#MEME法案 1. Background and Core Content of the Bill

Legislative Motivation and Objectives

The MEME Act (Modern Compensation and Misconduct Enforcement Act) was jointly proposed by Democratic Congressman Sam Liccardo and Senator Chris Murphy, aiming to curb politicians from using their power to issue or promote Meme coins for personal gain. The immediate trigger was the issuance of the same-named token $TRUMP by former President Trump, which plummeted by 85% within two months, causing significant losses for 200,000 retail investors. The bill attempts to fill existing legal loopholes by defining 'politician coin issuance' as corrupt behavior and granting criminal penalties.

Core Provisions

Prohibited Parties: Presidents, congressional members, and their immediate family members are prohibited from issuing, sponsoring, or promoting securities, commodities, and digital assets (including Meme coins);

Retroactive Clause: Requires Trump to surrender approximately $100 million in profits obtained through the $TRUMP coin;

Regulatory Extension: Requires Meme coin projects to submit a 'Community Consensus Audit Report'; projects with 90% non-substantive content will lose their listing qualifications.

2. Political Games and Enforcement Dilemmas

Partisan Opposition and Legislative Prospects

Currently, the Republican Party controls Congress, making the probability of the bill's passage extremely low. The Democratic Party has positioned it as a 'political placeholder'—if they gain power in the future, they will promote the legislation. This strategy is similar to the symbolic protest of the H.R. 1 Act, with actual effectiveness relying on self-restraint from the White House.

Enforcement Challenges

Regulatory Ambiguity: The SEC previously clarified that Meme coins are 'non-securities,' leading to a definitional conflict with the bill that could spark judicial disputes;

Cross-Border Regulatory Arbitrage: Politicians could evade regulation through offshore exchanges (such as Meteora), which allow creators to 'earn fees for life,' a mechanism that has led to multiple harvesting incidents.