NO PROFIT Act

The NO PROFIT Act prohibits social media platforms from selling or offering prioritized access to posts made by government officials, their family members, or federal agencies. This law aims to prevent unfair advantages in financial markets by banning the early access to material information that could influence investment decisions. Under the bill, it is also illegal for individuals to trade stocks, commodities, or futures while in possession of such non-public information obtained through these exclusive channels. Violations by social media companies can result in civil penalties equal to the revenue earned from the prohibited access, while financial regulators are tasked with creating specific rules to enforce these provisions within 180 days.