Democratic Congressman Sam Liccardo introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act on Feb. 27 to prevent government officials and their families from profiting from cryptocurrencies, including memecoins. The bill, if passed, would prohibit elected officials such as the president, vice president, members of Congress, and senior executive officials, along with their spouses and dependent children, from financially benefiting from securities, commodities, or cryptocurrencies. Liccardo sees this legislation as an expansion of the Emoluments Clause, aiming to prevent officials from profiting from political influence in financial markets and penalizing violators who do so.
The MEME Act was introduced in response to the controversial launch of a memecoin called TRUMP, linked to President Donald Trump. Liccardo expressed concerns about conflicts of interest and exploiting public office for personal gain, citing the extreme price volatility and subsequent losses experienced by retail investors who bought into the coin. He emphasized the need for legislative action to protect investors from similar schemes in the future, describing the situation as corruption and calling for stricter prohibitions and penalties to prevent financial conflicts of interest among public officials.
Despite its bold stance, the MEME Act faces significant legislative hurdles as Republicans currently control Congress, making it unlikely to pass in the current political climate. Liccardo acknowledges that the bill serves as a symbolic measure for now, with the potential for future action if Democrats regain power. The proposed legislation has gained support from Democratic colleagues and is designed to make corruption criminal again by preventing government officials from profiting from cryptocurrencies, including memecoins, and requiring them to forfeit any illicit gains made before the bill’s enactment.
The MEME Act aims to eliminate financial conflicts of interest among public officials by enforcing strict prohibitions and penalties for violating these regulations. Liccardo introduced the bill in response to the launch of the TRUMP memecoin, which raised concerns about conflicts of interest and exploiting public office for personal gain. The extreme price volatility and subsequent losses experienced by retail investors who bought into these coins prompted Liccardo to take legislative action to protect investors and prevent similar schemes in the future. The MEME Act faces challenges in passing due to Republican control of Congress but serves as a symbolic measure for potential future action if Democrats regain power.
The MEME Act, introduced by Democratic Congressman Sam Liccardo, aims to prevent government officials and their families from profiting from cryptocurrencies, including memecoins, by prohibiting them from financially benefiting from these assets. The bill is designed to make corruption criminal again by expanding the Emoluments Clause to include restrictions on profiting from political influence in financial markets. Liccardo introduced the legislation in response to the controversial launch of the TRUMP memecoin, which resulted in extreme price volatility and losses for retail investors. Despite facing legislative hurdles, the MEME Act serves as a symbolic measure for potential future action if Democrats regain power to pass stricter regulations and penalties for public officials violating these restrictions.
