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California Bans Memecoins, Targets Trump's Coin

Guavy AI Editorial Team
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MEME TRUMP TRU
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California has become the first state in the US to ban certain types of memecoins. Governor Gavin Newsom signed a law that prohibits public officials from issuing cryptocurrencies representing famous personalities, internet jokes, or viral trends.

The move follows US President Donald Trump's launch of his own memecoin, $TRUMP, just three days before his 2025 inauguration. The price surged from less than $1 to $75 in a single day, only to drop sharply and result in losses of over $3.81 billion for its holders.

Newsom's office has accused Trump of self-dealing with the TRUMP coin, which is listed as generating $636 million in royalties according to his financial disclosure.

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