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You Won’t Believe What This Senator Just Did to Trump’s Meme Coin Bonanza

BBG News

Dash it all! If you thought political tomfoolery had reached its zenith, think again. A plucky senator’s MEME Act now threatens to shutter the lucrative meme coin racket faster than you can say “pass the Wooster sauce”. 😎💸

Pols v. Meme Coins: Or, How to Ruin a Good Wheeze

U.S. Senator Chris Murphy (D-CT)—not a chap to miss a bandwagon, nor to leave a perfectly good punch bowl unmonitored—rolled into Washington brandishing the Modern Emoluments and Malfeasance Enforcement (MEME) Act, with the sort of righteous gusto one usually reserves for retrieving one’s hat from a giddy Pekinese.

The plan? Clamp down on gents and gentleladies of the federal variety who find meme coins—such as the notorious TRUMP—just too dashed profitable to resist. One can sympathize. The bill, as Murphy would have it, hopes to generally cramp the style of any official with a nose for digital shenanigans, and already has a House doppelgänger, courtesy of Representative Sam Liccardo (D-CA), who presumably signed up before fully grasping the consequences for his crypto portfolio.

The hullabaloo started when Donald Trump, showing the entrepreneurial élan of Bertie Wooster spotting an untended bread and butter pudding, lobbed his own meme coin into the public square a mere three days before his Inauguration. The coin rose from honest, hard-working penny-stock to value-laden powerhouse, like Jeeves’s career trajectory in reverse, lining Trumpian coffers in the process. As Murphy put it:

Each time the coin is released and traded, Trump makes money from trading fees, and he and his family have made more than $100 million from these fees.

Astute, if a bit vulgar. Murphy, never one to miss the chink of oligarchic coins, waved a warning about sundry billionaires, Russian oligarchs, and Saudi princes nipping in and out with trunks full of the stuff. To make matters even more like an Agatha Christie plot—only with dumber motives—the Trump campaign promised exclusive White House access for top coin holders. The TRUMP token promptly leapt in value by 50%, netting nearly $900,000 in fees quicker than you could say, “Bring round the Rolls!”

So along comes the MEME Act, intending not just to spoil the party, but to switch off the gramophone and send everyone home in Boris Johnson’s bicycle basket. Murphy says:

The 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.

After the coins are dispensed, the proposal would further bar our dignitaries from tarting the asset about or engaging in other behavior likely to result in bulging pockets. Any found tiptoeing around the rules may face the sort of penalties typically reserved for misplacing the Lord Chancellor’s umbrella.

Whether this will restore ethics and transparency to our merry digital carnival—or simply inspire new and more inventive mischief—remains to be seen. As ever, stay tuned for further episodes in “As the Crypto Turns”.

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2025-05-08 07:23

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