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House Democrats propose a bill to prevent officials from profiting from digital assets. Rep. Liccardo’s MEME Act targets ethical concerns with politicians endorsing cryptocurrencies. The MEME Act includes retroactive penalties to address $TRUMP coin and similar ventures. House Democrats are setting their sights on restricting public officials from benefiting financially from digital assets. A new bill aims to prevent top government officials, including the president, from issuing or endorsing cryptocurrencies, following concerns over the recent decline of the $TRUMP meme coin. The $TRUMP cryptocurrency launched just over a month ago but has since lost significant value as early investors offloaded their holdings. Thousands of holders took heavy losses totaling billions of dollars, prompting some lawmakers to demand tighter rules to ensure officials do not misuse their positions for personal gain. California Democrat Moves to Regulate Crypto Involvement Rep. Sam Liccardo, a freshman Democrat from California, plans to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act. This legislation would bar high-ranking officials, such as the … The post House Democrats Take Aim at $TRUMP Meme Coin with New Legislation: MEME Act appeared first on Coin Edition.

Texas is making big moves in the Bitcoin Game 💰 According to Polymarket, there’s a 50% chance that the Texas Strategic $BTC Reserve Act gets signed into law. If this happens, Texas could officially hold Bitcoin as a reserve asset. Bullish signal for Bitcoin adoption, or just political noise 🤔

More than 30 U.S. states have explored the idea of publicly funded Bitcoin reserves, with at least two jurisdictions nearing the passage of related legislation. Policy makers in Washington haven’t agreed on federal laws to create a Bitcoin ( BTC ) reserve, Wyoming Republican Senator and chair of the Senate Banking Subcommittee on Digital assets, Cynthia Lummis said at the New York Bitcoin Investor Week. Utah and Arizona have pushed forward proposals to purchase Bitcoin using public funds, though not all lawmakers support the idea of state-run Bitcoin reserves. Since Donald Trump was sworn in as U.S. president, Montana , North Dakota, and Wyoming, Lummis’ home state, have rejected Bitcoin reserve bills. Lawmakers in these states cited concerns over crypto speculation and digital asset risks, despite nearly $100 billion in institutional Bitcoin adoption through exchange-traded funds on Wall Street. In the Senate, Lummis introduced a bill proposing that the Federal Reserve swap a portion of its gold reserves for Bitcoin. If enacted, the law would require the U.S. government to acquire up to 5% of Bitcoin’s total supply over five years. At the White House, AI and crypto czar David Sacks reaffirmed Trump’s interest in establishing a national Bitcoin reserve during a statement in early February. However, he acknowledged that progress was still in its early stages and that the concept was under evaluation. Lummis echoed similar sentiments in New York on Feb. 28, stating: “We don’t have enough people comfortable enough in the House and Senate to do this yet,” the Wyoming Senator remarked. Stablecoins will likely be the starter pistol for digital asset frameworks. Lawmakers in both the Senate and the House presented bills standardizing stablecoin rules. At the first Senate Banking subcommittee hearing focused on crypto rule making, Senators and industry experts alike agreed stablecoins regulations should be prioritized. At today’s Subcommittee on Digital Assets hearing, @SenLummis talked about the importance of the GENIUS Act, bipartisan legislation that would establish a clear regulatory framework for stablecoins. Watch ⬇️ pic.twitter.com/eXXOjeStvN

Olumide Osunkoya has been sentenced to four years in prison for illegally operating cryptocurrency automated teller machines in the United Kingdom. The 46-year-old faced charges related to running crypto ATMs through his company, GidiPlus, with machines installed at multiple locations across the UK. According to authorities, Osunkoya set up a £2.5 million ($3.2 million) crypto ATM business despite being denied registration by the Financial Conduct Authority. The FCA filed charges against him in early September 2024, and he pleaded guilty to six counts on September 30, 2024. On Feb. 28, the court convicted him of unregistered crypto activity, forgery, possession and use of false identity documents, and criminal property possession. Court documents revealed that Osunkoya operated his unregistered crypto business between December 2021 and March 2022. The FCA noted that he made significant profits, charging markup fees between 30% and 60% on transactions. “Your decision to continue to operate illegally was an act of deliberate and calculated defiance to the regulator,” His Honour Judge Perrins said during sentencing. The judge further noted that Osunkoya went to “great lengths to create a false identity,” making his case more than a mere regulatory breach. “This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences,” said Therese Chambers, executive director of enforcement at the FCA. Osunkoya’s guilty sentence comes as the FCA looks to intensify its crackdown on illegal crypto related operations and services. The financial markets watchdog mandates all providers seeking to offer digital asset services and products in the country to register. FCA also requires that providers adhere to anti-money laundering guidelines and checks, a fact the agency says the crypto ATM provider failed to comply with. Per the markets regulator, its crackdown on illegal crypto teller machines saw the number of UK crypto ATM locations on CoinATMRadar fall from 80 in 2022 to zero in 2024. Details on the CoinATMRadar website shows there are currently over 37,200 crypto ATMs in 69 countries. Most of these machines are installed in the United States, which has over 29,700 locations.

Senate eyes March 10 for GENIUS Act markup According to Fox Business reporter Eleanor Terrett on X, the Senate Banking Committee is considering the week of March 10 for a markup of Senator Bill Hagerty’s stablecoin bill, the GENIUS Act, according to three Senate aides familiar…