Anti-Memecoin Law: Democrats Push to Ban TRUMP and MELANIA

In recent months, memecoins have surged in popularity, not only within the crypto community but also in political circles. Just days before his inauguration, U.S. President Donald Trump launched his own memecoin, TRUMP, with his wife introducing MELANIA shortly thereafter. These coins experienced a rapid surge in value but soon plummeted as Bitcoin declined and geopolitical tensions escalated, wiping out billions of dollars in market capitalization.

Democrats argue that this activity represents a misuse of power and a potential abuse of digital assets.

MEME Act: Key Provisions

The MEME Act was introduced by California Congressman Sam Liccardo. The bill would ban public officials and their immediate family members from issuing, promoting, and sponsoring digital assets, securities, or commodities. The goal is to prevent the misuse of public office for personal gain and to reduce risks of insider trading and foreign influence on the executive branch.

Related: Trump Media Introduces ‘Bitcoin Plus’ ETF Expanding Its Crypto Footprint

The bill targets a broad range of public officials, including the President, Vice President, members of Congress, and senior executive staff. It also covers their spouses, minor children, and other close relatives. Liccardo emphasized that power belongs to the people, not to a privileged few, and called for strict anti-corruption measures in the digital asset space. Violations of the MEME Act would carry criminal or civil penalties, including the forfeiture of profits from digital assets, even for projects launched before the law’s enactment.

Legislative and Public Reaction

The MEME Act quickly drew attention from the economic community and political leaders. Its author, Sam Liccardo, did not hold back in criticizing those who leverage political power for personal financial gain through cryptocurrencies. His slogan, “Let’s make corruption criminal again,” is rapidly becoming a rallying cry in the fight against digital corruption.

’The Trumps’ issuance of meme coins financially exploits the public for personal gain, and raises the specter of insider trading and foreign influence over the Executive Branch,

Liccardo stated.

Many observers see the MEME Act as one of the first significant attempts to regulate memecoins amidst the explosive growth of the digital economy. Supporters argue that it will protect investors and strengthen public trust in government institutions. However, critics claim it unfairly restricts the financial activities of elected officials and overregulates the crypto market.

Outlook for the MEME Act

Given the political hurdles and the Republican majority in Congress, the MEME Act is unlikely to pass before the next election cycle, especially since it would require Donald Trump’s approval to become law. However, the bill has already become a rallying point for advocates of stricter oversight on public officials’ activities in the digital asset space.

Only time will tell how this will play out and what impact it will have on crypto regulations and future legislative initiatives.

Related: Trump Jr. States That Crypto Is America’s Path to Global Dominance