Democratic Proposal: MEME Act to Prevent Trump and Other Leaders from Issuing Cryptocurrencies

House Democrats are introducing the MEME Act to ban public officials from endorsing cryptocurrencies, such as Trump's meme coin, which has plummeted in value from almost $70 to around $12. The legislation would mandate Trump to refund any gains from his meme coin sales and enable investors to seek legal action in case of financial losses. Representative Sam Liccardo highlighted the importance of transparency and preventing corruption in the cryptocurrency sector. However, due to the current Republican dominance in Congress, the bill is unlikely to be approved, underscoring internal divisions among Democrats.