MEME Act: U.S. Lawmakers Target Political Crypto Profiteering
The Modern Emoluments and Malfeasance Enforcement (MEME) Act, introduced by Democratic lawmakers including Rep. Sam Liccardo and Sen. Chris Murphy, seeks to prohibit U.S. officials and their families from issuing, promoting, or profiting from cryptocurrencies, particularly meme coins. This legislative move follows controversies surrounding President Donald Trump's $TRUMP coin, which experienced significant volatility, raising concerns about potential conflicts of interest and exploitation of public office for personal gain.
The MEME Act aims to enforce ethical boundaries by banning top officials from engaging with digital assets that could compromise public trust. While the bill faces challenges in a Republican-controlled Congress, it underscores growing bipartisan scrutiny over the intersection of politics and cryptocurrency.