed an amendment to block U.S. public officers from promoting or benefitting from meme coins linked to the Chinese government. These concerted anti-memecoin efforts come after massive memecoin carnage that has left retail investors with huge losses.

The LIBRA meme coin, reportedly launched by the team behind the memecoin and initially promoted by the Argentinian president, saw 86% of investors lose $251 million, according to the Nansen report. Some market makers for LIBRA and TRUMP, like Hayden Davis of Kelsier Ventures, publicly admitted to insider trading. The memecoin trading has since cooled off, with Pumpfun tokens dropping from a record high of $3 billion in January to $144 million as of press time.

Over the same period, the TRUMP memecoin has tanked 85%, declining from $75 to $11, at press time. MELANIA, another memecoin, dumped harder, valued at $0.8, down 93% from its highs of $13.8.