U.S. Congress Eyes Ban on Memecoins Like Trump’s TRUMP Token

The U.S. Congress is gearing up to discuss a new bill that could ban the issuance of memecoins by public officials. The Modern Emoluments and Malfeasance Enforcement (MEME) Act, set to be introduced on February 27, aims to prevent politicians and their families from profiting off digital assets.

California Rep. Sa Liccardo, leading the charge, stated, "Let’s make corruption criminal again." The bill targets the President, Vice President, Congress members, senior officials, and their families, ensuring they cannot issue, endorse, or profit from cryptocurrencies.

The MEME Act follows the controversial launch of Trump’s TRUMP token and Melania’s memecoin, both of which collapsed by over 80% shortly after their release, leaving investors in massive losses.

Liccardo and his Democratic co-sponsors are now working to gain bipartisan support, highlighting concerns about insider trading, financial exploitation, and foreign influence in U.S. politics.

While the SEC’s Hester Peirce acknowledged the lack of clear regulations for memecoins, she emphasized that Congress or the CFTC should take the lead in oversight.

This marks one of the first serious legislative moves to regulate the booming memecoin market, which has remained largely unchecked amid rising legal uncertainties in the crypto space.

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