House Democrats, led by Rep. Sam Liccardo, are set to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which aims to prohibit top US government officials and their families from creating or promoting digital assets.
The legislation directly targets political meme coins like TRUMP and MELANIA, which were promoted by former US President Donald Trump and First Lady Melania Trump. Liccardo emphasized that public officials should not exploit their political influence for financial gain, raising concerns about insider trading and conflicts of interest.
The introduction of the MEME Act comes as Trump’s meme coin experiences a significant decline, currently trading at around $12—an over 80% drop from its all-time high of $75. Liccardo argues that such digital assets enrich early investors while exposing the public to financial risks. If passed, the bill would prevent the president, vice president, Congress members, senior executive branch officials, and their families from issuing, sponsoring, or endorsing cryptocurrencies or other digital assets.
Meanwhile, the US Department of Justice has reportedly launched an investigation into another political meme coin, the Libra token, which was promoted by Argentina's President Javier Milei. Local reports indicate that an Argentine law firm filed a complaint with US authorities, prompting a probe into potential fraud, market manipulation, and insider trading. The Libra token collapsed by over 90% following an alleged rug pull, with over $80 million drained from its liquidity pool. Investigators are also exploring links between the team behind the Libra token and the MELANIA meme coin.
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