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3w ago

Sen. Chris Murphy Introduces MEME Act to Curb Presidential Crypto Profiteering

The proposed legislation seeks to ban federal officials from launching or promoting digital assets, targeting President Trump's $TRUMP coin and alleged conflicts of interest.

Sen. Chris Murphy, D-Conn., said in a video posted on X that meme coins sometimes enable government officials to secretly receive payments from those doing business with the federal government. (J. SCOTT APPLEWHITE/AP FILE)
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senate meme coin congress Donal Trump trump meme coin Official trump House of Represenatives Chris Murphy Sam Liccardo
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Overview

  • Sen. Chris Murphy and Rep. Sam Liccardo introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act to prevent federal officials from profiting through digital assets.
  • The MEME Act would broadly apply to securities and digital assets, aiming to close loopholes in financial disclosure laws and prevent conflicts of interest.
  • President Trump’s $TRUMP coin, launched days before his inauguration, has been criticized for enabling potential pay-to-play schemes and generating millions in trading fees for Trump and his family.
  • Sen. Elizabeth Warren has called for an investigation into the $TRUMP coin, citing ethical concerns and risks of foreign influence through anonymous purchases.
  • The House Financial Services Committee is preparing hearings on cryptocurrency regulation, while operational details of Trump’s proposed U.S. Crypto Reserve remain unclear.