California Is Banning Public Officials From Making Memecoins
The state has enacted several new rules around cryptocurrencies.
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California Governor Gavin Newsom has signed legislation aimed at restricting how elected leaders can leverage crypto for personal gain. The state's public officials are not permitted to issue memecoins, a form of cryptocurrency based on online jokes, trends or celebrities. The governor's office pointed to reports that about a million investors lost an alleged $3.8 billion on their purchases of the memecoin released by President Donald Trump in 2025 as a the motivation behind the new rule.
"No official should profit off their office — and we're putting stronger protections in place to ensure it doesn't happen in our state," Newsom said. The bill also prohibits a company, related or not, from making a memecoin using "the likeness or image" of a public official.
The governor's other recent legislative actions created official processes for helping crypto fraud victims...
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