The MEME Act targets soaring political profits from meme coins like $TRUMP , proposing radical restrictions on digital assets for high officials, sparking intense debate over regulation.

The MEME Act targets profits from the TRUMP token and high-level political abuse.

U.S. Senator Chris Murphy (D-CT) introduced a new bill on Tuesday targeting financial misconduct among high-ranking federal officials involving digital assets. The Modernization of Bribery and Misconduct Enforcement Act (MEME) was presented in Washington in response to what Murphy described as blatant corruption related to meme coins like TRUMP.

The legislation aims “to prevent corrupt federal officials from using their position to profit from digital assets such as meme coins,” according to a statement from his office. Representative Sam Liccardo (D-CA) has submitted corresponding legislation to the U.S. House of Representatives. The bill was triggered by the controversial launch of TRUMP, the meme coin launched by Donald Trump just three days before his inauguration on January 17. Initially valued at only a few cents, the token experienced a surge in value shortly after its release. Murphy stated:

Every time the coin is issued and traded, Trump makes money from transaction fees, and he and his family have pocketed over $100 million from these fees.

“There’s no way to know who is buying the coin, which leaves the door wide open for billionaires, Russian oligarchs, and Saudi princes to secretly buy TRUMP and directly enrich the president to gain his favor,” the senator added. He emphasized that the controversy escalated after a campaign promising exclusive access to the White House for major coin holders, which resulted in a 50% increase in the token's value and generated nearly $900,000 in transaction fees for the #TRUMP team in just two days.

Murphy explained that the MEME Act would establish broad restrictions on financial activity related to assets for high-ranking federal officials. The announcement describes:

The MEME Act would prohibit the President, Vice President, Members of Congress, senior executive officials, and their spouses and dependent children from issuing, sponsoring, or approving a security, future, commodity, or digital asset.

“After the asset is issued, the proposal would prohibit federal officials from engaging in promotion or other conduct that could financially benefit them. The legislation subjects offenders to criminal and civil penalties,” the announcement further notes. The proposal is likely to fuel the ongoing debate on ethics, transparency, and financial regulation in the crypto space, especially as these assets continue to gain traction in political circles.

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