#MEMEAct Law Against Abuse.

Democratic Senator Chris Murphy introduced this law on May 6, aiming to block federal officials from using their positions to profit from meme coins.

If passed, the law will prohibit the President, Vice President, members of Congress, high-ranking executive officials, their spouses, and children from issuing, sponsoring, or promoting securities, futures, commodities, or digital assets.

Violators face civil penalties of up to $250,000 and a requirement to turn over all profits to the U.S. Treasury. Criminal penalties may also apply, including fines and imprisonment for up to five years.

However, support from Republicans, who control both chambers of Congress, is needed for the legislation to pass.