MEME Act

The "Modern Emoluments and Malfeasance Enforcement Act," or MEME Act , aims to prevent federal elected officials and certain high-ranking government personnel from leveraging their public positions for personal financial enrichment. It establishes a prohibition on the issuance, sponsorship, or promotion of specific financial instruments, termed "covered assets," for pecuniary gain. These covered assets encompass a broad range, including traditional securities and commodities , as well as modern digital assets like cryptocurrencies, meme coins, tokens, and non-fungible tokens, along with their derivatives. The prohibition applies to "covered individuals," such as the President, Vice President, public officials, and their spouses or dependent children, as well as "adjacent individuals" like senior executive service employees and high-ranking military officers, and their families. This restriction is active during their term of service, for 180 days prior to commencing service, and for 180 days after termination of service. Violations can lead to substantial civil penalties up to $250,000, mandatory disgorgement of profits to the U.S. Treasury, and potential criminal charges , including imprisonment for up to five years for significant losses or benefits. Furthermore, the bill creates a private right of action , allowing harmed investors or competitors to seek equitable or monetary relief.