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Sen. Torres Bill Bans Officials from Profiting off Memecoins
By: cryptosheadlines|2025/05/12 16:30:05
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Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Memecoins are becoming increasingly popular—but should government officials profit from them? Congressman Ritchie Torres (D-NY) doesn’t think so. Congressman Ritchie Torres (D-NY) introduced a bill to ban U.S. federal officials and their immediate family members from making money from memecoins and stablecoins.What the Bill ProhibitsThe bill is officially titled the “Stop Presidential Profiteering from Digital Assets Act.” It’s designed to stop the creation, promotion, or sale of digital assets that use the name, image, or likeness of current or former U.S. political figures—whether that’s a sitting president or a past lawmaker.NEW from Rep. @RitchieTorres (D-NY) — he’s introducing a bill that would prevent federal officials and their immediate family members from profiting off of meme coins and stablecoins. pic.twitter.com/zaZpuInFc4— Eleanor Terrett (@EleanorTerrett) May 7, 2025This means if someone launches a memecoin named after a political figure, like $TRUMP or “BIDEN,“ federal officials and their family members won’t be able to profit from it. They can’t promote it, invest in it, or sell it. The goal is to block any attempt to cash in on public influence.Who the Bill CoversTorres presents comprehensive coverage in his proposal. It covers:The President and Vice President.Members of Congress.Position-holding federal officials approved by the senator.Got relatives (in all cases) of the listed ones who live with them.The aim is to erode any suggestion of a conflict of interest. When officials are making or influencing crypto regulations, they shouldn’t be able to benefit financially from memecoins or coins tied to their image.GMU.S. senators have introduced a draft law called «MEME» which prohibits the president and members of Congress from issuing memecoins.“Donald Trump’s $TRUMP token has become the largest corruption scandal in the history of the administration.” pic.twitter.com/RFuFuyRJas— LoveMake.eth (@g13m) May 7, 2025Why This Bill Is Making HeadlinesThis comes as memecoins tied to political figures are gaining real traction—and real money. President Donald Trump’s name is regularly associated with several memecoin ventures, sparking attention among political observers and crypto enthusiasts alike.BREAKING: U.S. HOUSE DEMOCRATS TO INTRODUCE MEME ACT TO PROHIBIT THE PRESIDENT, VICE PRESIDENT, MEMBERS OF CONGRESS, SENIOR EXECUTIVE BRANCH OFFICIALS AND THEIR SPOUSES AND DEPENDENT CHILDREN FROM ISSUING, SPONSORING OR ENDORSING A SECURITY, FUTURE, COMMODITY OR DIGITAL ASSET pic.twitter.com/E68l2s0ID0— DEGEN NEWS (@DegenerateNews) February 27, 2025Torres’ proposal addresses maintaining public trust by defining different parameters. The bill’s main idea is to prevent political figures from fueling their wallets with crypto projects inspired by their roles.Conclusion The bill signals that memecoins shouldn’t be a playground for political figures to boost their wallets. Whether the bill becomes law opens an essential conversation about ethics, transparency, and how far crypto culture should blend with politics.DisclaimerThe information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.Copyright Altcoin Buzz Pte Ltd.The post Sen. Torres Bill Bans Officials from Profiting off Memecoins appeared first on Altcoin Buzz.Source link
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