On February 27, Cointelegraph quoted ABC News as reporting that California Democratic Representative Sam Liccardo was preparing to propose the "Modern Conflict of Interest and Malfeasance Enforcement Act"(MEME Act), which would prohibit public officials from profiting from digital assets. The bill prohibits a wide range of public officials and their associates from issuing, sponsoring and endorsing any securities, commodities or digital assets, including presidents, vice presidents, members of Congress, senior executive branch officials, and their spouses and dependent children. Liccardo said the bill has support from more than a dozen Democratic lawmakers and they are working hard to win bipartisan support. Liccardo pointed out: "The Trump family's issuance of memocoins economically uses the public for personal gain and raises concerns about insider trading and foreign influence on the executive branch. "The bill is expected to be formally introduced on February 27.