Senator proposes $100 million bill to restrict meme coin profits

U.S. Senator Chris Murphy (D-CT) introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act aimed at curbing financial misconduct by federal officials involving digital assets.

The bill targets profits derived from meme coins like TRUMP (CRYPTO:TRUMP), a token launched by former President Donald Trump shortly before his 2021 inauguration.

According to Murphy’s office, the legislation seeks “to prevent corrupt federal officials from using their position to profit off digital assets such as meme coins.”

Representative Sam Liccardo (D-CA) has introduced a companion bill in the House of Representatives.

Murphy highlighted that Trump and his family have earned over $100 million in trading fees from the TRUMP token.

“Each time the coin is released and traded, Trump makes money from trading fees,” he stated.

The senator expressed concerns about the lack of transparency regarding coin buyers, warning that “billionaires, Russian oligarchs, and Saudi princes” could purchase TRUMP tokens to gain influence.

Murphy also cited a campaign promising exclusive White House access to top coin holders, which caused the token’s value to rise by 50% and generated nearly $900,000 in fees for Trump’s team within two days.

The MEME Act would prohibit the President, Vice President, members of Congress, senior Executive Branch officials, and their families from issuing, sponsoring, or endorsing securities, futures, commodities, or digital assets.

It would also bar these officials from promoting or engaging in conduct that financially benefits them after asset issuance.

Violations of the proposed law would carry criminal and civil penalties.

The bill is expected to intensify debates over ethics, transparency, and regulation in the cryptocurrency sector, particularly as digital assets become more prevalent in political contexts.

According to the senator’s statement, the MEME Act aims to address what he describes as “glaring corruption tied to meme coins” in federal government circles.