House Democrats are set to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, a bill that aims to prohibit public officials from profiting off meme coins and other digital assets. The legislation specifically targets tokens like $TRUMP and MELANIA, which were quickly launched by former President Donald Trump and his wife, Melania Trump.
California Representative Sam Liccardo, who is spearheading the bill, emphasized that the legislation is designed to prevent public officials from using their positions to gain financially, especially through the issuance, sponsorship, or endorsement of digital assets. Liccardo stated, “Let’s make corruption criminal again,” arguing that U.S. public offices should prioritize public service over personal profit.
The $TRUMP token debuted in January 2025, just days before Trump assumed office, with the $MELANIA coin following shortly thereafter. However, both tokens have seen significant losses, with $TRUMP losing 82% of its value and $MELANIA plummeting by 93%. This sharp decline has left many investors with substantial losses, prompting lawmakers to take action.
Liccardo’s bill represents one of the first attempts to regulate the meme coin market, proposing both criminal and civil penalties for public officials who violate the law. While Liccardo is hopeful the bill will garner bipartisan support, its passage could face hurdles in the Republican-controlled Congress.
This new proposal follows a similar initiative introduced by Senator Cortez Masto on February 20, 2025, which seeks to prevent federal employees from profiting off meme coins linked to the Chinese Communist Party.
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