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$TRUMP Token, WLFI Targeted by Democrats' Triple-Threat Legislation To Block Presidential Profits
Democratic lawmakers have initiated a multi-angle attack on President #Trump's crypto ventures with two bills and a subcommittee inquiry targeting his ability to profit from these initiatives.
The MEME Act aims to prevent federal officials from profiting from #memecoins, with violators facing civil penalties up to $250,000 and potential criminal charges.
Senator Richard Blumenthal announced a preliminary inquiry into the Official Trump ($TRUMP) #token, Trump-backed platform #WorldLibertyFinancial (WLFI), and other associated business ventures.
Roughly two million wallets have purchased $TRUMP since launch, with about 764,000 holders currently at a loss according to Chainalysis data.
The memecoin has lost 85% of its value since its January all-time high, currently trading at $11.13.
