Democrats aim at Trump’s crypto profits with a 3-prong pincer moveUS Democrat lawmakers have launched a multi-angle attack on President Donald Trump’s crypto ventures with two bills and a subcommittee inquiry aimed at cutting his ability to profit from the initiatives. The Modern Emoluments and Malfeasance Enforcement Act, or the MEME Act, aims to prevent federal officials from using their position to profit from memecoins, Democrat Senator Chris Murphy said in a May 6 statement. With his cryptocurrency schemes, Trump is putting a for sale sign in front of the White House.
That’s why, as Ranking Member of the Permanent Subcommittee on Investigations, I’m launching an inquiry into this brazen corruption whose scope & scale is staggering.pic.twitter.com/3SiaCrthN8— Richard Blumenthal (@SenBlumenthal) May 6, 2025If passed, the MEME Act prohibits the president, vice president, members of Congress, senior executive branch officials, their spouses and children from issuing, sponsoring, or promoting a security, future, commodity, or digital asset, according to the bill’s description. US Representative Sam Liccardo, another Democrat, introduced companion legislation in the House of Representatives.
Sergej Kunz, co-founder of Ethereum decentralized exchange (DEX) aggregator 1inch, said Pectra “introduces ‘smart account’ functionality” at deeper protocol levels and “improves Ethereum’s scalability” through layer-2 solutions.
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Author / Journalist: Cointelegraph by Cointelegraph
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