Us Senator Chris Murphy introduced the “Meme Act” on 7 May, which aims to prevent the President, Vice President, Congress members and their families from issuing cryptocurrency like MemeCoins, promoting, or making benefits like MemeCoins. This step by President Donald Trump $ Trump Memecoins After launching, it has been raised, which won a market cap of $ 27 billion in a few days of launch. However, thereafter there was a huge decline in its price, causing heavy losses to investors.
Meme work purpose
Under the Meme Work, the President, Vice President, Congress members, senior government officials and their family members will be canceled by issuing, promoting or supporting memecoins, stablecoins and other digital assets. This law will remain in force 180 days before and after his tenure. Its violation provides for criminal and civil punishment, including fine and jail sentence.
Major provisions of Meme Work
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The President, Vice President, Congress members and his families will not be able to release, promote or benefit from Memecoins or other digital assets.
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Criminal and civilian punishment will be imposed on those who violate.
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The benefits already received will have to be returned to the government.
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This law will also apply to Memecoins launched by President Donald Trump and his wife Melania Trump.
$ Trump Meme Coin Controversy
In January 2025, Trump launched the $ Trump Meme Coin, the price of which reached $ 70 soon after the launch, but later fell to $ 12. This caused huge losses to many investors, while Trump and his colleagues made a profit of about $ 350 million.
Political response
“This behavior is so clearly immoral that the question arises as to why there is no clear restriction on this,” said Congress member and co-producer of this bill. He also said that Trump’s Memecoins Issues such as transparency, internal trade and foreign influences have come up.
The purpose of Meme Work is to prevent misuse of cryptocurrency by government officials. Although the current Republican Controlled Congress is less likely to pass this bill, Democrats are looking at it as a symbolic move, which will give a strong message against corruption when it comes to power in future.
Conclusion
The proposal of Meme Work is an important step towards ensuring transparency and morality in American politics. It tries to prevent government officials from earning personal profit by misusing their posts. Although the path of its passage is difficult, it can be helpful in establishing Moral Standard in the political and public sector.
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