PANews reported on May 7 that according to Cryptonews, US Democratic Senator Chris Murphy proposed the Modern Emoluments and Misconduct Enforcement Act (MEME Act), which intends to prohibit the president, congressmen and other senior officials and their immediate family members from issuing or promoting crypto assets. Violators will face a fine of up to $250,000 and five years in prison. The bill directly targets the Trump family's recent involvement in projects such as the TRUMP Meme coin, requiring the relevant parties to return all profits to the US Treasury.
Richard Blumenthal, chairman of the Senate Investigation Subcommittee, announced the launch of an investigation into World Liberty Financial and Fight Fight Fight, the developer of the TRUMP token, focusing on verifying whether the Trump family gained improper benefits during the 50% surge in the token on April 23 due to the news of the "White House dinner". The document retrieval order has been sent to the relevant companies. Although Congressman Sam Liccardo submitted a supporting bill, the legislative prospects are questionable in the context of Republican control of both houses.
