Democrats Aim to Target Trump’s Crypto Empire With New Bills and Investigation WASHINGTON, Congressional Democrats acted quickly this week against ex-President Donald Trump’s digital currency projects.
Two bills and one formal inquiry propose to curb his profits derived from digital assets. The move is in response to his meme token’s explosive success, $TRUMP. Senator Chris Murphy launched the Modern Emoluments and Malfeasance Enforcement (MEME) Act.
Lawmakers accuse Trump of profiting from $TRUMP.
Representative Sam Liccardo sponsored the same bill in the House. Both legislators claim Trump has leveraged his position for private enrichment using crypto.
Trump launched the $TRUMP coin just three days before his second term started. The coin, at some cents initially, went up in value later. That growth temporarily brought Trump’s net worth above $50 billion.
Reports indicate Trump and his relatives raked in more than $100 million from trading commissions only. Buyers pay the commissions every time they purchase or sell the coin. Buyers are anonymous, and lawmakers worry they might be foreign buyers using the coin to manipulate the president.
In April, Trump’s administration stated the top 220 holders of the coins would receive a dinner invitation with him. The top 25 received a VIP tour of the White House. Trump’s announcement sent the price of the coin up by more than 50%. Its market value rose to $2.7 billion. Trump and his supporters made nearly $900,000 in just two days solely from fees from the transactions.
MEME act targets Trump’s crypto to stop corruption
The MEME Act enacts strict regulations for government officials. It prohibits the president, vice president, members of Congress, and top government bureaucrats from advertising and producing digital assets. Their relatives are covered by the law as well. Penalties will include fines and imprisonment.
The lawmakers have asserted that Trump’s coin arrangement permits unrestricted corruption. They caution that billionaires and foreign actors will have the potential to buy power via secret transactions. The MEME Act seeks to prevent such behavior before its spread.
Democrats insist that this is not specifically about Trump. They feel no government official should ever be allowed to create, much less benefit from, any type of financial product while holding office. This undermines democracy, they say, and opens the government to foreign interference.
The subcommittee’s investigation will drill deeper into who is investing in $TRUMP. Members of Congress demand transparency and accountability. Since the coin remains active and rising, the stakes are still high. Congress now has its challenge: move quickly before crypto power outpaces it.
