Presidential Meme Coins Should Be Against The Law, House Democrat Says

California Democrat Rep. Sam Liccardo, a freshman congressman who represents Silicon Valley, said he's surprised the first piece of legislation he's sponsoring takes aim at President Donal Trump's meme coin .

"That wasn't my plan when I ran for office, I can assure you," said Liccardo, the former mayor of San Jose.

But the president's launch of a meme coin just before taking office last month needed some kind of response, said Liccardo. Those who bought the meme coin right after launch made out, but the price quickly dropped leaving others with big losses. Even Trump-supporting crypto enthusiasts found the launch distasteful.

"That behavior is so self-evidently unethical that it raises the question why isn't there a clear enough prohibition," he said, adding that Trump's meme coin raises concerns about transparency, insider trading and improper foreign influence.

The bill is set to be called the Modern Emoluments and Malfeasance Enforcement, or MEME act. According to a draft of the legislation, it would block the president, members of Congress, and other senior officials, as well as their spouses and children, from issuing or sponsoring securities, commodities and cryptocurrencies like meme coins. It would also force Trump to disgorge any profits he's made from the sale of his meme coins.