U.S. Senator Introduces Bill to Curb Crypto Involvement by Top Officials

U.S. Democratic Senator Chris Murphy has introduced the Modern Earnings and Misconduct Enforcement ($MEME ) Act, a bill designed to ban high-ranking government officials — including the President, members of Congress, and their immediate families — from creating or promoting cryptocurrency assets. The proposed legislation includes penalties of up to $250,000 in fines and up to five years in prison for violators. It also targets recent activities by the Trump family, such as the launch of the $TRUMP meme coin, and calls for any earnings from such ventures to be returned to the U.S. Treasury.

Meanwhile, Senate Subcommittee on Investigations Chair Richard Blumenthal has launched a probe into World Liberty Financial and the developers behind the $TRUMP token, Fight Fight Fight. The investigation seeks to determine whether the Trump family improperly profited from a 50% surge in the token’s value on April 23, following reports of a "White House dinner." Subpoenas have been issued to involved parties.

Although Representative Sam Liccardo has introduced a companion bill in the House, its chances of passing are uncertain due to Republican control of both chambers of Congress.