#MEMEAct Senator Murphy stated in a video posted through X that these coins sometimes allow government officials to secretly receive payments from those doing business with the federal government.

"The Trump meme coin is the most unethical, most corrupt thing that a president of the United States has ever done," said the senator. "This is a chance for Republicans and Democrats to come together and say that none of us, no member of the executive branch, no member of Congress, should be able to profit from their position."

A co-sponsor of the legislation in the House of Representatives is Representative Sam Liccardo, a Democrat from California.

"When I introduced the MEME Act in February, we saw this corruption coming," he wrote.