Get this: Representative Sam Liccardo is introducing something called the Modern Emoluments and Malfeasance Enforcement (MEME) Act. Basically, this bill is looking to put a stop to the President, VP, Congress members, top officials, and even their families from getting involved in creating, backing, or promoting digital assets, securities, and commodities—think things like the $TRUMP.

This proposed law is popping up because there’s a lot of chatter about potential conflicts of interest and whether it’s right for officials to promote and profit from meme coins. House Democrats are pretty clear on this: they’re saying public servants shouldn’t be using their positions to make a personal buck through these kinds of ventures.

Remember, just before he stepped into office, Trump kind of blindsided everyone by launching his very own TRUMP coin. It shot up to a whopping $13 billion market value in just over a day, kept climbing for a bit, and then, boom, took a major dive.

As of right now, the $TRUMP coin is floating around $12 – that’s a hefty 82% drop from its peak, according to CoinGecko. This sharp fall has left quite a few investors nursing some serious losses.

Transparency, potential insider trading, and even foreign meddling are all concerns that have been thrown into the mix. Even some crypto folks who are on Trump’s side are scratching their heads, calling the coin launch kinda shady.

“Let’s make corruption criminal again,” Liccardo declared. “Our public offices are for the public, plain and simple. They shouldn’t be used by officeholders to line their own pockets, nor should anyone use their political clout for personal financial gain. The Trumps pushing out meme coins? That’s basically exploiting the public for personal profit, and it stinks of insider trading and the risk of foreign influence creeping into the Executive Branch.”

This bill isn’t messing around; it’s talking criminal and civil penalties, and it’s even got a retroactive bite, aiming at assets launched *before* the bill might even become law. And it’s not just meme coins—it’s looking at other financial assets too, like Truth Social stock.

Put simply, if this bill passes, the President would have to give back any money made from the meme coin. Plus, everyday investors could even sue public officials if they lose cash on a meme coin those officials were backing.

Slim chance

Let’s be real though, the political scene in the House right now means any bill sponsored by Democrats faces a pretty steep climb.

Liccardo’s proposal has a dozen Democratic names backing it, but it’s still expected to face an uphill battle in the House, which is currently controlled by Republicans.

The freshman lawmaker? He gets it. His game plan right now is to gather support for the legislation, hoping it’ll have a shot if the Democrats manage to swing back into the majority.

Just last month, Senator Elizabeth Warren spoke up, urging financial regulators and government ethics watchdogs to take a closer look at Trump’s meme coins. She wants them to investigate potential breaches of ethics rules and regulations.

Warren voiced worries about Trump and his family possibly using the presidential office to rake in serious cash, pointing to reports that their net worth has shot up to a staggering $58 billion. She also took issue with the coin’s terms, which she says block consumers from making fraud claims.

Warren even cautioned that pretty much anyone, possibly including leaders from countries not exactly friendly with the US, could secretly buy up these coins. This could create a hidden channel to influence the President, and that’s a bit concerning.