#MEMEAct 🚨 MEME Act Introduced to Curb Political Profiteering from Meme Coins 

In a significant move to address potential conflicts of interest in the cryptocurrency space, Senator Chris Murphy (D-CT) and Representative Sam Liccardo (D-CA) have introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act. This legislation aims to prohibit federal officials—including the President, Vice President, members of Congress, and senior executive branch officials—from issuing, sponsoring, or promoting digital assets like meme coins and stablecoins.  

The MEME Act emerges in response to concerns over former President Donald Trump’s involvement in cryptocurrency ventures. Notably, the Trump family’s association with a meme coin contest, offering incentives such as dinners and White House tours for top holders of the $TRUMP coin, has raised ethical and national security questions.  

The proposed legislation seeks to restore public trust by ensuring that elected officials do not exploit their positions for personal financial gain through digital assets. It also includes provisions for criminal and civil penalties for violations.  

While the bill faces challenges in the current political landscape, its introduction marks a critical step toward establishing ethical boundaries in the rapidly evolving world of cryptocurrency.