Democratic Sen. Chris Murphy Introduces Bill to Bar Presidents and Lawmakers From Launching Cryptocurrencies

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.

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. The measure is meant to prevent a situation where “very powerful, very rich people [are] able to send money” to federal officials, Murphy said. (RELATED: Cryptocurrencies Nosedive 48 Hours After Rally As Tariffs Take Effect)

“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.”

Today I’m introducing a bill – the MEME Act – to ban a President or Member of Congress from issuing a meme coin.

The Trump Coin is the biggest corruption scandal in the history of the White House. @RepLiccardo and I are determined to put an end to this corruption – for good. pic.twitter.com/nQL9ZfIYYV

— Chris Murphy 🟧 (@ChrisMurphyCT) May 6, 2025

The measure builds on a provision in the 1978 Federal Ethics and Government Accountability Act, which prohibits presidents, vice presidents, members of Congress, judges and candidates for those offices from accepting anything of value from foreign officials, a limitation that does not apply to the officials’ spouses or children.

The Trump administration was hit with several legal complaints over the president’s handling of his family business, culminating in a 2020 Supreme Court ruling that allowed a New York state prosecutor to proceed with an investigation into Trump administration officials for alleged campaign finance violations.

After Trump announced plans for a January 2024 gala with the top 220 $TRUMP token holders, administration officials said the event would violate campaign finance regulations. The event was later postponed until May 22.

The $TRUMP coin, which is based on the TRON blockchain, began trading in January at a price of $0.10 and reached a high of $24 in April, according to CoinGecko. At press time Tuesday, the coin was trading at around $12. Chainalysis estimates entities linked to the president have earned at least $320 million from the project, Axios reported.

The MEME Act defines a meme coin broadly as any digital asset sold for remuneration, placing it alongside securities, commodities and NFTs as a “covered asset.” In addition to presidents and lawmakers, the prohibition would extend 180 days before and after an official’s tenure and apply to spouses, dependent children and senior military officers at the rank of O-7 or higher. Civil suits could be filed by the Justice Department or by private parties “suffering harm,” according to the bill’s text.

“This bill is a chance for Republicans and Democrats to come together and say that none of us — no member of the executive branch, no member of Congress — should be able to profit off of their position,” Murphy said.

The House Financial Services Democrats, led by California Rep. Maxine Waters, cancelled a scheduled joint hearing Tuesday to hold a Democrats-only hearing examining Trump’s coin.

“President Trump’s decision to launch his own meme coin in an attempt to profit off the presidency is the pinnacle of corruption,” Waters said in prepared remarks. “It’s no coincidence that the same administration that rolled back critical anticorruption measures is now shutting down bipartisan efforts to create a framework for stablecoins.”

The meme coin's backers had previously announced plans for a May 22 gala dinner with Trump in Washington, D.C., but the event was later postponed.

The bill also includes provisions to expand the definition of emoluments to include any benefit, gift, pay, compensation or reward, and to permit the Justice Department to pursue civil actions for emoluments violations.

The bill, which is co-sponsored by Democratic New Jersey Rep. Josh Liccardo, comes as bipartisan negotiations over a stablecoin framework have stalled. Democratic leaders have urged members to withhold support until stronger conflict-of-interest protections are added.