A California Democrat plans to introduce the Modern Emoluments and Malfeasance Enforcement Act, or MEME Act, on Thursday.

His bill would also allow lawsuits from crypto speculators who lose money by investing in a meme coin sponsored by a public official. Some 800,000 retail investors lost at least $2 billion when early insider investors quickly sold their $TRUMP coin after its issuance, according to a press release from Liccardo’s office.

Congress Democrats have introduced a bill in the House to ban top federal officials and their families from issuing or promoting meme coins.