The MEME Act (Modern Emoluments and Malfeasance Enforcement Act) is a proposed legislation aimed at preventing senior government officials, including the president and members of Congress, from issuing or promoting cryptocurrencies, such as the $TRUMP meme coin. This law comes in response to concerns about conflicts of interest and the exploitation of government positions for personal financial gain ¹.
Objectives of the law
- Prevent government officials from issuing or promoting cryptocurrencies
- Impose criminal and civil penalties on violators
- Allow investors to sue these officials for losing money on meme coins promoted by government officials
Motivations for the law
- Concerns about conflicts of interest and the exploitation of government positions
- Negative reactions to the launch of the $TRUMP meme coin, which lost much of its value after its launch
- Concerns about the impact of meme coins on transparency, insider trading, and foreign influence
Position of the law's supporters
- Democrats, led by Senator Chris Murphy and Representative Sam Liccardo, support the law as a means to prevent corruption and exploitation
- They argue that public positions should not be used for personal financial gain
Challenges facing the law
- The likelihood of the law not passing in a Congress controlled by Republicans
- Challenges in enforcing the law, particularly regarding the disclosure of relationships with foreign cryptocurrencies.
