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Congress·In Committee·about 1 year ago

House Bill Would Bar President, Top Officials from Promoting Stocks and Crypto Under MEME Act

Also known as: MEME Act

Legislative Progress

✓ Filed
Review
House
Senate
President

Impacts

Negative Impacts(5)
Federal Employee
Hurts
Military Active
Hurts
Child Tax Credit
Hurts
Small Business Owner
Hurts
Gig Worker
Hurts
Mixed Impacts(1)
Cryptocurrency Investor
Neutral

Key Points

  • Would bar the President, Vice President, and other federal officials (plus spouses and dependent kids) from issuing, sponsoring, or promoting investments for personal profit.
  • Covers many assets, including stocks, commodities, and digital assets like cryptocurrency, meme coins, tokens, and non-fungible tokens.
  • Applies during time in office, plus the 180 days before starting and 180 days after leaving the job.
  • Lets the Justice Department sue for penalties up to $250,000 and requires officials to pay back (disgorge) profits to the U.S. Treasury.
  • Creates possible criminal penalties (up to 5 years in prison) for knowing violations tied to big public losses, personal gain, bribery, or insider trading, and also allows harmed investors to sue.
Criminal JusticeCryptocurrencyConsumer ProtectionCivil Rights

Milestones

2 milestones3 actions
Feb 27, 2025House

Referred to the Committee on Oversight and Government Reform, and in addition to the Committees on the Judiciary, and House Administration, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Feb 27, 2025

Introduced in House

Feb 27, 2025

Sponsor introductory remarks on measure. (CR H893)

What Happens Next

Projected impacts based on AI analysis

On the law’s effective date (the bill does not list a delayed start)

If enacted, covered officials and certain senior federal leaders must stop issuing, sponsoring, or promoting covered assets for personal gain

A President, Vice President, Members of Congress, and many senior officials (and their spouses/dependent kids) would need to avoid launching or hyping crypto tokens/NFTs or other covered products tied to personal profit

For each person, starting on the date 180 days before they enter covered service

A 180-day “lookback” window applies to new covered officials and adjacent individuals

If someone takes a covered role, conduct in the 6 months before they started could still trigger penalties if it involved prohibited promotion/issuance for personal gain

For each person, during the 180 days after they leave covered service

A 180-day “cooling-off” window applies after leaving covered service

Former covered officials and certain senior leaders would still be restricted for 6 months after leaving, limiting quick post-job launches or endorsements of tokens or other covered assets for profit

After enactment, as cases are investigated and filed

Justice Department can start bringing civil cases and seeking penalties and profit paybacks

If the government believes an official broke the rule, it could sue in federal court to collect up to $250,000 and require profits be paid back to the Treasury

After enactment, when a plaintiff can allege harm and file in federal court

Private lawsuits become an option for investors, competitors, or others claiming harm

People who say they were harmed by a prohibited promotion could ask a federal court to stop the conduct and potentially seek money damages, even if an asset contract tries to block lawsuits

After enactment, in the most serious cases following investigation

Criminal cases can be brought when certain thresholds and “knowing” behavior are proven

If a violation is knowing and leads to $1,000,000+ in public losses or the official benefited financially, prosecutors could seek criminal penalties, including prison time up to 5 years

Related News

1 article
Axios·about 1 year ago

Dem takes aim at "modern emoluments"

Freshman lawmaker Sam Liccardo (D-Calif.) introduced the MEME Act to prohibit the president, VP, and members of Congress from cashing in on digital assets. The bill targets the 'financial exploitation' of the public through assets like the $TRUMP meme coin launched just before the inauguration.

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Source Information

Document Type

Congressional Bill

Official Title

MEME Act

Bill NumberHR 1712
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the Committee on Oversight and Government Reform, and in addition to the Committees on the Judiciary, and House Administration, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sponsor

Cosponsors

(33)
D: 33

Analysis generated by AI. While we strive for accuracy, this should not be considered legal or professional advice. Always verify information with official government sources.