The **MEME Act** (Modern Emoluments and Malfeasance Enforcement Act) is a proposed U.S. legislation aimed at preventing federal officials, including the President, Vice President, Members of Congress, and their families, from issuing, promoting, or financially benefiting from meme coins or other digital assets, securities, or commodities. Here’s a detailed breakdown:
### Key Provisions of the MEME Act:
1. **Prohibition on Issuance and Promotion**: The bill bars federal officials and their immediate family members from creating, sponsoring, or endorsing meme coins, securities, or other financial assets. It also prohibits them from engaging in promotional activities that could lead to personal financial gain after an asset's launch .
2. **Targeting Corruption and Insider Trading**: The act addresses concerns about public officials exploiting their positions for profit, particularly citing examples like former President Donald Trump’s $TRUMP meme coin, which allegedly led to significant losses for retail investors while benefiting insiders and foreign entities .
3. **Penalties for Violations**: Violators would face criminal and civil penalties, including restrictions on profiting from assets issued before the bill’s enactment .
4. **Ethical and Constitutional Concerns**: The legislation reinforces the Constitution’s Emoluments Clause by closing loopholes that allow officials to receive indirect financial benefits, such as through cryptocurrency schemes involving foreign investors .
5. **Bipartisan Support**: Introduced by Sen. Chris Murphy (D-Conn.) in the Senate and Rep. Sam Liccardo (D-Calif.) in the House, the bill has garnered support from over a dozen representatives. Liccardo, a former prosecutor, framed it as a bipartisan effort to “make corruption criminal again” .
### Context and Controversy:
- The bill follows controversies like Trump’s $TRUMP coin, which lost 80% of its value after launch, and similar schemes abroad (e.g., Argentina’s $LIBRA coin) that harmed retail investors .
- Critics argue such actions undermine trust in cryptocurrencies, with industry figures like CoinCorner’s CEO calling Trump’s coin a “stunt” .
- Rep. Maxine Waters (D-Calif.) has also opposed Trump’s crypto initiatives, planning a “shadow hearing” to investigate his involvement .
For further details, refer to the [full text of the MEME Act proposal](https://liccardo.house.gov/media/press-releases/congressman-and-former-federal-prosecutor-sam-liccardo-introduces-bill) or [news coverage](https://abc3340.com/news/nation-world/dem-senator-introduces-meme-act-to-bar-president-congress-from-launching-meme-coins).
