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Congress·In Committee·10 months ago

New Bill Targets Government Officials Who Profit from Promoting Crypto, NFTs, and Stocks

Also known as: MEME Act

Legislative Progress

✓ Filed
Review
Senate
House
President

Impact Analysis

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

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.
Economy FinanceCriminal JusticeTechnology Digital

Milestones

2 milestones2 actions
May 6, 2025Senate

Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

May 6, 2025

Introduced in Senate

Related News

3 articles
Fast Company·about 1 year ago

This 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.

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Forbes·11 months ago

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.

C~
VitalLaw·8 months ago

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.

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Source Information

Document Type

Congressional Bill

Official Title

MEME Act

Bill NumberS 1620
Congress119th Congress
ChamberSenate
Latest ActionRead twice and referred to the Committee on Homeland Security and Governmental Affairs.

Sponsor

Cosponsors

(3)
D: 3

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.