California Officials Blocked from Issuing Meme Coins
California Governor Gavin Newsom has signed legislation that bars state and local public officials from issuing meme coins. The bill, which was passed unanimously in both the California Senate (40-0) and Assembly (78-0), defines a 'public officer' as any elected or appointed official, member of the Legislature, or member of government boards, commissions, and committees.
The law applies to digital assets associated with internet memes, public figures, celebrities, fictional characters, current events, online humor, and other categories. However, it's essential to note that tokens like Dogecoin are not outlawed by this legislation.
The bill aims to prevent potential conflicts of interest, 'pay-to-play' arrangements, and foreign influence by restricting government officials from issuing meme coins. The law provides civil enforcement, allowing the California attorney general to seek an injunction and request disgorgement of potentially ill-gotten money.