#MEMEAct 🚨 Modern Emoluments and Malfeasance Enforcement (MEME) Act

1️⃣The MEME Act is a proposed bill that aims to prevent government officials, including the President and Members of Congress, from issuing or endorsing digital assets like meme coins.

2️⃣Introduced by Senator Chris Murphy and Representative Sam Liccardo, the bill targets President Donald Trump's TRUMP meme coin due to concerns over corruption and insider trading.

3️⃣The TRUMP coin's launch led to a $13 billion market valuation but plummeted shortly after, leaving investors with significant losses.

4️⃣The MEME Act would impose penalties on officials engaging in these activities and require them to return profits.

5️⃣It would also allow investors to sue public officials for losses incurred from meme coins backed by them.

6️⃣The bill has 12 Democratic cosponsors but faces an uphill battle in the Republican-controlled House. Supporters hope it sparks future legislation against crypto scams. If approved, the MEME Act would apply to spouses, dependent children, and senior military officers.

7️⃣The bill aims to preserve public trust and prevent officials from profiting off their position. Its introduction comes amid concerns over Trump's meme coin and its lack of transparency.¹