It’s no secret that former President Donald Trump has a knack for making headlines, but his latest financial maneuver might be one of the most controversial yet. By leveraging his massive national profile, Trump managed to rake in tens of billions—at least on paper—through the wild world of meme cryptocurrencies. But not everyone is thrilled about it. One Democratic congressman is stepping up to ensure that public officials can’t follow in Trump’s footsteps, using their influence to cash in on volatile digital assets.
California Rep. Sam Liccardo has introduced a bill that could change the game for politicians looking to make a quick buck off financial endorsements. Dubbed the Modern Emoluments and Malfeasance Enforcement, or MEME, Act, this legislation seeks to prevent public officials—including the president, senior White House staff, and members of Congress (along with their spouses and children)—from promoting or issuing financial assets like stocks or cryptocurrencies that could personally enrich them.
Now, let’s be real—this bill faces an uphill battle. With a Republican-controlled Congress and Trump back in the White House, the chances of this passing anytime soon are slim. But Liccardo, a former mayor of San Jose, argues that the issue is too important to ignore. “I think everyone scratched their head when President Trump started this pump-and-dump scheme, asking the question, ‘Why isn’t that prohibited?’” Liccardo said. “So let’s make sure, at the very least, it doesn’t happen again.”
The Trump Crypto Rollercoaster
Just days before he was sworn in for a second term, Trump took to social media with a bold call to action: “GET YOUR $TRUMP NOW.” That one statement sent his meme cryptocurrency skyrocketing in value, only for it to crash just as dramatically, wiping out over $2 billion in investor money. But the losses didn’t stop there.
Riding the wave of the initial hype, the Trump Organization quickly followed up with another coin—a Melania meme cryptocurrency. But just like its predecessor, this one also tanked, leaving investors high and dry. Despite the massive market swings, Trump and his team still managed to rake in nearly $100 million in trading fees, as reported by Reuters. And since stepping back into public office, Trump has continued to promote these digital assets, raising serious ethical concerns.
A Global Pattern of Political Crypto Scandals
Liccardo isn’t just concerned about Trump—he sees a troubling trend among global leaders who’ve dabbled in similar financial schemes. He likened Trump’s cryptocurrency venture to questionable endeavors from the Central African Republic and Argentine President Javier Milei, who backed a now-defunct coin that ultimately landed him in the middle of a corruption investigation.
“What all these have in common is that they open public officials to the influence of others who are capable of buying millions, or in this case, hundreds of millions of dollars of financial assets to influence the outcome of decisions,” Liccardo warned. “And some of those individuals, they live offshore and have very strong interests in conflict with the interests of our country.”
While the White House has yet to comment on the matter, the implications are clear: allowing public officials to play in the financial markets while in office creates a massive conflict of interest. It raises the question—who are they really serving, the American people or their bank accounts?
Political Influence and Financial Manipulation
We’ve seen this kind of questionable behavior before. While laws like the Hatch Act exist to prevent government officials from using their positions for personal financial gain, they often lack real enforcement power. Case in point: Ivanka Trump’s infamous Goya beans endorsement in 2020. As a senior advisor to her father, she seemingly violated the Hatch Act by promoting the product on social media. And what was the consequence? Absolutely nothing. The next day, her father doubled down, posing for a photo with Goya products spread across his Oval Office desk, making it clear that ethical concerns weren’t a priority.
Liccardo argues that regardless of whether direct corruption is proven, the mere fact that public office is being used for financial gain is a fundamental abuse of power. “Public office doesn’t belong to the office holder,” he stated. “It belongs to the American people. So this is an abuse of power, regardless of whether there’s corruption or not.”
The Future of the MEME Act
Liccardo’s bill aims to go beyond the typical reliance on the Department of Justice to hold public officials accountable. Instead, it would open the door for civil lawsuits from individuals who suffered financial harm due to these types of endorsements. That means if you lost money buying into a hyped-up political cryptocurrency, you might actually have legal recourse.
But the reality is, this bill faces a tough road ahead. Republican leadership has shown little interest in restricting executive authority under Trump, and there’s been no real momentum toward regulating the cryptocurrency market in Congress. Even last year, when Oversight Chair James Comer and then-Rep. Katie Porter introduced bipartisan legislation to increase presidential financial transparency—requiring disclosure of personal tax returns and foreign income—the initiative quickly lost steam after Trump’s electoral victory.
With several GOP lawmakers actively trading meme coins themselves, there’s been resistance to implementing strict regulations. Many of them have pushed back against efforts to oversee the cryptocurrency industry, arguing that excessive government intervention could stifle innovation.
Will Public Opinion Shift the Tide?
Despite the political roadblocks, Liccardo remains hopeful that as Trump’s administration struggles, public opinion might shift. “I don’t expect this to get out of committee next week,” he admitted. “On the other hand … as (Trump) continues his failing and flailing in running this government, I would expect his poll ratings to continue to drop as they have over the last couple of weeks, and eventually as the poll ratings continue to dive, more and more wobbly-kneed Republicans may get a dose of courage to decide it’s time to make corruption criminal again.”
At its core, the MEME Act raises an important question about the role of ethics in politics. Should public officials be allowed to leverage their influence for personal gain, or should there be stronger protections in place to ensure they act in the best interest of the American people? For now, it’s a debate that remains unresolved, but as political crypto scandals continue to make headlines, pressure for reform is likely to grow.
One thing is for sure—this isn’t the last we’ve heard about Trump’s cryptocurrency ventures, and with elections on the horizon, it could become a major talking point in the battle over financial ethics in government. Whether or not Congress takes action, the public is watching, and the question remains: will politicians be held accountable, or will they continue cashing in at the expense of everyday investors?
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