Congressman Pushes Bill to Ban Lawmakers from Profiting Off Memecoins
A freshman Democratic congressman from California, Sam Liccardo, has introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, aiming to prohibit lawmakers from profiting off memecoins.
The bill is seen as a direct response to Donald Trump, who has reportedly earned significant profits from the TRUMP memecoin, despite the asset losing billions in value since its launch. Some analysts have even accused Trump of orchestrating a rug pull.
Additionally, the legislation would ban family members of public officials, including Melania Trump, from launching meme assets. The former First Lady recently released the MELANIA token, which allegedly suffered a major crash due to a suspected rug pull. Investigations have linked the team behind MELANIA to other fraudulent schemes.
Representative Liccardo condemned such activities, stating:
“Let’s make corruption criminal again. Our public offices belong to the public, not the officeholders, nor should they leverage their political authority for financial gain.”
The bill raises concerns over insider trading and foreign influence, particularly within the Executive Branch. Critics argue that the lack of regulations has allowed politicians to exploit the growing memecoin frenzy for personal enrichment.
