New Bill Aims to Restrict Public Officials from Engaging in Cryptocurrencies – BitRss

A new bill prepared under the leadership of California representative Sam Liccardo in the U.S. House of Representatives aims to restrict public officials from supporting and introducing cryptocurrencies. The proposal seeks to prevent public officials and their families from engaging in ventures related to cryptocurrencies and other financial instruments. This initiative is viewed as a regulation intended to prevent the misuse of public power for financial interests.

MEME ($0.00) Act and Its Impact on the Cryptocurrency Market

The proposal will be presented as the Modern Emoluments and Malfeasance Enforcement (MEME) Act. This regulation is seen as a response to the memecoin projects launched by former President Donald Trump and his wife Melania Trump. Liccardo states that such cryptocurrency projects provide advantages to insiders while disadvantaging individual investors.

Once the MEME Act comes into effect, violations committed by public officials will be subject to both administrative and criminal penalties. The law will prohibit authorized individuals from participating directly or indirectly in cryptocurrency projects. The regulation will be expanded to cover both current and future government officials.<…>