MEME Act Seeks to Block Politicians from Issuing Meme Coins

According to a report from ABC News, The Modern Emoluments and Malfeasance Enforcement (MEME) Act, led by Representative Sam Liccardo of California, is set to be presented on February 27.

The bill would apply to a wide range of officials, including the president, vice president, members of Congress, senior government officials, as well as their spouses and dependent children. If passed, it would prevent them from issuing or endorsing cryptocurrencies, securities, or commodities.

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Liccardo and his supporters believe this measure is necessary to prevent politicians from using their positions for personal financial gain. “Let’s make corruption criminal again”, he said, emphasizing that public office should serve the people, not personal interests.

At least a dozen Democrats are backing the bill, with efforts underway to gain bipartisan support. The proposal comes in response to concerns over meme coins, particularly one linked to US President Donald Trump, The Official Trump (TRUMP) token.

Liccardo argues that these tokens could be used to take advantage of the public and raise concerns about insider trading and foreign influence. He stated:

The Trumps’ issuance of meme coins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the executive branch.

On February 25, Illinois Senator Dick Durbin introduced a bill called the Crypto ATM Fraud Prevention Act. What does it entail? Read the full story.