MEME Act: A Symbolic Stand Against Crypto Corruption in Politics

California Democrat Rep. Sam Liccardo, a Silicon Valley congressman, introduces the MEME Act to address ethical concerns regarding President Trump's crypto-related ventures. Targeting meme coins, the bill seeks to prohibit public officials from engaging in such financial activities, highlighting a need for transparency and accountability.

California Democrat Rep. Sam Liccardo, representing Silicon Valley, is making headlines with his first legislative effort in Congress, specifically targeting President Donald Trump's controversial meme coin. This unexpected move highlights growing ethical concerns surrounding certain cryptocurrency projects.

Liccardo, a former San Jose mayor, expressed surprise that his inaugural bill takes direct aim at Trump, especially given the contentious nature of the president's recent crypto-initiatives. The proposed legislation, known as the Modern Emoluments and Malfeasance Enforcement or MEME Act, seeks to restrict the president and other senior officials from issuing securities and crypto-currencies.

While the bill faces an uphill battle in a Republican-controlled Congress, Liccardo argues it serves as an essential placeholder for future Democratic power and a symbolic stand against perceived corruption. As meme coins continue to intrigue and concern financial markets, this legislation spotlights the need for regulated oversight.

(With inputs from agencies.)