US Democrat lawmakers have launched a multi-angle assault on President Donald Trump’s crypto ventures with two payments and a subcommittee inquiry geared toward slicing his capacity to revenue from the initiatives.
The Trendy Emoluments and Malfeasance Enforcement Act, or the MEME Act, goals to forestall federal officers from utilizing their place to profit from memecoins, Democrat Senator Chris Murphy said in a Might 6 assertion.
If handed, the MEME Act prohibits the president, vp, members of Congress, senior government department officers, their spouses and kids from issuing, sponsoring, or selling a safety, future, commodity, or digital asset, according to the invoice’s description.
At the moment I’m introducing a invoice – the MEME Act – to ban a President or Member of Congress from issuing a meme coin.
The Trump Coin is the largest corruption scandal within the historical past of the White Home. @RepLiccardo and I are decided to place an finish to this corruption – for good. pic.twitter.com/nQL9ZfIYYV
— Chris Murphy 🟧 (@ChrisMurphyCT) May 6, 2025
Violators may face civil penalties of as much as $250,000 and be required to fork over any earnings to the US Treasury. Legal penalties may additionally apply, together with fines and as much as 5 years behind bars.
US Consultant Sam Liccardo, one other Democrat, launched companion laws within the Home of Representatives. Nonetheless, Trump’s social gathering, the Republicans, controls each chambers, and the laws will want Republican assist.
In the meantime, Democratic Senator Richard Blumenthal, a rating member of the Everlasting Subcommittee on Investigations (PSI), said in a Might 6 assertion that the committee is opening a preliminary inquiry into the Official Trump (TRUMP) token, Trump-backed platform World Liberty Monetary (WLFI), and different related enterprise ventures.
As a part of the inquiry, the PSI despatched letters to the corporate behind the Trump coin, Combat Combat Combat, and WLFI, asking for data and communications between the businesses and the Trump group.
Together with his cryptocurrency schemes, Trump is placing a on the market check in entrance of the White Home. That’s why, as Rating Member of the Everlasting Subcommittee on Investigations, I’m launching an inquiry into this brazen corruption whose scope & scale is staggering. pic.twitter.com/3SiaCrthN8
— Richard Blumenthal (@SenBlumenthal) May 6, 2025
On the identical time, Blumenthal says the subcommittee is asking for solutions about what steps the companies have taken to handle potential conflicts of curiosity.
Details of curiosity flagged by the PSI embrace charges the president is making on the TRUMP token and the practically 50% spike in worth from $9.40 to $13.65 after the TRUMP coin website announced on April 23 that the highest 220 holders of the token could be invited to a gala dinner on the White Home.
Quickly after launch on Jan. 18, the Trump coin hit its all-time excessive of $73.43, according to CoinGecko. Nonetheless, it has since misplaced 85% of its worth and is buying and selling for $11.13.
Greater than half of TRUMP holders in revenue
Roughly two million wallets have purchased TRUMP, with an additional 54,000 including the token to their stash after the dinner announcement, in line with information shared with Cointelegraph from blockchain evaluation agency Chainalysis.
Round 764,000 of those, most with small holdings, misplaced cash on the coin, whereas the 58 buyers within the token have made earnings of over $10 million every, totaling an estimated $1.1 billion.
On the identical time, Chainalysis says the memecoin creator has made $320 million thus far, with an additional $1.3 million coming in because the White Home dinner announcement.
Associated: Dem lawmakers object to hearing, citing ‘Trump’s crypto corruption’
In the meantime, a trucking logistics agency announced plans on April 30 to construct a TRUMP coin treasury via a $20 million convertible word issuance.
Javier Selgas, CEO of Freight Applied sciences, stated the tokens are an “glorious technique to diversify our crypto treasury and likewise an efficient technique to advocate for honest, balanced, and free commerce between Mexico and the US.”
The agency additionally acquired $5.2 million of the Fetch.ai community’s utility token FET on April 1.
Journal: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
