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.