Invoke MEME Act against Legislative Oversight Abuse
Moves by President Donald Trump to make America the crypto capital of the world may suffer huge setback as House Democrats are invoking the Modern Emoluments and Malfeasance Enforcement (MEME) Act on U.S. top government officials.

The democrats target the U.S. President’s memecoin that was launched 48 hours to his inauguration last month, $TRUMP, affirming that the new legislation would prevent top U.S. officials from profiting from digital assets.

The Rep member from California, Samuel Liccardo, who is championing the crusade alongside other Democrats, said, yesterday, the MEME Act would bar Federal officials and their families from issuing, promoting or endorsing cryptocurrencies and other digital assets.

Meanwhile, there have been series of investigations that revealed that top government functionaries and lawmakers are involved in stocks and digital trading despite the fact that they are subject to financial disclosure laws.

The Guardian learnt that members of Congress had been severally accused of using privileged information to sway the market and profit from stocks and digital assets’ trading.

To curb the menace, the Stock Act (Stop Trading on Congressional Knowledge) was passed in 2012 to stamp out incessant insider trading by lawmakers and government officials to prevent such massive fraud.

However, the enforcement of the act was said to be ineffective and weak due to the high profile of those involved and many members of Congress that create such loopholes to benefit in the industry, which they regulate.