MEME Act aims to ban public officials' crypto profits

U.S. lawmakers are considering the Modern Emoluments and Malfeasance Enforcement (MEME) Act, designed to prevent public officials and their families from profiting from digital assets, including memecoins.

Spearheaded by Rep. Sam Liccardo, the bill targets potential conflicts of interest arising from officials' involvement in the crypto market.

The legislation is expected to be formally introduced in the U.S. House of Representatives on February 27, 2025.

According to Liccardo, the MEME Act would prohibit elected officials like the president, vice president, members of Congress, and senior executive officials—along with their spouses and dependent children—from issuing, promoting, or financially benefiting from securities, commodities, or cryptocurrencies, including memecoins.

The bill is influenced by concerns over memecoins launched by public figures and aims to ensure public service remains focused on the public good, not personal gain.

The proposed legislation would introduce criminal and civil penalties, as well as bans on some financial assets.

Liccardo introduced the MEME Act following the launch of TRUMP (CRYPTO:TRUMP), a memecoin linked to former President Donald Trump.

The bill has a dozen Democratic sponsors who are working to build bipartisan support.

The lawmaker views the bill as an expansion of the Emoluments Clause, restricting officials from accepting gifts from foreign entities.

While the bill aims to prevent conflicts of interest, it faces legislative hurdles, given the Republican-controlled Congress.

Liccardo acknowledges the proposal as a symbolic measure for now, laying the foundation for future action if Democrats regain power.

The SEC has stated that it does not deem most meme coins securities.

"Let’s make corruption criminal again," Liccardo said, emphasising that public offices belong to the public and officials should not leverage their authority for personal gain.