House Democrats are preparing to introduce a new bill called the Modern Emoluments and Malfeasance Enforcement (MEME) Act, aimed at prohibiting public officials from making money off meme coins or other digital assets.
Introduction of the MEME Act
According to ABC News, the bill targets tokens such as the $TRUMP and MELANIA tokens, rapidly released by former President Donald Trump and his wife, Melania Trump. The bill is set to be debated today.
Reactions and Arguments from Initiators
California Representative Sam Liccardo, leading the effort, said, “Let’s make corruption criminal again,” adding that U.S. public offices should serve the people, not be used for profit.
Implications and Other Proposals
Liccardo’s bill is one of the first efforts to regulate the memecoin market. The proposal would impose criminal and civil penalties for officials who violate the rules. Liccardo hopes the bill will gain support from both parties, despite potential challenges in a Republican-controlled Congress.
This proposal is part of broader efforts to regulate the memecoin market and prevent its use for personal financial gain by public officials.
