119th Congress
President Donald Trump made tens of billions on paper by using his national profile to push meme cryptocurrency. One Democratic congressman wants to make sure other politicians can’t do the same.
California Rep. Sam Liccardo introduced a bill Thursday that would bar Trump and other public officials from promoting stocks and cryptocurrency endeavors from which they stand to financially benefit. The legislation would open the door to civil and criminal action against those seeking to personally enrich themselves while holding public office.
California Democrat Rep. Sam Liccardo, a freshman congressman who represents Silicon Valley, said he’s surprised the first piece of legislation he’s sponsoring takes aim at President Donal Trump’s meme coin.
In the days before President Trump took office, he did what no other president had done before.
He launched a meme coin.
It’s estimated that the entities behind the $TRUMP cryptocurrency coin, including one owned by Trump, accumulated close to $100 million in trading fees in less than two weeks.
To Silicon Valley’s freshman Rep. Sam Liccardo, the president’s issuance and endorsement of a digital asset raises “glaring ethical concerns.”
On today’s episode of CNBC Crypto World, bitcoin adds to this week’s losses as it dips below $85,000. Plus, Rep. Sam Liccardo of California introduces a bill to bar top government officials from making money by issuing meme coins. And, Alice Liu of CoinMarketCap discusses the biggest drivers behind the crypto pullback.
Today, Congressman Sam Liccardo (CA-16) will introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act to halt the financial exploitation of the public by corrupt federal officeholders. After President Trump and First Lady Melania Trump made a windfall on their respective meme coins, experts sounded the alarm about the glaring ethical concerns.
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WASHINGTON, D.C. – Democratic leadership in the U.S. House of Representatives has welcomed Congressman Sam Liccardo (CA-16) to House Democrats’ Rapid Response Task Force & Litigation Working Group. Together with pro-democracy partners, the Task Force will protect and defend everyday Americans from the onslaught of unconstitutional executive actions.
Congressman Liccardo issued the following statement: