The Modern Emoluments and Malfeasance Enforcement Act, or MEME Act, aims to prevent federally elected officials and high-ranking government employees from using their public positions for private financial gain. Congress states that the issuance, sponsorship, or promotion of financial instruments by public office holders deprives the public of honest services, facilitates bribery, and can lead to exploitation and corrupt foreign influence. The bill defines a "prohibited financial transaction" as the issuance, sponsorship, or promotion of a "covered asset" for pecuniary gain. Covered assets include a broad range of financial instruments such as securities, commodities, digital assets like cryptocurrency and non-fungible tokens (NFTs), and their derivatives. The prohibition applies to "covered individuals," including the President, Vice President, public officials, and their spouses and dependent children, as well as "adjacent individuals" like Senior Executive Service members and high-ranking military officers and their families. These individuals are barred from engaging in or benefiting from such transactions during their term of service, 180 days before, and 180 days after their service. The Act establishes both civil and criminal penalties for violations. Civil penalties, enforceable by the Attorney General, include monetary fines up to $250,000 and the disgorgement of all profits from unlawful activity to the U.S. Treasury. For criminal violations, individuals who knowingly cause significant aggregate loss or benefit financially can face fines or up to 5 years imprisonment, with more severe penalties, including up to 15 years imprisonment and disqualification from office, if the violation involves bribery or insider trading. Crucially, any conduct related to a prohibited financial transaction is deemed an unofficial act, removing any claims of official immunity.