Democrats aim at Trump’s crypto profits with a 3-prong pincer move

Roughly two million wallets have bought Trump’s memecoin since its launch, according to Chainalysis, with a third having lost money on it.

US Democrat lawmakers have launched a multi-angle attack on President Donald Trump’s crypto ventures with two bills and a subcommittee inquiry aimed at cutting his ability to profit from the initiatives.   

The Modern Emoluments and Malfeasance Enforcement Act, or the MEME Act, aims to prevent federal officials from using their position to profit from memecoins, Democrat Senator Chris Murphy said in a May 6 statement. 

If passed, the MEME Act prohibits the president, vice president, members of Congress, senior executive branch officials, their spouses and children from issuing, sponsoring, or promoting a security, future, commodity, or digital asset, according to the bill’s description. 

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