Crypto
Newsom Signs Law Barring California Officials From Issuing Memecoins
California Governor Gavin Newsom signed legislation on Sunday to bar public officials in the state from issuing memecoins, according to CoinDesk. The measure, Assembly Bill 2409, was one of 11 bills he signed as part of a package his office titled 'The Opposite of Trump'.
The law responds to President Donald Trump's own memecoin, which officials say cost buyers billions of dollars while Trump himself profited.
According to the governor's office, nearly 1 million people who bought Trump's coin lost more than $3 billion. Trump walked away with a profit of roughly $636 million.
AB 2409 defines a memecoin as a cryptocurrency built around an internet joke, celebrity or trend, with its value driven by hype rather than a business or practical use.