The article explores the potential legal implications of Trump's memecoin in relation to foreign emoluments laws. Legal experts express concern that significant investments in the memecoin could allow foreign actors to gain undue influence with the president. With the current political climate amplifying powers within the executive branch, questions arise about the transparency of coin holders and the relative lack of regulation from the SEC. The article also reflects on the growing calls for impeachment among Congress members, suggesting that Trump's actions may be crossing ethical boundaries.
"Whether it's a utility token or a memecoin, it's not regulated by the SEC," says Lisa Bragança, attorney at Bragança Law and former branch chief at the SEC.
"If the government of Yemen buys up oodles of memecoins, we won't know," says Bragança. "If it's a utility coin and, say, a representative of Russia shows up for dinner with the president, we know it's an emoluments issue."
"Today, access to the sitting US president carries a greater potential political currency than ever. Trump is amalgamating even more power in the executive branch than anyone has before," claims Hauser.
"He is granting audiences to people who buy the memecoin that directly enriches him," said Democrat senator Jon Ossoff in a town hall meeting on April 25.
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