#MEMEAct : US Congress Efforts to Prevent Public Officials from Exploiting Crypto

Senator Chris Murphy (D-CT) and Representative Sam Liccardo (D-CA) introduced the Modern Emoluments and Malfeasance Enforcement Act (MEME Act) to prohibit federal officials, including the president and members of Congress, from creating or promoting digital assets such as meme coins. This move responds to the launch of the $TRUMP coin by President Donald Trump, which offers exclusive access to major holders, raising concerns about conflicts of interest and potential ethical violations.

The MEME Act aims to prevent public officials from using their positions for personal gain through digital assets. The bill also reflects growing concerns among lawmakers about the lack of regulation in the crypto space and the potential for abuse by influential individuals.