#MEMEAct

The #MEMEAct refers to two different proposed concepts:

Legislative Proposal

The Modern Emoluments and Malfeasance Enforcement (MEME) Act is a bill introduced by US Senator Chris Murphy to prohibit government officials, including the President, Vice President, and Congress members, from launching, promoting, or profiting from digital assets like cryptocurrencies and meme coins. This aims to prevent conflicts of interest and unethical financial gains.

*Key Provisions:*

- *Prohibited Activities*: Government officials and their families can't issue, sponsor, or endorse digital assets.

- *Penalties*: Violators face civil and criminal penalties, with retroactive effect.

- *Targeted Individuals*: The bill specifically targets government officials, including the President and their spouses and dependent children.¹

Cryptocurrency Token

MEMEACT is also a meme-themed cryptocurrency token on the Solana blockchain, with a market cap of approximately $2,890 and a circulating supply of around 997 million tokens.

*Token Details:*

- *Network*: Solana

- *Market Cap*: $2,890

- *Circulating Supply*: 997 million tokens

- *Number of Holders*: 120

Other Interpretations

Some sources mention the MEME Act as a proposed tax reform bill aimed at supporting small businesses and startups by adjusting how certain early-stage investments are taxed. However, this seems to be a different context.