On February 27, according to Cointelegraph quoting ABC News, California Democratic Representative Sam Liccardo is preparing to introduce the Modern Conflict of Interest and Malpractice Enforcement Act (MEME Act), which would prohibit government officials from profiting from digital assets. The bill prohibits a wide range of government officials and their associates from issuing, sponsoring and endorsing any securities, commodities or digital assets, including the president, vice president, members of Congress, senior executive branch officials and their spouses and dependent children. Liccardo said the bill has the support of more than a dozen Democratic lawmakers who are working to gain bipartisan support. "The Trump family's issuance of meme coins economically exploits the public for personal gain and raises concerns about insider trading and foreign influence on the executive branch," Liccardo noted. The bill is expected to be formally introduced on February 27.