MEME Act Targets Trump and Cryptocurrency Profits

The introduction of the Modern Emoluments and Malfeasance Enforcement (MEME) Act by Rep. Sam Liccardo aims to bar high-ranking government officials, including President Trump, from issuing or endorsing cryptocurrencies, particularly memecoins like $TRUMP. This proposal responds to ethical concerns about the financial gains and potential insider trading linked to political figures launching digital assets. Although the act faces significant hurdles in a Republican-controlled Congress, it seeks to enforce civil and criminal penalties and may demand Trump disgorge profits from his meme coin. The announcement of this legislation has already impacted the market, causing a 15% drop in $TRUMP's value and affecting other meme coins like $DOGE and $SHIB. The MEME Act reflects broader scrutiny over the intersection of cryptocurrency and political power, highlighting concerns about corruption and foreign influence. This legislative move follows a statement by Crypto and AI Czar David Sacks, who suggested meme coins like $TRUMP should be treated as collectibles, leading to a brief surge in its market value.