Zinger Key Points
- House Democrats propose MEME Act to prohibit top government officials and families from profiting from personal meme coins.
- Bill highlights concerns about political figures leveraging crypto for personal gain and erosion of trust in leadership.
- Pelosi’s latest AI pick skyrocketed 169% in just one month. Click here to discover the next stock our government trade tracker is spotlighting—before it takes off.
President Donald Trump‘s TRUMP TRUMP/USD meme coin has become the target of new legislation proposed by House Democrats, highlighting growing concerns over the intersection of cryptocurrency and political power.
What Happened: California Democrat Rep. Sam Liccardo is set to introduce the Modern Emoluments and Malfeasance Enforcement Act on Thursday.
It aims to prohibit top government officials and their families from capitalizing on personal meme coins.
Liccardo told ABC News, “Let’s make corruption criminal again.”
He emphasized that the legislation seeks to prevent public officials from leveraging their authority for financial gain.
The MEME Act would forbid the president, vice president, members of Congress, senior executive branch officials and their immediate family members from issuing, sponsoring, or endorsing securities, futures, commodities, or digital assets.
The bill proposes criminal and civil penalties for violators and includes a retroactive element to address assets issued before its enactment, potentially affecting the TRUMP coin launched in January.
Liccardo expressed concern that the president and first lady Melania Trump may have profited from their respective meme coins at the expense of investors.
Why It Matters: While the bill is unlikely to become law under the current Republican-controlled Congress, it reflects growing scrutiny of the relationship between political figures and cryptocurrency.
Trump’s July statement expressing his desire to turn the U.S. into the “crypto capital of the planet” has further fueled this debate.
According to a recent report by 10x Research, retail investors have become hesitant to engage in speculative crypto trading following significant losses from TRUMP.
The token’s market cap soared to $14.5 billion shortly after launch but has since plummeted 78% from its all-time high.
BitMEX Research has also weighed in, criticizing the TRUMP coin as an example of political corruption enabled by blockchain technology.
Its report suggests that such actions undermine the integrity of the presidency and reflect a broader erosion of trust in U.S. leadership.
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