Lawmakers Accelerate Efforts to Address Crypto Ethics With MEME, Stop TRUMP Acts

Key Points

1. U.S. Representative Jimmy Panetta co-sponsored two proposals aimed at tightening rules around cryptocurrency activity by sitting officials.

2. The Modern Emoluments and Malfeasance Enforcement (MEME) Act would prohibit the President, Vice President, Members of Congress, and senior Executive Branch officials from engaging in certain crypto activities and impose penalties for violations.

3. The Stop TRUMP in Crypto Act would bar officials from owning controlling shares in specific crypto ventures, such as TRUMP and MELANIA tokens.

4. The proposals aim to address conflicts of interest and ethical concerns in the digital asset space, similar to existing rules for stocks or private investments.

5. Other legislation, such as the GENIUS Act and CLARITY Act, seeks to clarify and encourage responsible innovation in the crypto market.