Newsom Cracks Down on Meme Coin Corruption in California

California Governor Gavin Newsom has signed a series of bills aimed at cracking down on corruption among public officials, including those involved in issuing 'meme coins.' These are cryptocurrencies built around internet trends or celebrity names, often driven by hype and speculation rather than practical use. The move comes as the Trump administration faces criticism for its handling of meme coins, particularly one launched by Donald Trump himself.

According to a statement from Newsom's office, the bills signed into law will prevent California public officials from issuing meme coins and prohibit companies from listing them if they use the likeness or image of a public official. The legislation also targets crypto fraud and money laundering, establishing clear guidelines for restitution to victims of these crimes.

The measures are part of Newsom's efforts to increase accountability among public officials and protect consumers. Since taking office in 2019, he has worked with the legislature to implement various reforms, including setting default contribution limits for city and county candidates and requiring public officials to disclose cryptocurrency assets.