Former U.S. President Donald Trump has found himself at the center of controversy after launching his own meme coin, TRUMP token. While the coin initially surged due to his immense influence, it later crashed, leaving many investors with significant losses. This event has prompted U.S. lawmakers to consider legislation banning public officials from engaging in similar cryptocurrency ventures in the future.
Congress Proposes MEME Act to Restrict Public Officials
In response to the fallout, House Democrats are preparing to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act. The bill, spearheaded by freshman Democrat Rep. Sam Liccardo from California, aims to prohibit high-ranking government officials and their families from profiting through personal meme coins and other digital assets.
If passed, the MEME Act would ban individuals in key positions—including the President, Vice President, members of Congress, executive officials, and their immediate families—from issuing, endorsing, or promoting digital assets. The proposed legislation comes after concerns that Trump and First Lady Melania Trump may have unfairly benefited from their meme coin projects while exposing retail investors to financial risk.
Trump’s Comments Add Fuel to the Fire
The controversy deepened when Trump downplayed his involvement, stating, “I don’t know much about it other than I launched it, other than it was very successful.” When informed that the coin had generated billions in value before its crash, he dismissed the sum as “peanuts” compared to the wealth of tech billionaires attending an AI press conference.
Rep. Liccardo emphasized the need for accountability, declaring, “Let’s make corruption criminal again.” He underscored that public office should serve the people rather than be a platform for personal financial gain.
Will the MEME Act Pass?
Although Liccardo plans to introduce the bill on Thursday, its passage in the Republican-controlled Congress remains uncertain. Nonetheless, with support from twelve Democratic sponsors, the MEME Act serves as a warning against potential conflicts of interest in the crypto space.
Also Read: Trump Confirms Tariffs on Mexico, Canada, plus additional 10% on China to Take Effect on March 4
Trump’s involvement in crypto isn’t new—he previously profited from an NFT collection featuring his likeness in superhero costumes. Some industry analysts suggest that his meme coin launch could set a precedent for other politicians, potentially reshaping the regulatory landscape of crypto assets in the political sphere.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
