#MEMEAct U.S. Democratic lawmakers have launched a multifaceted attack against President Donald Trump's cryptocurrency initiatives with two bills and a subcommittee investigation aimed at limiting his ability to profit from these initiatives.

The Modern Emoluments and Malfeasance Enforcement Act, or MEME Act, seeks to prevent federal officials from using their position to profit from memecoins, according to Democratic Senator Chris Murphy in a statement on May 6.

If passed, the MEME Act would prohibit the president, vice president, members of Congress, senior executive branch officials, their spouses, and children from issuing, sponsoring, or promoting a security, future, commodity, or digital asset, according to the bill's description.

"Today I am introducing a bill - the MEME Act - to prohibit a president or member of Congress from issuing a memecoin.

Trump's coin is the biggest corruption scandal in White House history. Representative Liccardo and I are determined to put an end to this corruption, once and for all," expressed Chris Murphy in the last hours via the X platform.