The US Congress is reportedly set to consider legislation that would ban the issuance of memecoins like President Donald Trump’s Official Trump (TRUMP) token. House Democrats are preparing to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would prohibit public officials from profiting from digital assets, California Representative Sam Liccardo told ABC News on Feb. 27.
The draft legislation would prohibit a broad range of public officials and related persons from issuing, sponsoring, or endorsing any security, commodity, or digital asset. “Let’s make corruption criminal again,” Liccardo said, adding that US public offices belong to the public and that officials should not be allowed to leverage their political authority for financial gain.
Bill would apply to Melania Trump’s memecoin. The MEME Act, which is expected to be introduced on Feb. 27, will concern the president, vice president, Congress members, senior executive branch officials, and their spouses and dependent children. Liccardo said the bill has a dozen Democratic sponsors who are working to build bipartisan support. “The Trumps’ issuance of memecoins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the executive branch,” he stated.
This is a developing story, and further information will be added as it becomes available.