MEME Act
New Bill Targets Government Officials Who Profit from Promoting Crypto, NFTs, and Stocks
Stalled
No legislative action in over 90 days.
Legislative Progress
Key Points
- This bill, introduced in the Senate, would stop top government leaders from using their fame or power to sell or promote financial products like cryptocurrency, "meme coins," and NFTs for personal profit.
- The rules would apply to the President, Vice President, members of Congress, high-ranking military leaders, and senior government employees, as well as their spouses and children.
- Officials would be banned from these activities while they are in office, plus six months before they start their jobs and six months after they leave.
- If an official breaks these rules, they could face civil fines up to $250,000 and be forced to give back any money they made.
- Serious violations involving bribery, insider trading, or causing over $1 million in losses to the public could lead to up to 15 years in prison and a lifetime ban from holding federal office.
- The bill makes it clear that promoting these investments is not part of a leader's official job, meaning they cannot claim legal immunity to avoid being sued or prosecuted for it.
Impact Analysis
Personal Impact
Life & Work
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.
Activities
Milestones
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.
Votes
No votes have been recorded for this legislation yet.
Related News
3 articlesThis new bill aims to make presidential meme coins illegal
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.
Trump’s Crypto Coins Test SEC Ethics And U.S. Regulatory Integrity
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.
Senate Dems introduce new bill to restrict crypto activities by government officials
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.
Source Information
Document Type
Congressional Bill
Official Title
MEME Act
Data Sources
Sponsor
Cosponsors
(3)Analysis generated by AI. Always verify with official sources.