US Democrats Propose MEME Act to Ban Politicians’ Involvement in Coin Memes

Jakarta, Pintu News – A number of Democrats in the United States Congress are planning to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, a bill that aims to ban government officials and their families from creating or promoting meme coins.

This move directly targets tokens such as TRUMP and MELANIA, which were previously associated with former US President Donald Trump and former First Lady Melania Trump.

The Draft MEME Act and its Impact

According to an ABC News report, the MEME Act bill would prohibit high-ranking US government officials, including the president, vice president, members of Congress, senior executive officers, as well as their spouses and children, from issuing, endorsing, or promoting blockchain-based digital assets, securities, or commodities.

Rep. Sam Liccardo, the Democratic Congressman who introduced the bill, stated that public officials should not use their office for personal financial gain. Liccardo highlighted how Donald Trump and Melania Trump allegedly benefited from the launch of a meme coin using their names, which he said could potentially exploit the public and pose a risk of insider trading.

Currently, TRUMP ‘s official token price has decreased significantly, trading at around $12 (IDR 196,000) after dropping more than 80% from its all-time high (ATH) price of $75 (IDR 1.22 million).

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DOJ Investigation into Political Coin Memes

In addition to legislative efforts through the MEME Act, the US Department of Justice (DOJ) is rumored to be investigating the Libra meme coin, a political token previously promoted by Argentine President Javier Milei on his social media platforms.

According to local Argentinian media reports, a law firm in the country has filed a formal complaint with US authorities, triggering an investigation into alleged economic crimes, including fraud and market manipulation. There are also indications that the scheme involved insider trading, with early investors reportedly profiting more than $100 million (Rp1.63 trillion) before the token crashed.

The Libra token itself turned out to be a rug pull project, where the development team pulled more than $80 million (Rp1.3 trillion) from the token’s liquidity, causing the token’s price to plummet by more than 90%. Interestingly, the team behind Libra is believed to have links to the MELANIA meme coin project.

Conclusion

The move by the Democratic Party through the MEME Act shows the increasing attention to the potential for political exploitation in the cryptocurrency world. With allegations of insider trading and market manipulation involving political meme coins such as TRUMP, MELANIA, and LIBRA, regulation of public officials’ involvement in the crypto industry is becoming increasingly urgent.

Meanwhile, the DOJ’s investigation into the Libra meme coin further strengthens concerns that political meme coins could be used as a tool for personal gain without sufficient protection for investors. If the MEME Act bill is successfully passed, US government officials will be prohibited from engaging in the issuance and promotion of digital assets, as a measure to ensure transparency and ethics in political leadership.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Boluwatife Adeyemi / Coingape. House Democrats to Introduce MEME Act to Oppose Trump-Like Meme Coins. Accessed February 28, 2025.
• Featured Image: Crypto Adventure