Newsom Blocks Meme Coins, Targets Trump's Cryptocurrency Empire

California Governor Gavin Newsom has signed legislation to protect consumers from cryptocurrency scams and hold officials accountable. The new laws prohibit public officials from issuing meme coins, including those that use their likeness or image. This move is seen as a direct response to President Donald Trump's involvement with the Official Trump (CRYPTO: TRUMP) memecoin.

The legislation targets fraud and money laundering by setting clear rules for compensating victims of cryptocurrency crimes. It also establishes a legal process for seizing cryptocurrency assets from 'transnational criminal networks.'

Newsom stated, '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.' He emphasized that no official should profit off their office.