House Dems Introduce Bill to Ban Trump, Congress From Promoting, Launching Meme Coins

A group of House Democrats will introduce legislation today that would make it illegal for high-ranking government officials to create or promote crypto tokens—and would retroactively punish President Donald Trump for launching his own meme coin.  The Modern Emoluments and Malfeasance Act, or MEME Act, would prohibit the President, Vice President, members of Congress, senior Executive Branch officials, and their spouses and dependent children, from issuing, sponsoring, or endorsing any security, commodity, future, or digital asset. 

If passed, the legislation would levy criminal and civil penalties against any person who violates these rules. It would also punish those who continue to profit from such assets, even if they were issued prior to the bill’s enactment—a direct stab at Trump and his wife, Melania, who both launched multi-billion dollar meme coins in January. 

“Let’s make corruption criminal again,” Rep. Sam Liccardo (D-CA), who will introduce the MEME Act on the House floor later today, said in a statement shared with Decrypt. “The Trumps’ issuance of meme coins financially exploits the public for personal gain, and raises the specter of insider trading and foreign influence over the Executive Branch.”

A spokesperson for Liccardo confirmed to Decrypt that the MEME Act would also apply to government officials who promote and profit off third-party crypto tokens. Rep. Mike Collins (R-GA), for instance, has routinely spoken publicly about obscure meme coins he invests in, sending those assets soaring.