#MEMEAct

The Modern Emoluments and Malfeasance Enforcement (MEME) Act, introduced by Senator Chris Murphy (D-CT) on May 6, 2025, aims to prohibit federal officials and their immediate families from issuing, endorsing, or profiting from digital assets, including meme coins and stablecoins. This legislation emerges amid concerns over former President Donald Trump’s involvement in cryptocurrency ventures, notably the launch of the “Official Trump” meme coin and a $2 billion stablecoin deal with an Abu Dhabi-backed firm.  

The MEME Act seeks to prevent potential conflicts of interest by ensuring that public officials do not leverage their positions for personal financial gain through digital assets. Violations could result in penalties, including fines up to $1 million and the forfeiture of any profits made from such activities. 

This legislative move has intensified debates surrounding the GENIUS Act, a bipartisan bill intended to establish a regulatory framework for stablecoins. Democratic lawmakers, including Senators Elizabeth Warren and Chuck Schumer, have expressed reservations about the GENIUS Act, citing insufficient safeguards against potential misuse by public officials. 

As the Senate prepares to vote on the GENIUS Act, the introduction of the MEME Act underscores the growing scrutiny of public officials’ involvement in the cryptocurrency sector and the need for clear ethical guidelines to maintain public trust in the legislative process.