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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.
