The Senate Democrats have introduced new legislation to reduce financial gains by a federal official, notably former President Donald Trump and his family, through Cryptocurrency Ventures.
This decision comes in the middle of an in -depth examination on digital asset projects related to Trump, including a piece of memes that has attracted significant public attention.
The proposed legislation, entitled The Modern Emolments and Malefeance Enforcement (even) Act, was revealed on May 6 by Senator Chris Murphy.
The new bill aims to ban senior US officials from promoting or issuing a crypto
The bill aims to prohibit the president, the vice-president, the members of the congress, the senior officials, as well as their spouses and children, the publication, the sponsorship or the promotion of digital assets, including titles, basic products and future.
Violations could undergo strong consequences: civil sanctions up to $ 250,000 and the forfeiture of any benefit in the American Treasury.
Criminal accusations can also be prosecuted, with potential fines and prison terms of up to five years.
The representative Sam Liccardo introduced a complementary version in the house. However, the Republicans currently holding majorities in both chambers, the way of the bill remains uncertain.
Today, I present a bill – the law on the same – to prohibit a president or a member of the congress from publishing a piece of memes.
The Trump play is the biggest corruption scandal in the history of the White House. @ReplicCardo And I am determined to end this corruption – for good. pic.twitter.com/nql9zfiyyv
– Chris Murphy
(@Chrismurphyct) May 6, 2025
(@Chrismurphyct) In a parallel effort, Senator Richard Blumenthal, classification member of the Senate Permanent Sub-Comeding on Investigations (PSI), announced a preliminary investigation into the Trump token affiliated with Trump and the associated World Liberty Financial (WLFI).
The subcommittee requested documents and communications from the companies involved, in particular Fight Fight Fight – The developer behind the Trump room.
Investigators focus on potential conflicts of interest and the financial advantages that arise in Trump, in particular from a recent price wave.
On April 23, the Trump room jumped almost 50%, following an announcement that the 220 best holders would be invited to a Gala in the White House.
The token, which was launched on January 18, initially reached a summit at $ 73.43 before crashing at just over $ 11, according to Coingecko.
Blumenthal highlighted the importance of transparency and responsibility, in particular given the direct involvement of public figures in financial products.
“These companies raise serious ethical and legal questions,” he said.
The last state of Florida to Abundon Bitcoin reserve efforts
In another development, Florida has become the last American state to abandon efforts to establish a Bitcoin strategic reserve, making another setback to the wider thrust for the adoption of cryptography at the level of the state.
Two bills proposed – Bill 487 and Bill 550 of the Senate – were officially withdrawn from the legislative process on May 3.
The legislative session had postponed one day earlier, on May 2, without acting on the proposals focused on the crypto.
Their move places Florida alongside a growing list of states – notably Wyoming, southern Dakota, Northern Dakota, Pennsylvania, Montana and Oklahoma – which have recently not adopted legislation allowing Bitcoin -based investment strategies.
According to the co-founder of Bitmex, Arthur Hayes, the United States will probably significantly increase its Bitcoin titles, citing national debt in the country’s balloon and the cultural image linked to Bitcoin investors.
In a recent interview, Hayes questioned the idea that the United States proactively builds a “strategic bitcoin reserve”, beyond nearly 200,000 BTC already in its possession.
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