Torres Introduces Bill Banning Political Figure Meme Coins

U.S. Representative Ritchie Torres has proposed legislation aiming to curb the use of political figures’ likenesses for profit in digital assets. Known as the ‘Stop Presidential Profiteering from Digital Assets Act’, this bill seeks to prevent the creation, promotion, or sale of meme coins and stablecoins that exploit the identities of U.S. politicians or their immediate family members. The legislation would make it illegal for individuals to create such assets if they lead to financial gain for themselves or the public official.