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
yesterday / 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.