Ritchie Torres is preparing to introduce new legislation that would prohibit the creation and sale of meme coins and stablecoins that exploit the likenesses of U.S. political figures.
The bill, titled the “Stop Presidential Profiteering from Digital Assets Act,” aims to curb what Torres calls a growing trend of “digital asset profiteering” by leveraging the identities of high-profile public officials.
According to the draft text summary, the bill would make it illegal for any person to create, promote, or sell a digital asset that uses the name, image, or likeness of a “covered individual” if it results in direct or indirect financial gain for that person or the covered official.
The definition of “covered individual” includes the President, Vice President, Members of Congress, federal officials appointed or confirmed by the Senate, and their immediate family members.
Meme coin popularity
Torres’ proposal appears to respond to the wave of meme coins named after political figures — ranging from former President Donald Trump to President Joe Biden — that have gained popularity in crypto circles.
This bill comes as Senator Jon Ossoff called for Donald Trump’s impeachment over a planned private dinner for top holders of Trump’s personal memecoin.
He argued that offering exclusive access to major investors amounted to selling access to the presidency.
