#MEMEAct Prohibition of meme coins for federal officials 

Senator Chris Murphy and Representative Sam Liccardo have introduced the “Modern Emoluments and Malfeasance Enforcement Act” (MEME Act), legislation that seeks to prohibit presidents, vice presidents, members of Congress, and their immediate family members from creating, supporting, or promoting digital assets such as meme coins and stablecoins. 

This initiative arises from controversies related to the Trump family and their involvement in cryptocurrency projects, such as the meme coin $TRUMP, which raised ethical concerns and potential conflicts of interest. 

The MEME Act also proposes to allow private investors to sue for losses arising from such initiatives, seeking to reinforce transparency and ethics in the use of digital assets by public officials.