Democratic representatives in the United States will propose a bill to prohibit public officials from issuing meme coins

ChainCatcher news, according to a report by Cointelegraph citing ABC News, California Democratic representative Sam Liccardo is preparing to introduce the "Modern Conflicts of Interest and Malfeasance Enforcement Act" (MEME Act), which will prohibit public officials from profiting from digital assets.

The bill prohibits a wide range of public officials and their associates from issuing, sponsoring, and endorsing any securities, commodities, or digital assets. The applicable subjects include the President, Vice President, members of Congress, senior executive branch officials, and their spouses and dependent children. Liccardo stated that the bill has the support of a dozen Democratic lawmakers who are working to gain bipartisan support.

Liccardo pointed out, "The Trump family's issuance of meme coins exploits the public for personal gain economically and raises concerns about insider trading and foreign influence on the executive branch." The bill is expected to be formally introduced on February 27.