(WASHINGTON) — While President Donald Trump’s proudest supporters on Capitol Hill shower him with legislation proposing putting his portrait on a $250 bill, declaring his birthday a national holiday or adding his likeness to Mount Rushmore — a new effort across the aisle isn’t as flattering — as House Democrats take aim at the president’s $TRUMP meme coin.
Since launching a little over a month ago, the $TRUMP coin has tanked in value after early investors dumped the cryptocurrency. Members of Congress have noticed as hundreds of thousands of investors have taken hard hits and billions in value have quickly vanished.
California freshman Democrat Rep. Sam Liccardo told ABC News on Thursday he will introduce legislation to prohibit the country’s top officials and their families — from Congress to the White House — from capitalizing on personal meme coins.
The Modern Emoluments and Malfeasance Enforcement (MEME) Act would 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.
Liccardo said he believes that the president and first lady Melania Trump cashed in on their meme coins and enriched investors around the world who initially supported the cryptocurrency.
Trump launched the coin in January, days before he took office. A similar Melania coin had been issued a week earlier. Trump in July said he wanted to turn the U.S. into the “crypto capital of the planet.”
While Liccardo’s legislation is not expected to become law over the next two years under Republican majorities in the House and Senate, the freshman Democrat said that the president and first lady made a windfall on their respective meme coins and is working to build support that culminates behind a Democrat majority.
“Let’s make corruption criminal again,” Liccardo, a former federal and local criminal prosecutor, said. “Our public offices belong to the public, not the officeholders, nor should they leverage their political authority for financial gain. The Trumps’ issuance of meme coins financially exploits the public for personal gain, and raises the specter of insider trading and foreign influence over the Executive Branch.”
The proposal would forbid federal officials from promoting a range of financial assets or from participating in any conduct likely to financially benefit themselves, according to Liccardo. The legislation would impose criminal and civil penalties and includes a prohibition that applies to any financial asset, such as the stock of Truth Social.
Liccardo wants to subject violators to criminal and civil penalties while stopping them from profiting from an asset issued before the bill’s enactment — giving it retroactive element intended to address the launch of $TRUMP.
Liccardo said he has a dozen Democratic cosponsors as he prepares to introduce the legislation on Thursday.
ABC News’ Max Zahn contributed to this report.
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