California Slams Door on Meme Coins in Bold Move Against Trump
California Governor Gavin Newsom has signed a new bill into law that prohibits public officials from issuing meme coins in the state. The move is seen as a direct response to President Donald Trump's launch of his own meme coin, Official Trump (TRUMP), earlier this year.
The bill, Assembly Bill 2409, restricts California's public officials from creating and listing meme coins that use their likeness or image. It also aims to protect crypto consumers by holding bad actors accountable and recovering money for victims.
Newsom criticized Trump's crypto ventures, calling them a 'scam' that hurts American families. He framed the new bill as 'The Opposite of Trump,' highlighting California's commitment to making its economy work for people, not the powerful.
The Official Trump meme coin reached an all-time high of $73.43 on January 19, 2025, but is currently trading at just $2.02, a decline of over 97%.