27-2-2025 – US President Donald Trump has found himself at the centre of fresh controversy after launching a cryptocurrency venture despite admitting to having scant understanding of the technology. The “TRUMP token”, which initially experienced a dramatic surge in value due to the president’s considerable influence, subsequently plummeted, leaving numerous investors nursing substantial financial wounds.

“I don’t know much about it other than I launched it, other than it was very successful,” Trump remarked to journalists, displaying a casual dismissiveness that has further inflamed critics. When confronted with the fact that his digital token had generated billions in investment, the president waved away the significance, describing the sum as “peanuts for these guys” whilst gesturing towards technology magnates during an artificial intelligence press conference.

In response to this tumultuous episode, Democratic lawmakers are mobilising to introduce preventative legislation. Californian Representative Sam Liccardo, a freshman Democrat, has announced his intention to table the Modern Emoluments and Malfeasance Enforcement (MEME) Act, designed specifically to curtail the ability of public officials to capitalise financially on cryptocurrency ventures.

“Let’s make corruption criminal again,” declared Liccardo, emphasising that American public offices belong to the citizenry and should not be exploited as vehicles for personal enrichment by those temporarily occupying positions of authority.

The proposed legislation would cast a wide net, prohibiting not only the president and vice president but also members of Congress, senior executive officials, and their immediate family members from issuing, endorsing or promoting securities, futures, commodities or digital assets. This measure comes amidst allegations that both the  president and First Lady Melania Trump profited handsomely from their association with the meme coin, whilst later investors suffered devastating losses following its collapse.