Senator Chris Murphy (D-Conn.) has introduced a bold new bill, the MEME Act, aimed at curbing what he calls the “staggering corruption” of President Donald Trump’s administration, specifically targeting the controversial Trump meme coin. Announced on May 6, 2025, alongside Representative Jeff Liccardo (D-Calif.), the legislation seeks to ban presidents and members of Congress from issuing or profiting from meme coins, a response to Trump’s $TRUMP coin, which Murphy labels the “biggest corruption scandal in White House history.” The bill comes amid growing outrage over Trump’s alleged profiteering, with estimates suggesting he’s earned $2.7 billion from the coin. Let’s unpack this dramatic move, its implications, and the fiery debate it’s igniting.
The MEME Act zeroes in on Trump’s crypto venture, launched before his 2025 inauguration. The $TRUMP coin, which Murphy says has no intrinsic value, saw its market value soar to $2.7 billion after Trump offered exclusive dinners and White House tours to top holders, a move that spiked its price by over 50%. Murphy argues this creates an anonymous channel for bribes, allowing corporate interests, foreign governments, or tech billionaires to funnel money to Trump without transparency. On X, Murphy posted on April 30, 2025, calling the coin a “crypto scam” and detailing 40 corrupt acts in Trump’s first 100 days, including this scheme. The bill aims to close this loophole, prohibiting elected officials from leveraging their positions for such financial schemes.
The backdrop is Murphy’s broader crusade against Trump’s “billionaire takeover.” In a March 6, 2025, Senate speech, he listed 24 instances of corruption, from firing inspectors general to selling White House access for $5 million. By April 30, he expanded this to 40 acts, slamming Trump for normalizing graft. The MEME Act, co-sponsored with Liccardo, reflects Murphy’s urgency, as he warns on Fox News that Trump’s open corruption—like boasting about Charles Schwab’s $2.5 billion stock gain after tariff pauses—desensitizes the public. X posts, like one from @politicususa on May 6, 2025, hail the bill as a direct strike at Trump’s profiteering.
Critics, however, see this as political theater. Some X users, like @MagaDefender on May 6, 2025, argue the bill unfairly targets Trump’s entrepreneurial freedom while ignoring other politicians’ wealth, like Nancy Pelosi’s stock trades. No major investigations have confirmed insider trading with the $TRUMP coin, and Trump’s team claims it’s a legitimate business, not a bribe conduit. Still, the bill taps into real fears: a 2025 Pew survey shows 62% of Americans distrust government integrity. If passed, the MEME Act could set a precedent for regulating officials’ crypto ventures, though it faces a tough road in a Republican-led Congress.
Murphy’s bill is a rallying cry for accountability, but it’s also a gamble. Will it curb corruption or just fuel partisan flames? For now, it’s a loud signal that some Democrats are ready to fight Trump’s financial moves head-on.
