House Dems Push Bill Banning Meme Coins

House Democrats Introduce MEME Act to Ban Officials from Crypto Promotions

• The Modern Emoluments and Malfeasance Act (MEME Act) aims to prohibit high-ranking government officials from creating or promoting crypto tokens.
• The bill targets President Donald Trump for launching a meme coin, proposing retroactive penalties.
• MEME Act would apply to the President, Vice President, Congress members, and senior Executive Branch officials.
• The legislation includes criminal and civil penalties for violations, even for assets issued before the bill’s enactment.
• Numerous House Democrats co-sponsor the bill, but it faces slim chances of passing due to Republican control.

The MEME Act seeks to prohibit government officials from engaging in crypto activities like those by Donald Trump, whose token once reached a $51 billion valuation but has since lost over 80% of its value.