Congress introduced the MEME Act

[target]

House Democrats propose bill to ban politicians memecoins: Or what they call Modern Emoluments and Malfeasance Enforcement (MEME) Act.

The draft legislation would prohibit a broad range of public officials and related persons from issuing, sponsoring or endorsing any security, commodity or digital asset.

According to Matt Hogan the CEO of Bitwise because the Lazarus tried to launder their money to pump.fun that spells really the sort of existential death of the meme coin craze.  I guess the Lazarus had helped the congress to make this sort of law. Thanks to Lazarus for trying this out.

[Zed0X]

Not defending the 'official' one but those who launched the 'fake' Trump tokens must be very happy learning about this. It's like they had some unexpected allies or heroes to continue their pump and dump schemes. This should easily gain support in the house but I don't know about the businessman in Trump would say.

[Aanuoluwatofunmi]

House Democrats propose bill to ban politicians memecoins: Or what they call Modern Emoluments and Malfeasance Enforcement (MEME) Act.

The draft legislation would prohibit a broad range of public officials and related persons from issuing, sponsoring or endorsing any security, commodity or digital asset.

According to Matt Hogan the CEO of Bitwise because the Lazarus tried to launder their money to pump.fun that spells really the sort of existential death of the meme coin craze.  I guess the Lazarus had helped the congress to make this sort of law. Thanks to Lazarus for trying this out.

This is coming as a result of what they have learnt from the Argentina president and that if the issues that erupted regarding Libra, everyone now knows what is good or best for themselves, politics is not allowed to be in crypto as well as crypto into politics, making this law will help safe a number of politicians whom by the virtue of their position think they can made influence on any coin to the public, neglecting the other side this may turned to be.

[Bobcrypto]

I think this is very good, at least, it will reduce the impact of the present meme coins pumps and dump scheme that has render many investor empty of funds.
This is one of the best things that has happened on the crypto community, though still on process, obviously this will go a long way to stregthen new start up meme coins projects and boost investors confidence. It is a good development and should be supported by everyone, especially those involved on meme coins investments.

[robelneo]

This is the effect of what happened to the Argentinian president, and the US government does not want this to happen because it will not only ruin the reputation of the politician but also the party where he belongs.
The meme coins are one of the riskiest investment in the market; it thrive on shill and creating FUD so politicians who wants to protect their reputation and his party should stay away from this, its ilegal and unethical.

[electronicash]

This is the effect of what happened to the Argentinian president, and the US government does not want this to happen because it will not only ruin the reputation of the politician but also the party where he belongs.
The meme coins are one of the riskiest investment in the market; it thrive on shill and creating FUD so politicians who wants to protect their reputation and his party should stay away from this, its ilegal and unethical.

argentina is not part of US though. the law is just for the US states which the article indicates Trump coin and Melania coin. but they are probably preventing any politics to launch a memecoin that will cause to get these politicians richer.

just think about Cynthia Lummis launching memecoin or Nancy Pelosi launching her memecoin. Nancy been an insider in stock market for years, she;d make more wealth if she does launch just like Trump did.

[robelneo]

This is the effect of what happened to the Argentinian president, and the US government does not want this to happen because it will not only ruin the reputation of the politician but also the party where he belongs.
The meme coins are one of the riskiest investment in the market; it thrive on shill and creating FUD so politicians who wants to protect their reputation and his party should stay away from this, its ilegal and unethical.

argentina is not part of US though. the law is just for the US states which the article indicates Trump coin and Melania coin. but they are probably preventing any politics to launch a memecoin that will cause to get these politicians richer.

just think about Cynthia Lummis launching memecoin or Nancy Pelosi launching her memecoin. Nancy been an insider in stock market for years, she;d make more wealth if she does launch just like Trump did.

Brother, Of course Argentina is not a part of the US territory but what I mean is the effect of what happened to Argentina, where the president lost his reputation and is now under attack; its not abouy jurisdiction Me and Aanuoluwatofunmi share the same opinion that this law is created because of the aftermath of what happened to the Argentinian presidency.

cheers 

This is coming as a result of what they have learnt from the Argentina president and that if the issues that erupted regarding Libra,

[dkbit98]

Right... so first they allowed Trump and his family members to create meme scam and earn billions, than they decided to create this MEME act 
This is not the first thing Tramp, Musk and other scammers used deception and lies to get money from people, but I guess people are blind to see what is in front of their eyes.

[TomPluz]

Nancy been an insider in stock market for years, she'd make more wealth if she does launch just like Trump did.

Nancy Pelosi has been the biggest beneficiary of insider trading among many lawmakers in Congress and there had been many bills to stop or limit involvement of representatives and senators of the land in stock trading but to no avail as both parties wanted to protect this milking cow from drying. Now, with this Democrat-introduced Meme Act, seems to me like a big hypocrisy on their part...and the main motivation is because they are not being benefitted for now with memecoins. Though the bill has a good intention, to be honest, but maybe the timing is not yet right not unless these Democrats can get some Republicans on board to make it a bipartisan bill. What they should do is to include this concern in case there is going to be a bigger bill on cryptocurrency regulation which I think is coming within Trump's 4 years in office.

[ABCbits]

Trump keeps getting away endorsing or creating token with questionable detail (e.g. price decline over time or majority of the token supply owned by him/team affiliated with him), so it's not surprising some propose this bill. But it's weird it only applies to token/memecoin, where other politicians have endorse different kind of questionable investment.

[Baofeng]

This is the effect of what happened to the Argentinian president, and the US government does not want this to happen because it will not only ruin the reputation of the politician but also the party where he belongs.
The meme coins are one of the riskiest investment in the market; it thrive on shill and creating FUD so politicians who wants to protect their reputation and his party should stay away from this, its ilegal and unethical.

argentina is not part of US though. the law is just for the US states which the article indicates Trump coin and Melania coin. but they are probably preventing any politics to launch a memecoin that will cause to get these politicians richer.

just think about Cynthia Lummis launching memecoin or Nancy Pelosi launching her memecoin. Nancy been an insider in stock market for years, she;d make more wealth if she does launch just like Trump did.

Perhaps what he meant is that we have seen what happened to the Argentinian president who promoted a meme coin and obviously it goes up but after that it goes down hard, a pure pump and dump.

And now he is under fire and probably the US has learn their lessons to that kind of event and so they wanted to prevent it at least in their country and so they introduce this bill or act.

[bitterguy28]

House Democrats propose bill to ban politicians memecoins: Or what they call Modern Emoluments and Malfeasance Enforcement (MEME) Act.

at first it might seem like a meme act literally so i am quite glad that it is only an acronym that seems fitting for what they are trying to propose anyway

The draft legislation would prohibit a broad range of public officials and related persons from issuing, sponsoring or endorsing any security, commodity or digital asset.

how does this work? does trump liking bitcoin and other altcoins and wanting it to be part of the national reserve considered endorsement? i understand the sentiment of this one but it might seem like another blockage for crypto community if politicians are prohibited from talking about crypto

[MrSpasybo]

Nancy Pelosi has been the biggest beneficiary of insider trading among many lawmakers in Congress and there had been many bills to stop or limit involvement of representatives and senators of the land in stock trading but to no avail as both parties wanted to protect this milking cow from drying. Now, with this Democrat-introduced Meme Act, seems to me like a big hypocrisy on their part...and the main motivation is because they are not being benefitted for now with memecoins. Though the bill has a good intention, to be honest, but maybe the timing is not yet right not unless these Democrats can get some Republicans on board to make it a bipartisan bill. What they should do is to include this concern in case there is going to be a bigger bill on cryptocurrency regulation which I think is coming within Trump's 4 years in office.

Yeah, maybe this draft law targets Trump because Trump recently issued TRUMP memecoins. I don't understand politics well but arbitrarily issuing memecoins is not something I encourage. Even TRUMP memecoins don't get my approval, I think the market only needs DOGE, 99.99% of memecoins should disappear from Coinmarketcap & Coingecko ^^

At least this draft law helps the memecoins trend temporarily stop being crazy, so the capital flowing into the market can come to BTC and ALTs. I look forward to their price increase in the near future, despite the tariff war and escalating political tensions globally.

[Faisal2202]

According to Matt Hogan the CEO of Bitwise because the Lazarus tried to launder their money to pump.fun that spells really the sort of existential death of the meme coin craze.  I guess the Lazarus had helped the congress to make this sort of law. Thanks to Lazarus for trying this out.

Is it only me or someone else find it hard to read the full form of MEME act haha, really it should not be made that tense (just saying) BTW I also never thought there is any way for hackers to launder money from meme coins like via Pump.fun, I wonder how that would occur, how these hackers can get their funds back in clean form.

Overall this is just another useless excuse to impose the law as I don't think it was necassary because everyone should be given freedom to introduce their meme coin but the increasing number of meme coins from big celebrities, political leaders, this restriction bill was expected.

[yhiaali3]

I strongly support this law, it will have a huge positive impact in the long run in reducing the spread of the meme scam phenomenon that has caused millions of losses and this will prevent politicians from thinking of catching the wave.

Not only that, but I see that there should be strict restrictions on the creation of meme coins in general, there should be strict criteria that prevent anyone from creating a meme coin unless they meet these criteria that prevent pumping and dumping and people losing their money.

I believe that this law will be the first step on the right path.