Rep. Sam Liccardo speaks yesterday during the New Democrat Coalition news conference. Photo: Bill Clark/CQ-Roll Call Inc. via Getty Images
One House Democrat is looking to make it illegal for the president, members of Congress — and their families — to cash in on the meme-coin game.
Zoom in: Freshman lawmaker Sam Liccardo (D-Calif.) plans to introduce the Modern Emoluments and Malfeasance Enforcement Act today.
The MEME Act would prohibit the president, VP, 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."
What he's saying: "Our public offices belong to the public, not the officeholders, nor should officials leverage their political authority for financial gain," Liccardo said in a statement.
Although the Constitution's Emoluments Clause prohibits federal officials from receiving gifts from foreign nationals, offshore investors — particularly in China — "benefited wildly from the early-hour trading of the $TRUMP meme coin," he said.
(The Trump Organization, via its affiliates who own up to 80% of the unreleased tokens, can start selling the next tranche in April.)
Meanwhile, Liccardo's numbers say 800,000 retail investors lost at least $2 billion when early insider investors quickly sold their Official Trump after its issuance.
Reality check: As the AP noted this morning, the bill has no chance of passing the Republican-controlled Congress.
