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119-s-1620119th CongressWALLET

MEME Act

Sponsored By: Senator Murphy, Christopher [D-CT]

Introduced

Summary

Would bar public office holders from using their office to profit by issuing or promoting financial assets. The MEME Act would define which people and which assets are covered and would set civil and criminal penalties to deter that behavior.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 2 costs, 0 mixed.

New asset promotion ban for officials

If enacted, covered officials could not issue, sponsor, or promote certain assets for money. Covered assets would include stocks, commodities, and digital assets like cryptocurrency, meme coins, tokens, and NFTs. The ban would apply while serving and during the 180 days before and after service. Spouses and dependent children of those officials would also be covered.

New penalties and enforcement for officials

If enacted, the Attorney General could sue covered or adjacent individuals in federal court. Knowing violations could bring a civil fine up to $250,000 and require disgorgement of profits to the U.S. Treasury. A knowing violation that causes $1,000,000 or more in losses could be a crime punishable by fines or up to 5 years in prison. Bribery or insider trading tied to these violations could bring fines up to three times any financial gain. Those crimes could also bring up to 15 years in prison and possible disqualification from federal office. Conduct tied to a prohibited financial transaction would not count as an official act for immunity.

Sponsors & CoSponsors

Sponsor

Murphy, Christopher [D-CT]

CT • D

Cosponsors

  • Sen. Blumenthal, Richard [D-CT]

    CT • D

    Sponsored 5/14/2025

  • Sen. Warren, Elizabeth [D-MA]

    MA • D

    Sponsored 6/2/2025

  • Sen. Peters, Gary C. [D-MI]

    MI • D

    Sponsored 6/2/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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