Personalities including President Donald Trump have launched their own meme coins, but they pose risks for investors aiming to get rich quick.

A California Democrat plans to introduce the Modern Emoluments and Malfeasance Enforcement Act, or MEME Act, on Thursday.

California Democrat Rep. Sam Liccardo is proposing legislation that takes aim at President Donald Trump's meme coin.

House Democrat proposes anti-corruption bill targeting meme coins like $TRUMP, addressing financial gain and potential insider trading.

His bill would also allow lawsuits from crypto speculators who lose money by investing in a meme coin sponsored by a public official. Some 800,000 retail investors lost at least $2 billion when early insider investors quickly sold their $TRUMP coin after its issuance, according to a press release from Liccardo’s office.

The most popular meme coin is Dogecoin, and it is also the first one to have existed. The currency, created by Jackson Palmer and Billy Markyss as an approachable cryptocurrency and features the Shiba Una dog, is now worth 21 cents. In 2021, Musk endorsed Dogecoin and caused a significant price increase.

A Democratic Congressman has introduced a new bill that prohibits the President and other higher-level public officials from issuing or promoting meme coins, targeting Donald Trump's $TRUMP meme token and the Melania coin.

Some Democratic lawmakers are taking a stand against politicians cashing in on crypto by pushing a new bill that would ban public officials from launching or profiting off meme coins. Backed by a group of House Democrats,