#MEMEAct

#MEMEAct refers to the Modern Emoluments and Malfeasance Enforcement Act (H.R. 1712), introduced on February 27, 2025, by Representative Sam Liccardo (D-CA) in the House and Senator Chris Murphy (D-CT) in the Senate. The bill aims to prevent federal officials, including the President, Vice President, Congress members, senior executive branch officials, and their families, from issuing, sponsoring, or promoting digital assets like meme coins, cryptocurrencies, or NFTs for personal gain. Sparked by concerns over President Trump’s $TRUMP meme coin, which allegedly netted over $100 million in trading fees, the Act imposes civil penalties up to $250,000, criminal penalties including up to five years imprisonment, and profit disgorgement. It also allows private investors to sue for losses. With a Republican-controlled Congress, passage is unlikely (4% chance per GovTrack), facing criticism for potentially stifling crypto innovation.‽web:2,8,12,14 ‽post:0,1,5,6