S.Amdt. 2259

The amendment is known as the MEME Act, or the Modern Emoluments and Malfeasance Enforcement Act. Its main purpose is to stop elected and high-ranking public officials from using their trusted positions for private financial gain.

The amendment aims to add new rules that ban certain public officials, including the President, the Vice President, Members of Congress, and specific high-level executive and military personnel—as well as their spouses and dependent children—from issuing, sponsoring, or promoting financial assets like securities, commodities, and digital assets such as cryptocurrencies, meme coins, tokens, and non-fungible tokens for financial gain.

• It bans these prohibited financial transactions during an official's term in office, as well as during the 180-day period before they start service and the 180-day period after their service ends.
• It sets up civil penalties, allowing the Attorney General to bring a civil action against violators, resulting in a monetary penalty of up to $250,000 and the requirement to return any profits to the United States Treasury.
• It establishes criminal penalties for violations tied to causing financial losses, taking bribes, or committing insider trading, which can include fines, disqualification from holding public office, and imprisonment for up to 15 years.
• It explicitly states that any conduct related to these prohibited transactions is considered an unofficial act and is not protected by official immunities.