Newsom Cracks Down on Politician Meme Coins in California

California Governor Gavin Newsom has signed new legislation to prevent state officials from launching meme coins. This move is aimed at blocking politicians from profiting off their offices, a practice that has been criticized in the past.

The bill also targets crypto fraud and money laundering by establishing a legal process for seizing assets from transnational criminal networks.

President Donald Trump and his family have been accused of using meme coins to profit off the crypto industry. Last year, Trump launched a coin that reportedly caused nearly a million investors to lose $3.8 billion.

Newsom stated that 'no official should profit off their office' and that this legislation is necessary to prevent such practices in California.