#MEMEAct
MEME Act Introduced to Prevent Trump Memecoin ‘Rugpull’ U.S. House of Representative Sam Liccardo introduced the MEME Act Thursday to prohibit top federal officials and their families from launching memecoins like U.S. President Donald Trump’s eponymous token, which allegedly led to $2 billion in losses.
The recent introduction of the Modern Emoluments and Malfeasance Enforcement (#MEME ) Act by Congressman Sam Liccardo aims to prohibit U.S. presidents, members of Congress, and their immediate families from issuing or promoting digital assets, including meme coins. This legislative move follows controversies surrounding former President Donald Trump's involvement in cryptocurrency ventures, notably the launch of the $TRUMP coin, which reportedly led to significant profits for early investors and substantial losses for many others.
The MEME Act seeks to address ethical concerns about public officials leveraging their positions for personal financial gain and the potential for foreign influence through anonymous investments in such digital assets. By imposing both civil and criminal penalties, the bill aims to reinforce the integrity of public office and protect the public from potential exploitation.
Given these considerations, there is a compelling argument for restricting politicians and their families from launching or promoting crypto assets. Such measures could help prevent conflicts of interest, maintain public trust in governmental institutions, and ensure that emerging financial technologies are developed and regulated in a manner that serves the broader public interest.