Democratic Bill to Ban Political Figures from Launching Memecoins Unlikely to Pass

Sam Liccardo, a California Democrat Representative based in San Francisco, has introduced a bill denouncing the White House Cabal’s slew of memecoin launches earlier this year.

While the Bill is unlikely to pass in a Republican-dominated Congress, Liccardo argues the bill could serve as a placeholder if the Democrats return to power.

What is the MEME act, and how could it prevent political memecoin controversy in the future?

“Make Corruption Criminal Again” - The MEME Act

California Democrat Rep. Sam Liccardo wants to put an emphatic end to Presidential memecoins in the United States. In the wake of controversial meme coins launched by the Trump family and the devastating $CAR and $LIBRA scandals, Liccardo argues that Congress needs to make “corruption criminal again”.

Aptly called the Modern Emoluments and Malfeasance Enforcement act, or MEME, Licacardo’s proposed bill aims to prohibit the President, Congress members, or Senior Officials from issuing or sponsoring securities, commodities, or cryptocurrency assets. Additionally, the bill requires implicated figures to forfeit any profits made from their existing memecoins.

The proposed ban also extends to spouses and children of these officials, no doubt referencing First Lady Melania Trump’s memecoin launch.

Liccardo’s MEME act has been met with mixed reviews. Some commentators have lauded the proposed bill as a symbolic stand against corruption. Meanwhile, others argue that Congress should direct its energy towards existing rumors of insider trading among government officials.

In a recent interview with Coffeezilla, Kelsier CEO Hayden Davis, best known for orchestrating a series of extractive memecoin launches, including $MELANIA, claimed insiders were given the opportunity to buy $TRUMP at $500M at a crypto event held in Washinton D.C. While still unconfirmed, these allegations could be used as further evidence to support the MEME act’s necessity.

Regardless of its contents, Liccardo’s bill is unlikely to find favor in a Republican-aligned Congress. However, despite the tough road ahead, Liccardo asserts the MEME act represents an important symbolic gesture against corruption and market manipulation.

$TRUMP, $MELANIA Continue to Bleed Out

Adding further weight to Liccardo’s argument, markets haven’t been kind to $TRUMP and $MELANIA, the memecoins that kickstarted the governmental coin meta.

Following their euphoric launches, the White House memecoins have struggled to find support in a languishing meme economy.

Price action has been in freefall in recent weeks, with $TRUMP and $MELANIA down 83% and 93% respectively from the all-time highs recorded shortly after their launch.

Liccardo argues that $TRUMP’s decline has come at the expense of the American people. While presenting the bill, Liccardo asserted that over 800,000 Americans lost over $2B. Unsurprisingly, Liccardo didn’t provide any onchain data to support this claim.

Specifics aside, the $TRUMP memecoin launch and ensuing euphoria undoubtedly marked a local top for the Solana ecosystem. $SOL has dropped ~49% since the $TRUMP launch, with onchain activity and trading volume steadily diminishing.

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