On May 6, 2025, Democratic Senator Chris Murphy announced the introduction of new legislation known as the "Modern Emoluments and Malfeasance Enforcement Act," or abbreviated as "MEME Act." The aim of this law is to prohibit the issuance, promotion, or profit from meme cryptocurrencies (known as "meme coins") by senior federal officials in the United States, including the president, members of Congress, and their immediate family members.

This legislation came in response to former President Donald Trump's launch of a meme cryptocurrency known as "$TRUMP" before his inauguration, which saw a sharp decline in value shortly after its launch. A similar coin named "MELANIA" was also issued, associated with former First Lady Melania Trump. The launch of these coins raised concerns about the exploitation of public office for personal gain and the possibilities of corruption and foreign influence.

Democratic Representative Sam Liccardo from California co-sponsored this bill, noting that the goal is to prevent officials from exploiting their positions to profit from digital assets.

Currently, the bill has been referred to the Committee on Oversight and Government Reform, as well as the Judiciary and Administration Committees in the House of Representatives. No date has been set for a vote on it yet, and it is not expected to pass under the current Republican majority in Congress.