#MEMEAct The Democrat from California, Sam Liccardo, said that a group from his party will introduce a bill to prohibit high-ranking officials and their families from capitalizing on personal memecoins.

The Modern Emoluments and Misconduct Control Act, or MEME Act, would prohibit the President, Vice President, members of Congress, high-ranking officials in the executive branch, and their spouses and dependent children from issuing, sponsoring, or endorsing a security, future, product, or digital asset.

"We are going to re-criminalize corruption," Liccardo said in a video on X on Thursday.

He accused Trump of carrying out a fraudulent maneuver, referring to the cryptocurrency jargon that refers to a scheme that entices investors to buy a token that insiders then quickly sell off.

He mentioned that he has more than a dozen co-signers for the bill.

While Trump and his family have not yet withdrawn their assets from his or First Lady Melania Trump's memecoins, some in the cryptocurrency community have denounced it as cash theft.

Liccardo's words come at a delicate time for memecoins, once the darlings of the cryptocurrency industry.

For now, Republicans have remained silent regarding Trump's extensive activities in cryptocurrency.

His ties include memecoins, a DeFi application, NFTs, and a recently launched investment business called Truth.Fi.

Trump's cryptocurrency empire reached over $16 billion at one point.

The MEME Act could force Trump's party to take a stand.

Trump's representatives did not immediately respond to a request for comment.