#MEMEAct
On May 6, 2025, U.S. Senator Chris Murphy (D-Conn.) introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, a legislative proposal aimed at prohibiting federal officials—including the President, Vice President, members of Congress, and their immediate families—from creating, endorsing, or profiting from digital assets such as meme coins and stablecoins.
The MEME Act emerges in response to growing concerns over former President Donald Trump's involvement in cryptocurrency ventures. Notably, the Trump family has reportedly earned $320 million from trading fees associated with a meme coin contest and stands to gain $2 billion from a stablecoin transaction with a Dubai-based firm . These developments have raised ethical and national security questions, prompting legislative action.The Verge
The bill seeks to establish clear legal boundaries to prevent public officials from leveraging their positions for personal financial gain through digital assets. It also aims to restore public trust by addressing potential conflicts of interest and ensuring transparency in the rapidly evolving cryptocurrency landscape .BitcoinWorld
While the MEME Act has garnered support among Democrats, its passage remains uncertain in the Republican-controlled Congress. Some Republican lawmakers have expressed openness to bipartisan regulation of lawmakers' crypto holdings, indicating potential for cross-party collaboration .Fox61+4Shib Daily+4Cointelegraph+4The Verge
The introduction of the MEME Act underscores the increasing scrutiny of cryptocurrency activities by public officials and the need for comprehensive regulatory frameworks to address emerging ethical challenges in the digital asset space.