New Bill Targets Government Officials Who Profit from Promoting Crypto, NFTs, and Stocks
Stalled
No legislative action in over 90 days.
Senior Executive Service employees and their spouses and dependent children would be classified as 'adjacent individuals' under the bill. They would be prohibited from issuing, sponsoring, or promoting securities, commodities, or digital assets for personal profit during their service and for 180 days before and after. Violations could result in civil penalties up to $250,000, disgorgement of profits, and criminal penalties including up to 5 or 15 years in prison depending on the severity.
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
Rep. Sam Liccardo introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act to block the president and other senior officials from issuing or sponsoring cryptocurrencies like meme coins, following controversy over President Trump's digital asset launch.
The article explores the ethical minefield of presidential crypto ventures, highlighting Rep. Sam Liccardo's MEME Act as a legislative response to prevent federal officials from leveraging their public office for personal financial gain through digital assets.
The MEME Act is part of a wave of proposed legislation, including the COIN Act and the End Crypto Corruption Act, aimed at restricting digital asset activities and requiring financial disclosures for senior government officials and their families.
Document Type
Congressional Bill
Official Title
MEME Act
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