In brief
- Democratic Connecticut Senator Chris Murphy’s bill on Tuesday would prohibit U.S. President Donald Trump from promoting his meme coin.
- The MEME Act, would apply broadly to securities and digital assets.
- Trump has received fierce criticism for his crypto-related initiatives.
Democratic Connecticut Senator Chris Murphy introduced a bill on Tuesday that would prohibit U.S. President Donald Trump and other federal officials from promoting the commander-in-chief’s meme coin.
The bill, dubbed the Modern Emoluments and Malfeasance Enforcement (MEME) Act, would apply broadly to securities and digital assets—among other types of investments—requiring that officials “not seek to use public office to benefit financially,” according to a copy of the bill’s text.
In a statement, Murphy argued that the president’s meme coin, Official Trump (TRUMP) represents the exact type of self-dealing that MEME Act looks to outlaw. Launched days before Trump’s inauguration, the Solana-based token is currently valued around $2.1 billion, according to crypto data provider CoinGecko.
“Donald Trump is essentially posting his Venmo for any billionaire CEO or foreign oligarch to cash in some favors by secretly sending him millions of dollars,” Murphy said, describing it as “the single most corrupt act ever committed by a president.”
The White House did not immediately respond to a request for comment from Decrypt.
The president is slated to participate in a gala dinner for the top 220 holders of TRUMP later this month. Among those with exposure to the coin, the top 25 are scheduled to receive a private reception and tour of the White House. On Trump’s social media website, Truth Social, the president’s account promoted the dinner as recently as Monday.
Among lawmakers, Massachusetts Sen. Elizabeth Warren, a powerful Democrat and crypto critic, has raised pay-to-play concerns, while calling for an investigation.
The president also spoke on Monday at the Trump National Golf Club in Virginia during “Crypto & AI Innovators Dinner.” The event charged $1.5 million per plate and was hosted by MAGA Inc., a Trump-aligned Super PAC that raised $410 million in 2024, per Open Secrets.
Murphy’s scrutiny came as the House Financial Services Committee prepared to hold a crypto-focused meeting on Tuesday. A discussion draft of a market structure bill, which would create a legal pathway to issuing tokens, was released a day before. However, several Democrats on the committee planned to protest Trump’s crypto moves by walking out.
Trump’s proximity to the crypto industry has drawn scrutiny on Capitol Hill as lawmakers inch closer to passing legislative frameworks for digital assets that would likely benefit Trump-linked ventures, including the decentralized finance project World Liberty Financial.
The project’s stablecoin, USD1, has been tapped by Abu Dhabi’s MGX Group, a state-owned investment firm, for a $2 billion investment in crypto exchange Binance.
“This blatant corruption must end,” Rep. Sam Liccardo (D-CA), who introduced companion legislation in the House of Representatives, said in a statement. “Even more disturbing than the kleptocratic actions of this President and his minions has been the utter silence of the Republican majority.”
Last week, a little known freight logistics firm said it would raise money from investors to buy up to $20 million of Trump’s meme coin, describing it as an “effective” way to advocate for free trade between the U.S. and Mexico, a relationship strained by Trump’s trade war.
Amanda Fischer, a policy director at nonprofit Better Markets, who served as chief of staff under former Securities and Exchange Commission Chair Gary Gensler, told Decrypt that Murphy’s bill would go a long way toward ensuring that officials aren’t cashing in on Capitol Hill.
“We’ve seen that crypto is uniquely suited for scams, conflicts of interest, and illicit finance,” she said. “So, it makes sense for people in positions of public trust to have limits on using crypto to enrich themselves and trade on their power and influence.”
Edited by James Rubin
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