Rep. Licardo introduced the MEME Act after the launch of the TRUMP cryptocurrency (CRYPTO:TRUMP), a meme coin associated with former President Donald Trump.

The bill has the support of twelve Democratic sponsors who are working to build bipartisan support.

The legislator views the bill as an expansion of the income clause, which restricts officials from accepting gifts from foreign entities.

While the law aims to prevent conflicts of interest, it faces legislative hurdles given the Republican-controlled Congress.

Licardo acknowledges the proposal as a symbolic measure for now, paving the way for future action if Democrats regain power.

The Securities and Exchange Commission has stated that it does not consider most meme coins to be securities.

"Let's make corruption a crime again," Licardo said, adding that public offices belong to the people and officials should not exploit their power for personal gain.