"House Democrats Propose MEME Act to Ban Officials from Crypto Profiting"

House Democrats have proposed new legislation, the Modern Emoluments and Malfeasance Enforcement (MEME) Act, aimed at preventing public officials from profiting from digital assets, including cryptocurrencies. The bill, introduced by Rep. Sam Liccardo, a freshman Democrat from California, seeks to address ethical concerns surrounding politicians endorsing or issuing cryptocurrencies, with a particular focus on the recent decline of the $TRUMP meme coin.

The $TRUMP cryptocurrency, launched just over a month ago, has since lost significant value as early investors offloaded their holdings. Thousands of holders have taken heavy losses totaling billions of dollars, prompting lawmakers to demand tighter rules to ensure officials do not misuse their positions for personal gain. The MEME Act would bar high-ranking officials, such as the president, vice president, members of Congress, and senior executive branch leaders—and their spouses and dependent children—from profiting from securities, futures, commodities, or digital assets.

The MEME Act would impose both criminal and civil penalties on federal officials found engaging in financial activities that could benefit them personally. Liccardo emphasizes that allowing elected officials to capitalize on digital assets undermines public trust and creates potential conflicts of interest. He also highlights the risk of insider trading and foreign influence shaping decisions in the executive branch. Under the proposed bill, any public official promoting or investing in digital assets before the law’s enactment would face penalties. This retroactive provision addresses issues linked to the initial release of $TRUMP and similar ventures.

Despite the challenges posed by Republican majorities in both the House and Senate, Liccardo remains committed to gathering support for the MEME Act. While passage may be unlikely in the near term, the first-term Democrat aims to revisit the topic under a future Democratic majority.