As of May 8, 2025, the Modern Emoluments and Malfeasance Enforcement (MEME) Act is a proposed U.S. legislative measure introduced by Democratic Representative Sam Liccardo. The bill aims to prohibit federal officials—including the President, Vice President, members of Congress, senior executive branch officials, and their immediate families—from issuing, endorsing, or profiting from cryptocurrencies, particularly meme coins. This initiative responds to concerns over potential conflicts of interest and ethical violations, notably following the launch of the $TRUMP meme coin by former President Donald Trump and First Lady Melania Trump .Invezz+6Bitcoinist.com+6DNyuz+6CT Insider+8Invezz+8Shib Daily+8New York Magazine+6Shib Daily+6Coin Edition+6
Key Provisions of the MEME Act
Prohibited Activities: The bill would make it unlawful for designated public officials and their families to engage in activities related to meme coins and other digital assets, including issuing, sponsoring, or endorsing such assets .DNyuz+2Shib Daily+2Bitcoinist.com+2
Penalties: Violators could face both criminal and civil penalties, with provisions for the forfeiture of any illicit gains obtained prior to the bill's enactment .Coin Surges
Retroactive Application: The legislation includes a retroactive element, potentially addressing financial assets issued before its enactment, such as the $TRUMP and MELANIA meme coins .Invezz+5Bitcoinist.com+5Coin Edition+5
Political Context and Support
The MEME Act has garnered support from several Democratic lawmakers and is positioned as part of a broader effort to uphold ethical standards and prevent the exploitation of public office for personal financial gain. However, its passage faces challenges due to the current Republican majority in the House and Senate, which may impede its advancement in the legislative process .Shib Daily+7Crypto News Australia+7Invezz+7Shib Daily+1$BTC
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Market Impact
The introduction of the MEME Act and the controversies surrounding political involvement in cryptocurrency have contributed to increased volatility in the digital asset market. As of the latest data, Bitcoin $BTC (BTC) is trading at approximately $99,416 USD, reflecting a 2.5% increase from the previous close .
For further developments on the MEME Act and its implications for cryptocurrency regulation, monitoring legislative updates and market analyses will be essential.