US Democratic Congressman Sam Liccardo launched a invoice on Feb. 27 to forestall authorities officers and their households from making the most of cryptocurrencies, together with memecoins.
The proposed laws, often known as the Trendy Emoluments and Malfeasance Enforcement (MEME) Act, has gained help from a number of Democratic colleagues and is designed to “make corruption legal once more.”
If handed, the invoice would prohibit elected officers just like the president, vp, members of Congress, and senior government officers — together with their spouses and dependent youngsters—from issuing, selling, or financially benefiting from securities, commodities, or cryptocurrencies, together with memecoins.
The lawmaker additionally views the invoice as an growth of the Emoluments Clause, which prevents officers from accepting items from international entities. He argued that making the most of political affect in monetary markets must be equally restricted.
Moreover, it might penalize violators and require them to forfeit any illicit features made earlier than the invoice’s enactment.
Why MEME Act
Liccardo mentioned he launched the MEME Act following the controversial launch of TRUMP, a memecoin linked to President Donald Trump.
In keeping with him:
“The tokens raised so much issues amongst people about battle of curiosity, about exploiting public workplace for private features.”
The token, which debuted in January 2025, skilled excessive value volatility — hovering to a $13 billion valuation earlier than plummeting by over 82% from its peak. The same coin related to First Woman Melania Trump additionally crashed 93% inside weeks.
Liccardo argued that the one beneficiaries of those cash have been Trump and a choose group of insiders, leaving lots of of hundreds of retail traders at a loss.
He mentioned:
“800,000 folks purchased this memecoin of Trump’s. And guess what? Nearly everybody of these 800,000 folks misplaced some huge cash.”
Liccardo described the state of affairs as corruption whereas emphasizing the necessity for legislative motion to guard traders from related schemes sooner or later.
Contemplating this, the MEME Act is structured to get rid of monetary conflicts of curiosity amongst public officers by implementing strict prohibitions and penalties.
Regardless of its daring stance, the MEME Act faces vital legislative hurdles.
With Republicans controlling Congress, the invoice is unlikely to go within the present political local weather. Even Liccardo reportedly admits that the proposal serves as a symbolic measure for now — a basis for future motion if Democrats regain energy.
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