Senator Chris Murphy, a Democrat from Connecticut, presented a new bill to lawmakers and the president on Tuesday, aiming to create a cryptocurrency as a response to President Trump’s involvement in the digital asset sector.
The proposed legislation, humorously dubbed the “Meme Act,” seeks to prevent federal officials from creating or endorsing cryptocurrencies branded with “joke” themes, specifically targeting Trump’s recent ventures linked to satirical events in Washington, DC. Murphy noted, “Trump memecoin – this is the most unethical and most corrupt thing the US president has ever done. It’s essentially a way for any foreign oligarch to secretly communicate with the Trump administration about the money they send and the support they need.”
Previously, Murphy had contemplated this law after Trump had announced $Trump Coin in January, heralding a new era for American cryptocurrency. Last month, the supporters of this coin invited top token holders to a gala dinner with the president, which led to a significant price surge for the token. Reports indicated that the Trump-linked initiative has raised around $320 million from this project.
The Meme Act broadly categorizes “Meme Coin” as any digital asset sold for profit, positioning it alongside securities and goods. Notably, the restrictions would also apply to spouses, dependents, and high-ranking military personnel for a period extending 180 days beyond their service. The Department of Justice could pursue civil cases for damages under this legislation.
Murphy stressed the need for the bill to uphold public trust, suggesting that it represents a rare moment of unity where neither political party should exploit their position. As of now, Republicans haven’t commented on the proposal. Senate GOP leaders have remained silent, and neither the Senate Finance Committee chair nor Republican Senator Mike Crapo responded to inquiries regarding the matter.
The introduction of the Meme Act comes as bipartisan discussions regarding a stablecoin framework have stagnated. Democratic leaders have urged their party members to hold off on support until more robust conflict-of-interest protections are in place. A hearing, initially scheduled to discuss Trump coins, has been canceled in favor of a Democrat-only meeting.
