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A New Cryptocurrency and Memecoin Bill That Will Upset President Donald Trump Is Being Prepared in the US!
U.S. House of Representatives Democrat member Ritchie Torres announced that federal officials are preparing a new bill aimed at preventing them and their families from unjustly profiting from digital assets.
"Stop Presidential Profiteering from Digital Assets Act" (The bill titled "Stop Presidential Profiteering from Digital Assets Act" ) includes strict measures against potential abuses that may occur, particularly in the areas of memecoins and stablecoins.
According to the proposal, the president, vice president, members of Congress, federal officials appointed by the president or confirmed by the Senate, and their immediate family members will not be able to obtain material gains directly or indirectly through digital assets. In particular, the creation, promotion, advertising, and sale of digital assets that use the names, faces, or similar distinguishing features of the aforementioned individuals will be prohibited.
The bill highlights the need to update ethical rules at the federal level in the age of digital assets. Torres stated that the main goal of the bill is to prevent public officials from abusing their positions to gain unfair profits in the cryptocurrency markets.
This move seems to have been taken in response to U.S. President Donald Trump launching his own memecoin and also his sons actively participating in the cryptocurrency market.