#MEMEAct
Dem senator introduces 'MEME Act' to bar president, Congress from launching meme coins
Sen. Chris Murphy, D-Conn., on Tuesday announced he had introduced the “Modern Emoluments and Malfeasance Enforcement Act,” or “MEME Act,” targeting federal officials who release meme coins.
Meme coins are a form of cryptocurrency with ironic or humorous appeal due to a connection to internet memes. President Donald Trump launched his own meme coin shortly before Inauguration Day and is now offering holders of the coin the chance to meet him at a Washington D.C. Gala.
Sen. Murphy said in a video posted via X these coins sometimes enable government officials to secretly receive payments from those who are doing business with the federal government.
“Trump’s meme coin $TRUMP , it’s the most unethical, the most corrupt thing a president of the United States has ever done,” the senator said. “This is a chance for Republicans and Democrats to come together and say non of us, no member of the executive branch, no member of Congress, should be able to profit off of their position.”
Cosponsoring the legislation in the House is Rep. Sam Liccardo, D-Calif.
“When I introduced the MEME Act in February, we saw this corruption coming,” he wrote. “Thanks to @ChrisMurphyCT for leading the fight in the Senste [sic]. Let’s make corruption criminal again.”
The bill’s introduction follows reports that Rep. Maxine Waters, D-Calif., will block a Tuesday joint hearing with House Republicans focused on cryptocurrency. She reportedly plans to walk out of Tuesday's scheduled meeting to host a “shadow hearing” about President Donald Trump’s involvement in cryptocurrency.
Trump in March announced plans to create a “U.S. Crypto Reserve,” which he said would make the country into “the Crypto Capital of the World.”