US Democrat lawmakers have proposed two bills and launched a subcommittee inquiry targeting President Donald Trump’s cryptocurrency activities. The Modern Emoluments and Malfeasance Enforcement Act (MEME Act) aims to prohibit federal officials from issuing or promoting digital assets, including meme coins. If enacted, violators could face civil penalties up to $250,000 and potential criminal penalties. Alongside this, the Permanent Subcommittee on Investigations is examining the Official Trump token and its affiliated businesses due to concerns about conflicts of interest and financial profits linked to these crypto ventures. Notably, data shows a significant spike in TRUMP token value following an announcement of a White House gala dinner, which generated interest among potential investors. Despite the initial surge, the token has since seen a drastic decline in value. Chainalysis reports over half of TRUMP holders are currently in profit, highlighting the variable nature of meme coins in the market.

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