First Lawmaker to Tackle Presidential Meme Coin Scheme Responds to Stablecoin Bill Setback
May 9, 2025
Rep. Sam Liccardo’s MEME Act Targets Trump’s Crypto Grift as GENIUS Bill Falters
WASHINGTON, D.C. — In a dramatic turn on Capitol Hill, the Senate voted against cloture on the high-profile GENIUS Act stablecoin bill, stalling efforts to regulate digital assets. Meanwhile, bipartisan unease is mounting over President Trump’s continued promotion of the $TRUMP meme coin and his family's crypto ventures — moves many experts and lawmakers argue violate the Constitution’s Emoluments Clause.
Congressman Sam Liccardo (CA-16) — a member of the House Financial Services Committee and a former federal prosecutor — saw it coming. In February, he introduced the Modern Emoluments & Malfeasance Enforcement (MEME) Act, the first legislation of its kind aimed squarely at curbing presidential profiteering through crypto. Connecticut Senator Chris Murphy introduced the Senate companion bill just days ago, ahead of the GENIUS Act’s failure.
In response to the setback, Liccardo issued the following statement:
“Yesterday’s collapse of the GENIUS Act is a wake-up call: we can’t regulate crypto while ignoring the elephant in the room — a sitting president using meme coins for personal profit. My Republican colleagues must recognize that Trump’s crypto grift is undermining serious legislative progress. I’m ready to work with anyone — on either side of the aisle — to get this done.”