Memecoins are becoming increasingly popular—but should government officials profit from them? Congressman Ritchie Torres (D-NY) doesn’t think so.
Congressman Ritchie Torres (D-NY) introduced a bill to ban U.S. federal officials and their immediate family members from making money from memecoins and stablecoins.
What the Bill Prohibits
The bill is officially titled the “Stop Presidential Profiteering from Digital Assets Act.” It’s designed to stop the creation, promotion, or sale of digital assets that use the name, image, or likeness of current or former U.S. political figures—whether that’s a sitting president or a past lawmaker.
— Eleanor Terrett (@EleanorTerrett) May 7, 2025
This means if someone launches a memecoin named after a political figure, like $TRUMP or “BIDEN,“ federal officials and their family members won’t be able to profit from it. They can’t promote it, invest in it, or sell it. The goal is to block any attempt to cash in on public influence.
Who the Bill Covers
Torres presents comprehensive coverage in his proposal. It covers:
- The President and Vice President.
- Members of Congress.
- Position-holding federal officials approved by the senator.
- Got relatives (in all cases) of the listed ones who live with them.
The aim is to erode any suggestion of a conflict of interest. When officials are making or influencing crypto regulations, they shouldn’t be able to benefit financially from memecoins or coins tied to their image.
GM
U.S. senators have introduced a draft law called «MEME» which prohibits the president and members of Congress from issuing memecoins.
“Donald Trump’s $TRUMP token has become the largest corruption scandal in the history of the administration.” pic.twitter.com/RFuFuyRJas
— LoveMake.eth (@g13m) May 7, 2025
Why This Bill Is Making Headlines
This comes as memecoins tied to political figures are gaining real traction—and real money. President Donald Trump’s name is regularly associated with several memecoin ventures, sparking attention among political observers and crypto enthusiasts alike.
BREAKING: U.S. HOUSE DEMOCRATS TO INTRODUCE MEME ACT TO PROHIBIT THE PRESIDENT, VICE PRESIDENT, MEMBERS OF CONGRESS, SENIOR EXECUTIVE BRANCH OFFICIALS AND THEIR SPOUSES AND DEPENDENT CHILDREN FROM ISSUING, SPONSORING OR ENDORSING A SECURITY, FUTURE, COMMODITY OR DIGITAL ASSET pic.twitter.com/E68l2s0ID0
— DEGEN NEWS (@DegenerateNews) February 27, 2025
Torres’ proposal addresses maintaining public trust by defining different parameters. The bill’s main idea is to prevent political figures from fueling their wallets with crypto projects inspired by their roles.
Conclusion
The bill signals that memecoins shouldn’t be a playground for political figures to boost their wallets. Whether the bill becomes law opens an essential conversation about ethics, transparency, and how far crypto culture should blend with politics.
Disclaimer
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