House Democrats announced a legislation today, February 27, 2025, aiming to stop U.S. public officials, including the president, vice president, and members of Congress, from issuing or endorsing meme coins like $TRUMP, a memecoin launched by President Donald Trump.
The Modern Emoluments and Malfeasance Enforcement (MEME Act), spearheaded by California Representative Sam Liccardo, targets potential conflicts of interest and financial exploitation by officials who leverage their political influence for personal gain. At the moment, 12 Democratic members support this bill but the party is also seeking consensus as cited by Wu Blockchain.
The MEME Act and its Key Points
The bill explicitly bars senior federal officials and their immediate family members from promoting, sponsoring, or issuing securities, commodities, or digital assets, with violations subject to criminal penalties and civil lawsuits.
Liccardo, a former federal prosecutor, criticized the Trump’s $TRUMP and $MELANIA coins as “self-evidently unethical,” accusing the first family to be profiting from retail investor who suffered great losses after the tokens’ values plummeted.
Story of the $TRUMP Coin
The $TRUMP coin, launched in January 2025 right before President Trump took over the oval office, the token surged to $70 before crashing down to $12, while the token named after Melania Trump lost 80% of its peak value.
From the looks of the entire situation, it seems like all of this is being done to target President Donald Trump’s crypto ventures. This move in a way is an effort to crackdown Trump’s cryptocurrency dealings and address concerns about corruption and insider trading.
Critics argue that memecoins, which often do not have any significant value to them, allow insiders to get rich at the expense of ordinary investors. Representative Sam Liccardo framed this MEME Act bill as an anti-corruption measure, emphasizing that public offices belong to the public and not to the officeholders.
This MEME Act is being seen as significant step against such corruptive actions and introduction of MEME Act will set a center stage for debates regarding ethics in digital asset market.
Also Read: Russian Hacker Group “Crazy Evil” Scams Job Seekers In Crypto Fraud
