Senator Chris Murphy has introduced a bill aiming to prohibit President Donald Trump and other federal officials from promoting the president's meme coin, referred to as the Modern Emoluments and Malfeasance Enforcement (MEME) Act. This bill seeks to prevent officials from leveraging their public office for financial gain related to cryptocurrencies and other investments. Murphy criticized Trump's involvement with the meme coin, claiming it exemplifies self-dealing and corruption. The token, valued at around $2.1 billion, has raised alarm among lawmakers, including Elizabeth Warren, who has called for investigations into potential conflicts of interest. Trump's upcoming gala event for top holders of the meme coin has further fueled criticisms, as some believe it raises ethical concerns regarding the intersection of politics and cryptocurrency. In parallel, the House Financial Services Committee plans to discuss legislation on digital assets amidst concerns about the implications of Trump's financial ventures in the crypto space.

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