US Congressman Proposes MEME Act to Ban Officials from Profiting Off Memecoins

A new bill targeting financial conflicts of interest among public officials is sparking debate in Washington.

What is the MEME Act?

• US Congressman Sam Liccardo introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act on Feb. 27.
• The bill aims to prevent government officials and their families from profiting from cryptocurrencies, including memecoins.
• Supported by multiple Democratic lawmakers, the bill’s slogan is to “make corruption criminal again.”
• If passed, it would prohibit the president, vice president, Congress members, and senior executive officials — along with their spouses and children — from issuing, promoting, or profiting from securities, commodities, and cryptocurrencies.
• Violators would face penalties and be required to forfeit any illicit gains obtained before the bill’s enactment.

Why Was the MEME Act Introduced?

• The bill comes after the controversial launch of the TRUMP memecoin, linked to former President Donald Trump.
• Launched in January 2025, the token saw wild price swings, peaking at a $13 billion valuation before crashing by 82%.
• A similar memecoin tied to First Lady Melania Trump plummeted 93% within weeks.
• Liccardo argues that only Trump and insiders profited, while retail investors suffered losses.
• He calls the situation “corruption” and insists that legislation is needed to prevent similar schemes.

Challenges Facing the MEME Act

• The bill faces an uphill battle in Congress.
• With Republicans in control, its chances of passing in the current political climate are slim.
• Even Liccardo acknowledges that, for now, the bill is more symbolic — laying the groundwork for future efforts if Democrats regain power.