Meme coins are a form of cryptocurrency that has humorous or satirical appeal due to their association with Internet memes. President Donald Trump launched his own coin shortly before his inauguration, and he is now offering holders a chance to meet him at an event in Washington, D.C.

Senator Murphy said in a video posted on X that these coins sometimes allow government officials to receive payments secretly from those dealing with the federal government.

The senator said, "Trump's meme coin is the most unethical and corrupt thing any U.S. president has ever done." He added, "It is an opportunity for both Republicans and Democrats to come together and say that neither of us - any member of the executive branch or Congress - should be able to profit from our position."