The Democratic Party representative in the United States will propose a bill to prohibit public officials from issuing Meme coins

According to ABC News as cited by Cointelegraph, Democratic Representative Sam Liccardo from California is preparing to propose the "Modern Conflict of Interest and Dereliction of Duty Enforcement Act" (MEME Act), which will prohibit public officials from profiting from digital assets. The bill bans a wide range of public officials and their associates from issuing, sponsoring, and endorsing any securities, commodities or digital assets. This applies to presidents, vice presidents, congressmen, senior administrative officials and their spouses and dependents. Liccardo stated that the bill already has support from dozens of Democratic members who are working hard to gain bipartisan support.

Liccardo pointed out that the Trump family's issuance of meme coins economically exploits the public for personal gain and raises concerns about insider trading and foreign influence on administrative departments. The bill is expected to be formally proposed on February 27th.