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.

When the most famous man in the world cashes in on a crypto trend, that's a strong top signal. Why it matters: Revenue has been falling for the leading meme-coin platform since the Trump Organization launched the Official Trump (TRUMP) and Melania Meme (MELANIA) coins Jan.

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

Donald Trump has leaned into his unofficial role as the “crypto president” in ways that can both help the crypto industry and enrich himself and his family.

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.

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