The Lowdown on Senator Murphy's Anti-Meme Coin Bill
A Quick Take
- Dem Senator Chris Murphy introduces the MEME Act, aiming to block Trump and federal officials from promoting the prez's meme coin.
- The MEME Act applies to various forms of investments, including digital assets and securities.
- Critics say Trump's meme coin, Official Trump (TRUMP), symbolizes the corrupt self-dealing the MEME Act aims to banish, with a valuation of around $2.1 billion, as per CoinGecko.
Scene Scoop
"Legislation Proposed by Sen. Chris Murphy: Regulation to Prohibit Donald Trump from Promoting Cryptocurrency"
Senator Murphy, hailing from Connecticut, rolled out a bill Tuesday to put brakes on U.S. President Donald Trump and federal officials from hyping Trump's meme coin, the Official Trump (TRUMP). Dubbed the Modern Emoluments and Malfeasance Enforcement (MEME) Act, this comprehensive legislation covers a wide swath of investments, from digital assets to securities. The Act demands officials refrain from using their public office to garner financial gain, as per the bill's text.
In a fiery statement, Senator Murphy slammed Trump's meme coin as "the most corrupt act ever committed by a president." Valued at about $2.1 billion, according to crypto data provider CoinGecko, the Solana-based token has raised eyebrows and fueled concerns of pay-to-play tactics.
The White House kept mum when Decrypt reached out for a comment, but the president is set to attend a gala dinner for the top 220 TRUMP token holders later this month, with top 25 holders receiving a private tour of the White House. Trump's Truth Social account trumpeted the event as recently as Monday.
Massachusetts Senator Elizabeth Warren, a crypto critic, has vocalized pay-to-play worries and called for an investigation. Trump also recently appeared at the Crypto & AI Innovators Dinner, a high-priced event hosted by MAGA Inc., a Super PAC aligned with Trump, that gathered $410 million in 2024, as Open Secrets reports.
The House Financial Services Committee prepped a crypto-focused meeting for Tuesday, with a proposed market structure bill on the docket. The draft would create a legal pathway for issuing tokens and drew criticism from some Democrats who deemed Trump's crypto moves corrupt.
Critics claim Trump's close relations with the crypto world could drive the passage of digital asset legislative frameworks, which could bolster Trump-related ventures, like the decentralized World Liberty Financial. The stablecoin USD1 has received a $2 billion investment from Abu Dhabi's MGX Group, a state-owned investment firm, and stands to profit Binance, a crypto exchange.
Rep. Sam Liccardo (D-CA) accused Trump's actions as "kleptocratic" and denounced the "silence" of the Republican majority. Murphy's scrutiny of Trump's meme coin came as the crypto industry faces increased regulatory oversight on Capitol Hill.
Amanda Fischer, a policy director at nonprofit Better Markets who previously served as chief of staff to former Securities and Exchange Commission Chair Gary Gensler, told Decrypt that Senator Murphy's bill would effectively limit federal officials from using crypto to enrich themselves and trade on their power and influence.
The Daily Debrief Newsletter
Enrichment
The Modern Emoluments and Malfeasance Enforcement (MEME) Act targets federal officials, including the President, Vice President, members of Congress, senior Executive Branch officials, and their spouses and dependent children, from issuing, sponsoring, or endorsing a security, future, commodity, or digital asset while in office. While the SEC views meme coins as not deemed securities under federal law, the MEME Act aims to prevent federal officials from financially benefiting from such assets and addresses corruption and financial impropriety concerns, particularly in celebrity-endorsed crypto ventures. Violators would face criminal and civil penalties.
- Senator Chris Murphy, from Connecticut, seeks to block President Donald Trump and federal officials from promoting Trump's meme coin, the Official Trump (TRUMP), with his recently introduced MEME Act.
- The MEME Act covers a wide range of investments, from digital assets to securities, and demands officials refrain from using their public office to garner financial gain.
- Critics argue that Trump's meme coin, Official Trump (TRUMP), symbolizes corrupt self-dealing, with a valuation of around $2.1 billion, as per CoinGecko.
- Senator Elizabeth Warren, a crypto critic, has expressed concerns about pay-to-play tactics and called for an investigation.
- Trump's close relations with the crypto world could potentially influence the passage of digital asset legislative frameworks, benefiting Trump-related ventures like the decentralized World Liberty Financial.
- The stablecoin USD1 has received a $2 billion investment from Abu Dhabi's MGX Group and stands to profit Binance, a crypto exchange.
- The MEME Act, if passed, would limit federal officials from using crypto to enrich themselves and trading on their power and influence, addressing corruption and financial impropriety concerns, particularly in celebrity-endorsed crypto ventures.
