#MEMEAct MEME Act

At the same time, Democratic Senator Chris Murphy proposed a law prohibiting U.S. federal officials, including Trump, from promoting meme coins for personal gain. The document, called the MEME Act, aims to curb the use of official positions for enrichment through digital assets or securities.

The occasion was the launch of TRUMP, which took place before Trump's inauguration on the Solana blockchain. Murphy described the token as an "example of corruption":

"Trump turned the crypto market into his personal Venmo account, where foreign oligarchs transfer millions for political services".