Congressman Torres Takes Aim at Politician-Themed Memecoins—Because Crypto Definitely Needed More Regulation

New York Rep. Ritchie Torres drops a legislative grenade into the crypto circus: a bill to outlaw memecoins capitalizing on politicians’ faces. Because nothing screams ’democratic integrity’ like banning JPEGs of congressional headshots.

The move comes as 2024’s memecoin mania shows no signs of slowing—though most of these tokens crash faster than a freshman congressman’s approval ratings. Torres argues these unauthorized likenesses could mislead investors. (Unlike, say, the flawless accuracy of political campaign promises.)

Critics are already howling about government overreach, while crypto degens shrug and mint the next cartoonishly exaggerated token. After all, when has regulation ever stopped the internet from doing something stupid with money?

Meme coin popularity

Torres’ proposal appears to respond to the wave of meme coins named after political figures — ranging from former President Donald Trump to President Joe Biden — that have gained popularity in crypto circles. 

This bill comes as Senator Jon Ossoff called for Donald Trump’s impeachment over a planned private dinner for top holders of Trump’s personal memecoin. 

He argued that offering exclusive access to major investors amounted to selling access to the presidency.