TechFlow news, February 27 — According to Cointelegraph citing ABC News, Sam Liccardo, a Democratic representative from California, is preparing to introduce the "Modern Ethics and Misconduct Enforcement Act" (MEME Act), which would prohibit public officials from profiting off digital assets.
The bill bans a broad range of public officials and their associates from issuing, sponsoring, or endorsing any securities, commodities, or digital assets. It applies to the President, Vice President, members of Congress, senior executive branch officials, as well as their spouses and dependent children. Liccardo said the bill already has support from over a dozen Democratic lawmakers, and they are working to secure bipartisan backing.
Liccardo stated: "The Trump family’s issuance of meme coins economically exploits the public for personal gain and raises concerns about insider trading and foreign influence over the executive branch."
The bill is expected to be formally introduced on February 27.
