House Democrats Propose MEME Act to Ban Presidential Memecoins
The US Congress is set to consider new legislation aimed at preventing public officials from profiting through digital assets. California Representative Sam Liccardo has confirmed that House Democrats plan to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would prohibit officials from issuing, endorsing, or profiting from cryptocurrencies, including memecoins like the Trump (TRUMP) token.
Speaking to ABC News on 27 February, Liccardo stated, “Let’s make corruption criminal again.” He emphasised that public offices belong to the people and should not be exploited for personal financial gain.
The SEC has opted not to proceed with an enforcement action against crypto exchange Gemini. Source: Cameron Winklevoss
The MEME Act would apply to a wide range of officials, including the president, vice president, members of Congress, senior executive branch officials, as well as their spouses and dependent children. If passed, the bill could mark a significant shift in how US lawmakers regulate public officials’ involvement in digital assets.
SEC Ends Investigation into Gemini Without Enforcement Action
The US Securities and Exchange Commission (SEC) has closed its two-year-long investigation into crypto exchange Gemini without recommending any enforcement action, according to co-founder Cameron Winklevoss.
In a statement on 26 February, Winklevoss shared a notice from the SEC confirming that the probe into Gemini’s Earn programme had been concluded. While the agency clarified that this decision should not be seen as an exoneration, it also stated that no action would be taken at this time.
The SEC had initially charged Gemini and its former partner Genesis Global Capital in January 2023 for allegedly offering unregistered securities through the Earn programme. Despite the case closure, regulatory scrutiny over crypto exchanges remains high, and the SEC retains the right to reopen the investigation if new evidence emerges.
Bybit Hack Linked to SafeWallet Credential Compromise
A forensic investigation into the recent Bybit exploit has revealed that compromised credentials within SafeWallet led to the theft of over $1.4 billion in Ethereum (ETH).
The SafeWallet team issues a full statement on social media. Source: Safe
On 26 February, Bybit confirmed that security firms Sygnia and Verichains conducted independent reviews, which traced the breach to the credentials of a SafeWallet developer. The attack allowed hackers, reportedly linked to North Korea’s Lazarus Group, to manipulate SafeWallet’s signing processes and execute unauthorized transactions.
According to Sygnia’s report, the hackers injected “malicious JavaScript code” into SafeWallet’s Amazon Web Services infrastructure. SafeWallet has since taken steps to enhance its security, including a full infrastructure rebuild, credential rotation, and new security measures to prevent similar breaches in the future.
Bybit reassured users that its core infrastructure was not compromised during the attack. However, the findings highlight the persistent security challenges facing the crypto industry, particularly with third-party wallet integrations.
