Representative Ritchie Torres has announced he will introduce a new bill titled the Stop Presidential Profiteering from Digital Assets Act, targeting the use of politicians’ images and names in meme coins and stablecoins. The proposed legislation seeks to prohibit the creation, promotion, or sale of digital assets exploiting the likenesses of U.S. political figures—including the President, Vice President, Members of Congress, certain federal officials, and their immediate families—for direct or indirect profit. This move follows a surge in meme coins named after high-profile political personalities such as Donald Trump and Joe Biden, which have attracted attention within the crypto community. The bill aims to curb the perceived trend of monetizing political identities in digital assets, addressing concerns about profiting from association with public office. This legislative step is linked to recent events including calls by Senator Jon Ossoff for Donald Trump’s impeachment over an alleged exclusive event for top holders of his personal meme coin, highlighting worries over selling access to political figures.
US Lawmaker Proposes Ban on Meme Coins Using Politicians’ Likenesses
08.05.2025 02:46
Negative sentiment from proposed US legislation could reduce demand for politician-based meme coins like TRUMP. Regulatory risk may trigger price drops, especially in the short term.
Potential restrictions on meme coins using President Biden's likeness may depress investor confidence in BODEN. Increased legal scrutiny heightens risk of price correction.
Sources
A New Cryptocurrency and Memecoin Bill That Will Deeply Upset President Donald Trump Is Being Drafted in the US
Bitcoin Sistemi
08.05.2025 06:10
Safeguarding Trust: Proposed US Crypto Regulation Bill Targets Politician Trading
bitcoinworld.co.in
08.05.2025 02:30
Congressman Torres proposes bill to ban federal officials from trading or owning crypto
cryptoslate.com
07.05.2025 20:37
Top Today
yesterday / 21:44
Do Kwon Expected to Plead Guilty in $40B TerraUSD Fraud Case Ahead of August 12 Hearing
yesterday / 19:52
Trump Delays China Tariffs by 90 Days with Gold Exclusion; BTC and ETH May See Relief
yesterday / 19:25
Bitcoin Nears $130k ATH Amid Regulatory Tailwinds; HYPER Layer 2 Presale Hits $8.3M Despite Skepticism