#MEMEAct WASHINGTON (TNND) — Senator Chris Murphy, a Democrat from Connecticut, announced on Tuesday that he has introduced the "Modern Rewards and Combating Official Misconduct Act" or the "MEM Act," aimed at federal officials issuing meme coins.

Meme coins are a form of cryptocurrency with an ironic or humorous twist due to their connection to internet memes. President Donald Trump launched his own meme coin shortly before inauguration day and is now offering coin holders the opportunity to meet him at a gala in Washington.

Senator Murphy stated in a video posted via X that these coins sometimes allow government officials to secretly receive payments from those doing business with the federal government.

"Trump's meme coin is the most unethical, most corrupt thing that any President of the United States has ever done," the senator said. "This is a chance for Republicans and Democrats to come together and say that none of us, no member of the executive branch, no member of Congress should be able to profit from their position."