Democratic lawmakers have requested financial documents related to Trump's cryptocurrency dealings from the Treasury to investigate potential financial misconduct and the need for new laws.
Concerns have been raised regarding World Liberty Financial, a firm tied to Trump's crypto expansion, potentially receiving payments from international buyers, leading to worries about foreign influence.
The Official Trump token, endorsed by Trump, faces scrutiny over lack of buyer transparency, raising compliance issues and the possibility of illegal political contributions or influence.
The introduction of the MEME Act by Senate Democrats aims to regulate political actors' involvement in cryptocurrencies, prohibiting activities such as developing, promoting, or exchanging digital assets, especially targeting Trump and federal officials.