#MEMEAct

The Modernization of Misconduct and Emoluments Application Act, driven by California Democratic Congressman Sam Liccardo, on February 27. Its goal is to prohibit high-ranking federal officials from issuing, sponsoring, or promoting securities, commodities, or digital assets, which entails civil and criminal penalties for those who violate this rule. The bill has a dozen Democratic co-sponsors.

The MEME Act primarily targets the president, members of Congress, and other high officials, as well as their spouses and children, prohibiting them from issuing or sponsoring securities, commodities, meme coins, and other cryptocurrencies. The introduction of this bill is closely related to the TRUMP coin, launched by Trump. On January 18, Trump announced the launch of the TRUMP meme coin, similarly named and controlled by his team, whose market value briefly exceeded $70 billion but subsequently collapsed by 85%, causing losses to 200,000 retail investors.