The US democratic legislators have began a multi-angle attack on President Donald Trump's crypto company with two invoices and a subsequent examination that goals to scale back his ability to profit from the initiatives.
The modern law to implement the emolument and the misconduct or the Meme law goals to stop the federal officials from using their position to profit from memoins, said democratic Senator Chris Murphy in an announcement on May sixth.
When the MEME law is adopted, it forbids the President, Vice President, members of the Congress, civil servants of the senior executive, their sponsors and kids the edition, sponsorship or promotion of security, future, raw materials or digital assets in accordance with the outline of the law.
Today I present a laws -the Meme Act -to ban a president or member of the congress from the difficulty of a Meme coin.
The Trump coin is the most important corruption scandal within the history of the White House. @Repliccardo and I are determined to place an end to this corruption – ceaselessly. pic.twitter.com/nql9zfiyyv
– Chris Murphy 🟧 (@chrismurphyct) May 6, 2025
Violations may very well be exposed to civilian sanctions of as much as 250,000 US dollars and are obliged to make profits to the US Ministry of Finance. Criminal punishments could also apply, including fines and as much as five years behind bars.
The US representative Sam Liccardo, one other democrat, hired the laws of the accompanying law within the House of Representatives. Trump's party, the Republicans, controls each chambers and laws would require republican support.
In the meantime, the democratic Senator Richard Blumenthal, a member of the constant subcommittee for investigations (PSI), said in an announcement on May 6 that the committee opened a preliminary investigation by the official Trump (Trump) token, Trump -supported platform world Liberty Financial (Wlfi) and other corporations related to it.
As a part of the investigation, the PSI sent letters to the corporate behind the Trump coin, the Fight Fight and Wlfi and asked for records and communication between the businesses and the Trump organization.
With his cryptocurrency programs, Trump sets a sales check in front of the White House. For this reason, as a member of the constant subcommittee for studies, I even have an investigation of those brazen corruption, the dimensions of which is amazing. pic.twitter.com/3sicracthn8
– Richard Blumenthal (@senblumenthal) May 6, 2025
At the identical time, Blumenthal says that the subcommittee asks for answers concerning the steps the businesses have taken to tackle possible conflicts of interest.
The most vital interest marks marked by the PSI are fees that the president on the Trump -token and the worth of virtually 50% from $ 9.40 to $ 13.65, after the Trump Coin website has been announced on April 23 that the highest 220 peculiarities of the tokens can be invited to a gala evening dinner within the white house.
Shortly after the beginning on January 18, the Trump coin reached its all-time high of $ 73.43, based on Coingecko. Since then, nonetheless, it has lost 85% of its value and acts for $ 11.13.
More than half of the Trump owners at a profit
Trump bought around two million wallets, whereby after the announcement of the dinner, a further 54,000 added the token to his stock.
Around 764,000 of them, most of them with small participants, have lost money for the coin, while the 58 investors within the token have made profits of over 10 million US dollars each, which is an estimated value of 1.1 billion dollars.
At the identical time, based on Chainalysis, Chainalysis has earned 320 million US dollars, although a further 1.3 million dollars have are available in because the white house's announcement.
In the meantime, a logistics company on April 30 announced plans to establish a Trump Coin treasure chamber through a convertible edition of $ 20 million.
Javier Selgas, CEO of Freight Technologies, said that the tokens are an “excellent approach to diversify our Krypto Ministry of Finance and an efficient approach to work for fair, balanced and free trade between Mexico and the USA”.
On April 1, the corporate also acquired 5.2 million US dollars of the Utility Token Fet of the Fetch.ai network.
