House Democrats Unveil Bill to Ban Government Officials from Crypto Ventures
A coalition of House Democrats is set to introduce a groundbreaking bill today aimed at barring high-ranking government officials from launching or promoting cryptocurrency tokens—potentially holding former President Donald Trump accountable for his own meme coin venture.
Dubbed the Modern Emoluments and Malfeasance Act (MEME Act), the legislation seeks to prevent the President, Vice President, congressional members, senior Executive Branch officials, along with their spouses and dependent children, from issuing, endorsing, or profiting from securities, commodities, futures, or digital assets.
Should the MEME Act become law, violators would face both criminal and civil penalties. The bill’s retroactive provisions target those who continue to benefit from crypto ventures launched prior to its enactment—specifically pointing to Trump and his wife, Melania, who introduced multi-billion-dollar meme coins in January.
“Corruption should never be legal,” said Rep. Sam Liccardo (D-CA), who plans to bring the MEME Act to the House floor today. “The Trumps’ meme coin scheme preys on the public for personal financial gain and raises serious concerns over insider trading and foreign influence in government.”
A spokesperson for Liccardo confirmed that the bill also covers officials promoting third-party crypto tokens. Rep. Mike Collins (R-GA), for instance, has publicly endorsed various obscure meme coins, driving their value up before potential sell-offs.
The MEME Act enjoys widespread Democratic support in the House, with co-sponsors including Ro Khanna (D-CA), Eric Swalwell (D-CA), Ted Lieu (D-CA), Eleanor Holmes Norton (D-DC), Kevin Mullen (D-CA), Rahúl Grijalva (D-AZ), Shri Thanedar (D-MI), Norma Torres (D-CA), Andre Carson (D-IN), Scott Peters (D-CA), Darren Soto (D-FL), Sarah Elfreth (D-MD), John Garamendi (D-CA), Nanette Barragán (D-CA), Johnny Olszewski (D-MD), Dan Goldman (D-NY), and Adam Smith (D-WA).
Despite its slim chances of passing in a Republican-controlled House, the MEME Act serves as a sharp critique of the Trump family's involvement in the crypto sector. Trump’s token, launched just before his inauguration, soared to a $51 billion market cap before crashing by over 80%, leaving many investors in the lurch.
The scrutiny on meme coins intensified earlier this month when Argentinian President Javier Milei promoted a digital asset, LIBRA, which skyrocketed to a $4 billion valuation before a rug pull incident left retail investors with over $100 million in losses. Milei now faces fraud charges and impeachment calls.
“It’s a disgrace that we have to look to Argentina’s legal system for an example of how public corruption should be handled,” Liccardo remarked, underscoring the urgency of addressing financial misconduct among government officials.