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Highlights
- Democrat Rep. Sam Liccardo plans to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act.
- The MEME Act will prohibit top US government officials from creating or promoting digital assets.
- Donald Trump's meme coin has tanked in value, currently trading at around $12.
House Democrats are set to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, a direct move against meme coins like TRUMP and MELANIA. The proposed MEME Act would prohibit politicians and their families from creating or promoting such coins.
Democrats To Introduce MEME Act To Oppose Political Meme Coins
According to an ABC News report, Democrat Rep. Sam Liccardo will introduce the MEME Act to prohibit the top US government officials and their families from creating and capitalizing on personal meme coins. Specifically, the bill would prohibit the president, vice president, Congress members, senior executive branch officials, their spouses, and dependent children from issuing, sponsoring, or endorsing a security, commodity, or digital asset.
This proposed bill directly opposes political meme coins like TRUMP and MELANIA, which US President Donald Trump and First Lady Melania Trump promoted just before Trump’s inauguration earlier this year. Liccardo told ABC News that he believes that the president and first lady profited from their respective meme coins and enriched earlier investors.
However, the Congressman believes such a move from government officials is wrong. He stated that public offices belong to the public, not the officeholders, and as such, such individuals should not leverage their political authority for financial gain. He also remarked that Trump’s issuance of meme coins financially exploits the public for personal gains and raises concerns of insider trading and external influence on the executive branch.
Although still one of the top meme coins, the official Trump coin has tanked in value. It is currently trading at around $12 and down over 80% from its all-time high (ATH) of $75.
DOJ Allegedly Opens Probe Into Another Political Meme Coin
Amid the introduction of the MEME Act, the US Department of Justice is allegedly investigating the Libra meme coin, a political coin that Argentina President Javier Milei promoted on his X platform.
According to local media, an Argentine law firm filed a complaint with the US authorities. The DOJ’s probe will examine potential economic crimes, including fraud and market manipulation. There are also concerns of insider trading, with early investors reported to have made over $100 million from the coin.
As CoinGape reported, the Libra token turned out to be a scam. It crashed over 90% following a rug pull by the team, who withdrew over $80 million from the token’s liquidity pool. Interestingly, the team behind the Libra token is believed to be behind the MELANIA meme coin.
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