U.S. Congress Introduces MEME Act Targeting TRUMP Memecoin

Memecoins continue to find themselves at the center of attention, and this time the stage is Capitol Hill, with Democrat Congressman Sam Liccardo sponsoring the MEME Act.

The Modern Emoluments and Malfeasance Enforcement (MEME) Act seeks to block senior government officials, members of Congress, and the President from issuing or sponsoring securities, commodities, or cryptocurrencies.

The proposal comes at a tumultuous time for the memecoin space, which has endured political memecoin scams launched by Melania Trump, Argentinian president Javier Milei, and Central African Republic President Faustin-Archange Touadera.

Despite the numerous multi-billion dollar scams, the proposed legislation takes aim at Donald Trump and the TRUMP memecoin in particular. If enacted, the MEME Act would force President Trump to forfeit any profits he made from the sale, but it is unclear how this would affect the team that actually spearheaded the token launch.

Liccardo posted a video on X today captioned, “Let’s make corruption criminal again.” The bill is set to be introduced today, and would set a strong precedent in what has been a lawless sector of the crypto industry over the last two months.

The TRUMP memecoin, which surged as high as a $70 billion valuation after its launch, was quickly humbled after the MELANIA launch, which tainted the entire premise of a presidential memecoin for active crypto participants.

The token has struggled to maintain any momentum since its peak, and leaves a sour taste in most investors' mouths. TRUMP currently trades at a $12.5 billion valuation, an 82% drop from its all-time high.