U.S. Senator Chris Murphy (D-CT) introduced a new bill on Tuesday targeting financial misconduct among high-ranking federal officials involving digital assets. The Modern Emoluments and Malfeasance Enforcement (MEME) Act was presented in Washington as a response to what Murphy described as glaring corruption tied to meme coins like TRUMP.

The legislation seeks “to prevent corrupt federal officials from using their position to profit off digital assets such as meme coins,” according to a statement from his office. Representative Sam Liccardo (D-CA) submitted matching legislation in the U.S. House of Representatives. The bill was prompted by the controversial rollout of TRUMP, the meme coin launched by Donald Trump just three days before his inauguration on Jan. 17. Initially worth only pennies, the token skyrocketed in value shortly after its release. Murphy stated:

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.

“There is no way to know who is buying the coin, which leaves the door wide open for billionaires, Russian oligarchs, and Saudi princes to secretly purchase TRUMP and directly enrich the president in order to curry favor,” the senator added. He stressed that the controversy escalated following a campaign promising exclusive White House access to top coin holders, which spurred a 50% jump in the token’s value and generated nearly $900,000 in trading fees for Trump’s team in just two days.

Murphy explained that the MEME Act would establish broad restrictions on asset-related financial activity for top federal officials. The announcement describes:

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 asset’s issuance, the proposal would bar federal officials from engaging in the promotion or other conduct likely to benefit themselves financially. The legislation subjects violators to criminal and civil penalties,” the announcement further notes. The proposal is likely to fuel ongoing debate over ethics, transparency, and financial regulation in the crypto space, especially as such assets continue gaining traction in political circles.

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