#MEMEAct A proposed piece of legislation, dubbed the Modern Emoluments and Malfeasance Enforcement Act, or the MEME Act (H.R.1712), has been introduced in the U.S. House of Representatives during the 119th Congress (2025-2026). The act takes aim at preventing federal elected officials from using their public position for personal financial enrichment, particularly through the promotion or involvement in certain financial instruments, including digital assets like cryptocurrencies and meme coins.

The core principle behind the MEME Act is the belief that public office is a trust, and officials should not engage in activities that could be construed as profiting from their position, facilitating bribery, or leading to public exploitation and foreign influence.

Key provisions of the proposed act include:

* Prohibition on Prohibited Financial Transactions: The act seeks to ban covered individuals (federal elected officials and potentially those closely associated with them) from engaging in or benefiting from certain financial transactions during their term of service.

* Definition of Covered Assets: The legislation specifically includes digital assets such as cryptocurrencies, meme coins, tokens, and non-fungible tokens (NFTs) within the scope of prohibited financial instruments if they can be sold for remuneration.

* Addressing Continuing Conduct: Any action intended to encourage the sale of a covered asset, including advertisement, promotion, solicitation, marketing, or endorsement, would be considered a violation.

* Civil Penalties and Disgorgement: The act proposes civil penalties for violations and requires covered individuals to return any profits derived from prohibited financial transactions or holdings to the U.S. Treasury.

* "Unofficial Act" Designation: For the purposes of civil liability immunity, any conduct related to a prohibited financial transaction under this act would be deemed an "unofficial act" and outside the scope of official duties