US President Donald Trump has been criticized for launching his meme-coin with little knowledge of cryptocurrency. The coin initially surged due to his influence but then crashed, causing major losses for investors. In response, the US Congress is considering legislation to ban public officials from creating meme-coins like Trump’s TRUMP token to prevent such issues in the future.
House Democrats are gearing up to propose the Modern Emoluments and Malfeasance Enforcement (MEME) Act, aimed at stopping public officials from gaining financially from crypto assets.
Freshman Democrat from California, Rep. Sam Liccardo, announced on Thursday his plans to introduce a bill that would ban top national officials and their families, from Congress to the White House, from profiting through personal meme coins.
The Modern Emoluments and Malfeasance Enforcement (MEME) Act seeks to prevent key government figures—including the president, vice president, Congress members, top executive officials, and their immediate families—from issuing, endorsing, or promoting any securities, futures, commodities, or digital assets.
Rep. Sam Liccardo expressed concerns that President Trump and First Lady Melania Trump profited from their meme coins, benefiting investors who initially backed the meme coin.
However, the crash of the meme coin left several investors in big losses. The value of the coin fell after Trump told reporters, “I don’t know much about it other than I launched it, other than it was very successful.”
When informed that his coin had raised several billion dollars, he dismissed the sum, saying, “several billion – that’s peanuts for these guys,” while pointing to tech billionaires at an AI press conference.
“Let’s make corruption criminal again,” stated Liccardo, highlighting that US public offices are the property of the people, and officials should not exploit their political power for personal financial benefit.
Liccardo is set to introduce his bill on Thursday, but it’s unlikely to pass in the current Republican-led Congress. He sees it as a way to make a statement against corruption and to set the stage for possible future action if the Democrats take control.
If the bill is passed, it will initially ban Melania and Trump meme coins. Liccardo mentioned that the bill is backed by twelve Democratic sponsors, who are aiming to gain bipartisan support.
He stated that the issuance of memecoins by the Trumps effectively exploits the public for personal profit and raises concerns about potential insider trading and foreign influence over the executive branch.
This isn’t Trump’s first venture into crypto products; he previously earned millions from releasing a series of NFTs featuring himself in different superhero poses in 2022.
Some industry experts believe that the president launching his own meme coin could signal that it’s a trend others might want to adopt.
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