#MEMEAct Senator Chris Murphy (Democrat, Connecticut) has introduced the “Modern Emoluments and Malfeasance Enforcement Act,” also known as the “MEME Act,” which aims to prohibit government officials from issuing or profiting from meme coins. Meme coins are humorous or ironic cryptocurrencies often tied to internet culture. The legislation follows former President Donald Trump's launch of his own meme coin, which offers holders a chance to meet him at a gala event in Washington, D.C. Murphy argues that such coins could enable secret financial gains for public officials. Representative Sam Liccardo (Democrat, California) has co-sponsored the bill in the House, supporting stricter ethical standards. Meanwhile, Representative Maxine Waters plans to block a Republican-led hearing on cryptocurrency, opting instead to hold a separate discussion about Trump’s crypto activities. Trump has also announced a plan to create a national “U.S. Crypto Reserve,” aiming to position the United States as the global leader in cryptocurrency.
