Democratic senator presents the 'MEME Act' to prevent the president and Congress from launching meme coins
WASHINGTON (TNND) — Senator Chris Murphy, a Democrat from Connecticut, announced on Tuesday that he had introduced the “Modern Emoluments and Malfeasance Enforcement Act,” or “MEME Act,” aimed at federal officials who issue meme coins.
Meme coins are a form of cryptocurrency with ironic or humorous appeal due to their connection with internet memes. President Donald Trump launched his own meme coin shortly before his inauguration and now offers its holders the opportunity to meet him at a gala in Washington D.C.
Senator Murphy said in a video posted via X that these coins sometimes allow government officials to receive secret payments from those who do business with the federal government.
Trump's meme coin is the most immoral and corrupt thing that a U.S. president has ever done,” said the senator. “This is an opportunity for Republicans and Democrats to come together and say that none of us, no member of the executive branch or Congress, should be able to profit from their position.”
Representative Sam Liccardo, a Democrat from California, co-sponsored the legislation in the House.
“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 a crime again.”
The introduction of the bill comes after reports that Representative Maxine Waters, a Democrat from California, will block a joint hearing on Tuesday with House Republicans focused on cryptocurrencies.
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