#MEMEAct The MEME Act, or Modern Emoluments and Malfeasance Enforcement Act, is a proposed legislation aimed at preventing government officials from profiting off digital assets like meme coins. Here's what you need to know:

- *Purpose*: The bill seeks to prohibit the President, Vice President, Members of Congress, and senior Executive Branch officials from issuing, sponsoring, or endorsing digital assets, and from engaging in promotional activities that could benefit them financially.

- *Background*: The legislation was introduced in response to former President Donald Trump's $TRUMP meme coin, which generated over $100 million in trading fees for Trump and his family. Critics argue that this creates a pay-to-play system, allowing wealthy individuals and foreign oligarchs to secretly purchase the coin and enrich the President.

- *Key Provisions*:

- *Prohibited Activities*: Government officials would be barred from issuing, sponsoring, or endorsing digital assets, and from promoting or engaging in activities that could benefit them financially.

- *Penalties*: Violators would face criminal and civil penalties.

- *Disclosure*: The bill aims to increase transparency and prevent corruption by restricting government officials' involvement in digital assets.

- *Supporters*: Senators Chris Murphy and Representative Sam Liccardo have introduced the bill, citing concerns about corruption and the need for accountability.

- *Status*: The bill has been introduced in Congress, and its progress can be tracked on (link unavailable) under H.R. 1712.