House Democrats are preparing to introduce a new bill called the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would, by legislation, prohibit public officials from making money off meme coins or digital assets.
According to ABC News, the bill targets tokens such as the $TRUMP and MELANIA tokens, which were rapidly released by former President Donald Trump and his wife, Melania Trump. California Representative Sam Liccardo has made it public that the bill is set to be debated today…
The proposed legislation will prevent public officials like the president, vice president, Congress members, and senior officials from using their positions for personal financial gain, especially through issuing, sponsoring, or endorsing digital assets.
California Representative Sam Liccardo, who is leading the effort, said, “Let’s make corruption criminal again,” adding that U.S. public offices should serve the people and not be used for profit.
The $TRUMP token was released in January 2025, just days before Donald Trump took office. Melania Trump followed with her own coin shortly after. Since their launch, both tokens have lost a lot of value. The $TRUMP coin fell 82% in value, and the $MELANIA coin dropped by 93%.
A lot of investors lost their money on these two memecoin, which lawmakers are now looking into.
Liccardo’s bill is one of the very first efforts to regulate the memecoin market. The proposal would impose criminal and civil penalties for officials who violate the rules. Liccardo hopes the bill will gain support from both parties, even though it may face challenges in a Republican-controlled Congress.
Other memecoin-related proposals have been introduced in Congress. For example, on February 20, 2025, Senator Cortez Masto suggested banning federal employees from profiting from meme coins tied to the Chinese Communist Party.
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