Democratic Party Congressman Sam Ricardo announced on the 27th that he had submitted a bill to prohibit public officials such as the president and members of Congress from issuing digital assets and securities.
Mr. Ricardo criticized memecoin featuring President Trump and Mrs. Melania explicitly in this announcement and video posted on X. The purpose of the bill is to stop U.S. officials from financially exploiting civilians.
Today, I introduced the MEME Act, which prohibits top federal officials from issuing, sponsoring, or promoting a security, commodity, or digital asset with criminal and civil penalties. pic.twitter.com/NbjmcwoEB5
— Rep. Sam Liccardo (@RepLiccardo) February 27, 2025
Both memes of Mr. are gaining significant attention inside and outside the cryptocurrency industry, partly because their memecoin was launched just before President Trump's inauguration. However, both memecoins have seen a significant drop in value since their peak, leading to criticism in the past.
For example, this month, the American consumer rights group Public Citizen sent a letter to the Department of Justice and the Office of Government Ethics, requesting an investigation into the possibility that President Trump may have violated federal law regarding gifts.
The bill submitted by Mr. Ricardo this time is called the "Modern Emoluments and Malfeasance Enforcement Act" in English, taking the initials of the English name as "MEME law: Modern Emoluments and Malfeasance Enforcement Act".
The announcement raised concerns about Mr. Trump's memecoin being traded by foreign investors, especially in China, as the U.S. Constitution prohibits government officials from receiving gifts from foreign nationals.
Looking at the wording of the announcement, it seems that Mr. Ricardo also has the intention of protecting the image and legitimacy of cryptocurrencies.
Related: The US SEC 'memecoin is not subject to securities laws' also warns of the risk of fraud
Family members are also eligible
MEME法 prohibits not only public officials but also their spouses and children from issuing, supporting, or endorsing securities, commodities, and digital assets. It also prohibits profiting further from assets issued before legalization, with penalties for violations.
Riccardo said that the MEME Act also applies to the stock of Trump's SNS company Truth Social.
According to the AP, there is a view that there is no possibility of the MEME Act being enacted in the Republican-majority Congress of Mr. Trump, but Mr. Ricardo explains that this is a move for when the Democratic Party regains power.
At the time of writing, the price of memecoin "TRUMP" was $12.6. It had temporarily exceeded $70 shortly after launch (refer to CoinGecko).
Related: Controversy over the Argentine President's memecoin, causing ripples of suspicion regarding financial transactions
What is memecoin
Virtual currencies that gain popularity by becoming a hot topic on the Internet. Many of them lack clear practicality.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
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Vssder
· 02-27 23:18
Prohibiting MEME is impossible; MEME is the embodiment of community governance and on-chain freedom.
A Democratic Party lawmaker in the U.S. has submitted a bill to ban memecoinissuance by the president and other officials.
Democratic Party Congressman Sam Ricardo announced on the 27th that he had submitted a bill to prohibit public officials such as the president and members of Congress from issuing digital assets and securities.
Mr. Ricardo criticized memecoin featuring President Trump and Mrs. Melania explicitly in this announcement and video posted on X. The purpose of the bill is to stop U.S. officials from financially exploiting civilians.
Both memes of Mr. are gaining significant attention inside and outside the cryptocurrency industry, partly because their memecoin was launched just before President Trump's inauguration. However, both memecoins have seen a significant drop in value since their peak, leading to criticism in the past.
For example, this month, the American consumer rights group Public Citizen sent a letter to the Department of Justice and the Office of Government Ethics, requesting an investigation into the possibility that President Trump may have violated federal law regarding gifts.
The bill submitted by Mr. Ricardo this time is called the "Modern Emoluments and Malfeasance Enforcement Act" in English, taking the initials of the English name as "MEME law: Modern Emoluments and Malfeasance Enforcement Act".
The announcement raised concerns about Mr. Trump's memecoin being traded by foreign investors, especially in China, as the U.S. Constitution prohibits government officials from receiving gifts from foreign nationals.
Looking at the wording of the announcement, it seems that Mr. Ricardo also has the intention of protecting the image and legitimacy of cryptocurrencies.
Related: The US SEC 'memecoin is not subject to securities laws' also warns of the risk of fraud
Family members are also eligible
MEME法 prohibits not only public officials but also their spouses and children from issuing, supporting, or endorsing securities, commodities, and digital assets. It also prohibits profiting further from assets issued before legalization, with penalties for violations.
Riccardo said that the MEME Act also applies to the stock of Trump's SNS company Truth Social.
According to the AP, there is a view that there is no possibility of the MEME Act being enacted in the Republican-majority Congress of Mr. Trump, but Mr. Ricardo explains that this is a move for when the Democratic Party regains power.
At the time of writing, the price of memecoin "TRUMP" was $12.6. It had temporarily exceeded $70 shortly after launch (refer to CoinGecko).
Related: Controversy over the Argentine President's memecoin, causing ripples of suspicion regarding financial transactions
What is memecoin
Virtual currencies that gain popularity by becoming a hot topic on the Internet. Many of them lack clear practicality.