Democratic Connecticut Sen. Chris Murphy introduced a bill Tuesday to bar presidents and lawmakers from launching cryptocurrencies, aimed squarely at President Donald Trump’s inroads into the digital asset space.
The bill, dubbed the “Modern Emoluments and Malfeasance Enforcement” — or MEME — Act, would prohibit federal officials from creating or promoting cryptocurrencies with “joke” branding, a direct shot at Trump’s rollout of a satirical meme coin tied to a political gala in Washington, D.C. Murphy said the measure is meant to prevent a situation where “very powerful, very rich people [are] able to send money” to federal officials. (RELATED: Cryptocurrencies Nosedive 48 Hours After Rally As Tariffs Take Effect)
“Trump’s meme coin — it’s the most unethical, the most corrupt thing a president of the United States has ever done,” Murphy said. “It’s essentially a way for any corporate CEO, any Saudi prince, any foreign oligarch who has business before the Trump administration to send Trump money privately, secretly, and then whisper to the Trump administration about how much money they’ve sent and the favor that they need.”
Murphy drafted the legislation after Trump — who previously promised to make the U.S. the “crypto capital of the planet” — launched the $TRUMP coin in January. Last month the coin’s backers promised the top 220 token holders a May 22 gala dinner with the president, a promotion that sent the token’s price up more than 50% in one day. Chainalysis estimates entities linked to the president have learned at least $320 million from the project, according to Axios.
The MEME Act defines a meme coin broadly as any digital asset sold for remuneration, placing it alongside securities, commodities and NFTs as a “covered asset.” In addition to presidents and lawmakers, the prohibition would extend 180 days before and after an official’s tenure and apply to spouses, dependent children and senior military officers at the rank of O-7 or higher. Civil suits could be filed by the Justice Department or by private parties “suffering harm,” according to the bill’s text.
Murphy argues the measure is necessary to preserve public trust, calling the bill a “chance for Republicans and Democrats to come together and say that none of us — no member of the executive branch, no member of Congress — should be able to profit off of their position.”
Republicans have not yet commented on the proposal, and Senate GOP leaders have given no indication they will bring it up in the closely divided chamber. Neither the White House nor Republican Idaho Sen. Mike Crapo, chair of the Senate Finance Committee, responded to the Daily Caller News Foundation’s request for comment.
The MEME Act lands as bipartisan negotiations over a stablecoin framework have stalled; Democratic leaders have urged members to withhold support until stronger conflict-of-interest protections are added. House Financial Services Democrats, led by California Rep. Maxine Waters, cancelled a scheduled joint hearing Tuesday to hold a Democrats-only hearing examining Trump’s coin.
