U.S. Senator Chris Murphy announced on May 7th the introduction of the "MEME Act", legislation prohibiting presidents and members of Congress from issuing meme coins. The plan targets potential corruption associated with political figures' cryptocurrency activities.

In a bold move, Senator Murphy introduced the "MEME Act," formally known as the "Modern Emoluments and Malfeasance Enforcement Act." The bill aims to curb high-level government officials issuing meme coins for profit, primarily focusing on former President Trump's crypto activities. Congressman Sam Liccardo, co-sponsoring the legislation in the House, had previously warned of potential issues, supporting Murphy's stance.

Senator Murphy's "MEME Act" Takes Aim at Political Crypto Use

In a bold move, Senator Murphy introduced the "MEME Act," formally known as the "Modern Emoluments and Malfeasance Enforcement Act." The bill aims to curb high-level government officials issuing meme coins for profit, primarily focusing on former President Trump's crypto activities. Congressman Sam Liccardo, co-sponsoring the legislation in the House, had previously warned of potential issues, supporting Murphy's stance.

Concerns about potential corruption arise, given the anonymous nature of crypto transactions, which could allow officials to benefit in secret. Murphy's initiative reflects growing demands for transparency and integrity in political crypto dealings.

"Trump's meme coin, it's the most unethical, the most corrupt thing a president of the United States has ever done. This is a chance for Republicans and Democrats to come together and say none of us, no member of the executive branch, no member of Congress, should be able to profit off of their position." — Chris Murphy

Diverse Reactions as MEME Act Sparks Crypto Debate

Did you know? The "MEME Act" emerges amid heightened scrutiny over crypto's role in politics, reminiscent of past efforts to regulate financial influences on governance.

OFFICIAL TRUMP (TRUMP) coin is currently valued at $11.00, with a market cap of 2.20 billion USD and a fully diluted market cap close to 11.00 billion USD, according to CoinMarketCap. Recent trading reflects a weekly drop of 15.85%, though it shows a 30-day increase of 39.51%. The 24-hour trading volume stands at 572.86 million USD, experiencing a 26.93% decrease.

Expert insights from Coincu suggest the MEME Act could have profound impacts on crypto regulation precedents. This legislation may deter political misuse of digital assets and reaffirm commitment to ethical governance.