Senator Murphy Tries To Ban Trump’s Meme Coin With ‘MEME Act’

Democratic Connecticut Sen. Chris Murphy introduced a bill Tuesday to bar presidents and lawmakers from launching cryptocurrencies, aimed squarely at President Donald Trump’s inroads into the digital asset space.

The bill, dubbed the “Modern Emoluments and Malfeasance Enforcement” — or MEME — Act, would prohibit federal officials from creating or promoting cryptocurrencies with “joke” branding, a direct shot at Trump’s rollout of a satirical meme coin tied to a political gala in Washington, D.C. Murphy said the measure is meant to prevent a situation where “very powerful, very rich people able to send money” to federal officials.

“Trump’s meme coin — it’s the most unethical, the most corrupt thing a president of the United States has ever done,” Murphy said. “It’s essentially a way for any corporate CEO, any Saudi prince, any foreign oligarch who has business before the Trump administration to send Trump money privately, secretly, and then whisper to the Trump administration about how much money they’ve sent and the favor that they need.”

Murphy drafted the legislation after Trump — who previously promised to make the U.S. the “crypto capital of the planet” — launched the $TRUMP coin in January. Last month the coin’s backers promised the top 220 token holders a May 22 gala dinner with the president, a promotion that sent the token’s price up more than 50% in one day. Chainalysis estimates entities linked to the president have learned at least $320 million from the project, according