House Democrats Introduce MEME Act to Ban Public Officials from Profiting off Meme Coins

House Democrats are preparing to introduce a new bill called the Modern Emoluments and Malfeasance Enforcement (MEME) Act

House Democrats are preparing to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would prohibit public officials from making money off meme coins or digital assets, according to ABC News.

The bill, which is set to be debated in Congress today, is being spearheaded by California Representative Sam Liccardo. It aims to prevent the president, vice president, members of Congress, and other senior officials from exploiting their positions for personal financial gain, particularly through issuing, sponsoring, or endorsing digital assets.

“Let’s make corruption criminal again,” Liccardo stated, highlighting that U.S. public offices should serve the people and not be used for profit.

The $TRUMP token was launched in January 2025, just days after Donald Trump took office. Melania Trump followed with her own coin shortly after. Since their launch, both tokens have lost a lot of value. The $TRUMP coin fell 82% in value, and the $MELANIA coin dropped by 93%.

A lot of investors lost their money on these two memecoin, which lawmakers are now looking into.

Liccardo’s bill is one of the very first efforts to regulate the memecoin market. The proposal would impose criminal and civil penalties for officials who violate the rules. Liccardo hopes the bill will gain support from both parties, even though it may face challenges in a Republican-controlled Congress.

The news outlet reports that other memecoin-related proposals have been introduced in Congress. For example, on February 20, 2025, Senator Cortez Masto suggested banning federal employees from profitering from meme coins tied to the Chinese Communist Party.