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The American Democrats are launching an unprecedented offensive against memecoins associated with political figures. Californian representative Sam Liccardo is preparing the MEME Act, aimed at prohibiting political officials from issuing or promoting digital assets. This initiative comes after the spectacular collapse of the TRUMP and MELANIA tokens, which caused billions in losses for crypto investors.
A legislative initiative in direct response to the Trump and Melania tokens
Yesterday, February 27, the Democrats in the House of Representatives began the presentation of the MEME Act, a bill specifically targeting American officials and their close entourage.
Sam Liccardo, the initiator of this initiative, told ABC News that this legislation would prohibit a wide range of public officials – president, vice president, members of Congress, and high-ranking officials – as well as their spouses and dependent children, from issuing, sponsoring, or approving any title, merchandise, or digital asset, a measure that aligns with the American offensive on crypto regulation.
« Let’s make corruption criminal again, » asserted Liccardo, emphasizing that American public offices belong to the public and that political officials should not use their authority for personal enrichment. This proposal, which already had about a dozen Democratic sponsors, also seeks to gain bipartisan support.
The timing of this legislative initiative is not trivial, occurring in a context marked by the successive launches of the TRUMP and MELANIA memecoins. Indeed, the new president launched his token on January 17, just before his official inauguration, followed two days later by his wife Melania Trump, who issued her own memecoin.
A collapsing presidential memecoin market and nonexistent regulation
The performance of presidential memecoins perfectly illustrates the extreme volatility of this speculative market. Since their launch in January 2025, these tokens have experienced a spectacular collapse: TRUMP has dropped 82% from its all-time high, while MELANIA has plunged 93%, according to CoinGecko’s data.
These collapses represent colossal losses for investors: nearly 813,000 crypto wallets have been affected, with estimated losses of $2 billion. Meanwhile, the Trump Organization and its partners may have pocketed around $100 million in trading fees.
Legislative action is becoming increasingly necessary as traditional regulators seem hesitant to intervene. Hester Peirce, head of the SEC’s crypto task force, recently stated that most memecoins do not fall under her agency’s jurisdiction, suggesting that oversight should instead come from Congress or other bodies like the CFTC.
The MEME Act marks an acceleration in crypto regulation in the United States, specifically targeting the political exploitation of memecoins. This initiative is part of a broader movement, with the SEC having created in early February a dedicated Crypto Task Force, aiming to finally clarify the rules of the game for all sector players.
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Passionné par le Bitcoin, j’aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l’outil qui peut rendre cela possible.
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