Rep. Panetta Cosponsors Legislation to Crack Down on Political Crypto Corruption and Protect Public Trust
Monterey, CA – United States Representative Jimmy Panetta (CA-19) announced his cosponsorship of two pieces of legislation to hold public officials accountable and protect investors from political abuse of digital assets. Rep. Panetta officially cosponsored the Modern Emoluments and Malfeasance Enforcement (MEME) Act, introduced by Rep. Sam Liccardo, and the Stop TRUMP in Crypto Act, introduced by Rep. Maxine Waters. Both bills would prohibit sitting federal officials and their immediate families from promoting, issuing, or profiting from digital assets and other financial instruments while in office.
The legislation comes in response to escalating reports of financial self-dealing and foreign influence linked to President Donald Trump and his family through the launch of multiple cryptocurrency ventures, including the $TRUMP and $MELANIA meme coins and the World Liberty Financial platform. President Trump and his family controlled roughly 40% of World Liberty Financial, a crypto platform that distributed over $50 million to its founders. A separate Trump-backed stablecoin, USD1, has raised red flags about national security and opaque foreign influence.
“When public officials use their positions to promote cryptocurrencies they have a financial stake in, it raises serious questions about ethics and conflicts of interest,” said Rep. Panetta. “These bills would ban federal officials from promoting or profiting off crypto schemes while in office, just like we already expect when it comes to stocks or private businesses. That’s a basic step to restore some trust and make sure public office is used to serve the public, not enrich yourself.”
The MEME Act would prohibit the President, Vice President, Members of Congress, senior Executive Branch officials, and their immediate families from issuing, promoting, or profiting from any digital asset, commodity, or security while in office. It would also subject violators to criminal and civil penalties. The Stop TRUMP in Crypto Act would bar officials from owning controlling shares in digital assets or companies, preventing insider trading based on nonpublic information, and addressing potential conflicts of interest tied to cryptocurrency.
Both bills are supported by Public Citizen, Consumer Reports, Accountable.US, and dozens of Members of Congress working to protect the public trust.
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