Sen. Chris Murphy (D-CT) and Rep. Sam Liccardo (D-CA-16) have introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, a bill aimed at stopping presidents, members of Congress, and their families from making money off digital assets like meme coins.
Murphy described Trump’s $TRUMP coin as “the most unethical, most corrupt thing a president of the United States has ever done” in a video announcing the bill, adding that it is “essentially a way for any corporate CEO, any Saudi prince, any foreign oligarch who has business before the Trump administration to send Trump money privately, secretly, and then whisper to the Trump administration about how much money they’ve sent and the favor that they need.”
The bill comes in response to President Donald Trump’s $TRUMP coin, which critics claim lets wealthy individuals, including foreign oligarchs, use their money to gain influence in Washington.
How the $TRUMP Coin Sparked the MEME Act
Trump launched the $TRUMP coin on Jan. 17, just a few days before his inauguration.
It started out worth just a few cents but quickly shot up in value, briefly boosting his net worth to over $50 billion.
Trump and his family have reportedly made more than $100 million from the fees collected each time the coin is traded.
The coin has faced heavy criticism, with Rolling Stone reporting that, according to Bloomberg, 76% of the value in the top 220 wallets likely belongs to foreign investors, based on data showing they use exchanges not available to U.S. residents.
The Washington Post separately found that around $100 million worth of $TRUMP tokens were bought after the announcement of a May 22 dinner for the coin’s top holders, further fueling concerns about foreign influence.
Liccardo echoed Murphy’s sentiment, stating, “Even more disturbing than the kleptocratic actions of this President and his minions has been the utter silence of the Republican majority. That’s why, several weeks ago, I introduced the MEME Act—to make corruption criminal again.”
What’s in the MEME Act?
The MEME Act would ban presidents, vice presidents, members of Congress, top government officials, and their families from making money from digital assets while in office.
Breaking this law would come with criminal and civil penalties.
Critics argue the bill is long overdue, pointing to the $TRUMP coin as a clear example of how digital assets can create conflicts of interest.
Sen. Richard Blumenthal (D-CT), ranking Democrat on the Senate Permanent Subcommittee on Investigations, recently launched an inquiry into potential conflicts of interest surrounding Trump’s cryptocurrency ventures.
“Donald Trump is selling cryptocurrency like snake oil in the Wild West, and he’s put a for-sale sign on the White House for his meme coin,” Blumenthal said.
“People in America deserve to know how he is potentially under the influence of foreign governments and investors who are buying his crypto assets.”
Mixed Reactions from Supporters and Critics
Some Trump supporters have brushed off the MEME Act as just political posturing, saying the coin’s success is good for the U.S. economy.
But critics worry that it opens the door to secret, untraceable funding, which they see as a serious problem.
“No member of the executive branch, no member of Congress, should be able to profit off of their position,” Murphy said.
“And certainly we should not allow for these secret ways for very powerful, very rich people to be able to send money to a member of Congress or the President of the United States. This is a common-sense bill, and we should just get it done.”
IMAGE CREDIT: “Senator Chris Murphy, U.S. Department of Housing and Urban Development” by U.S. Department of Housing and Urban Development, via Flickr. Licensed under U.S. Government Work. Image adjusted for layout.