TRUMP Meme Coin Hits Regulatory Snag as Lawmakers Push Anti-Crypto Legislation

The TRUMP meme coin faced resistance at $16 amid political scrutiny of former President Donald Trump’s cryptocurrency activities. Legislators proposed the ’Stop TRUMP in Crypto Act’ on Thursday, aiming to restrict his digital asset involvement. This development overshadowed a planned gathering between Trump and token holders.

CFTC Commissioner Caroline Pham called criticisms of Trump’s crypto engagements a ’distraction’ from more pressing regulatory matters. The TRUMP token had gained 11% earlier in the day before retreating from the $16 resistance level.

Market observers closely monitored the political developments, with the meme coin’s volatility reflecting uncertainty around political figures in crypto. The scheduled dinner between TRUMP and holders failed to generate enough momentum to surpass key technical resistance.