Congressman Drafts MEME Bill to Ban Officials from Issuing and Promoting Memecoins - INCRYPTED

California's Democratic State Representative Sam Liccardo is preparing to submit a bill to ban the country's top officials and their families from profiting from digital assets. This was reported in ABC News.

In particular, we are talking about the President of the United States, the Vice President, members of Congress, representatives of the executive branch, as well as their wives and dependent children.

The legislative initiative contains a reference to the memecoin segment — Modern Emoluments and Malfeasance Enforcement (MEME) Act — in the abbreviation of its own name.

Licardo opined that U.S. President Donald Trump and First Lady Melania Trump made money on their meme coins, enriching investors around the world who initially supported this cryptocurrency.

Note that Trump issued the TRUMP coin in January 2025, a few days before taking office. Later, Melania Trump announced the launch of her own token, MELANIA.

Recall that according to Fortune, more than 800,000 investors in TRUMP have lost $2 billion in a few weeks since the launch of the token. At the same time, the Trump family and its associates earned $100 million in commissions. Earlier, we also reported that one of the traders lost more than $20 million trading the TRUMP asset.

Moreover, the media reported that such actions by the president could threaten him with legal proceedings.

While Licardo's bill probably won't become law in the next two years due to the Republican majority in Congress, he noted that he is working to build support that will culminate in a Democratic majority.

He noted that the proposal would prohibit federal officials from promoting a range of assets or engaging in any activity that could bring them financial benefit.

In addition, the legislation will provide for criminal and civil penalties, as well as a ban that will apply to any financial assets, including shares of the social network Truth Social, emphasized the former prosecutor.

According to him, a dozen co-sponsors, Democrats, are ready to introduce the bill.

Recall that after the success of Trump's token, the leaders of other countries picked up the trend. For example, the President of the Central African Republic, Faustión-Archange Touadère, launched the CAR meme coin on February 10, and subsequently, Argentine President Javier Miley announced the launch of the LIBRA token.

The latter was accompanied by a scandal and even became the reason for the threat of impeachment of Miley. Read more about this in our article: