California Bans Public Officials from Issuing Memecoins

California has passed a new law banning public officials from issuing memecoins. Governor Gavin Newsom signed Assembly Bill 2409 into law on Sunday, as part of a series of bills focused on crypto assets.

The bill aims to prevent government officials from profiting from memecoin ventures, citing the example of President Trump's TRUMP memecoin. Newsom mentioned that almost a million people have lost over $3 billion from the token, while the president made around $636 million in profit.

Newsom said: 'While the scam that is Donald Trump continues to hurt American families, California is fighting to make our economy work for people, not the powerful. No official should profit off their office.'