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Senator Murphy proposes 'MEME Act' to ban political meme coins
On May 7, Senator Chris Murphy introduced the "MEME Act" (Modernizing Earnings and Meme Enforcement Act), aimed at prohibiting presidents and members of Congress from issuing or profiting from meme coins, specifically targeting the cryptocurrency activities of former President Trump.
The bill reflects concerns about the risks of corruption and lack of transparency in the use of cryptocurrency for political purposes, amid the backdrop of the TRUMP coin having a market capitalization exceeding $2.2 billion.
If passed, the act could set an important precedent in managing the impact of digital assets on U.S. politics.
