Newsom Signs Legislation to Combat Corruption and Protect Consumers from Meme Coins
California Governor Gavin Newsom has signed new legislation to combat corruption by public officials and protect consumers. The move comes as the Trump administration faces criticism for its handling of a meme coin launched in 2025, which has lost nearly $3 billion for its investors.
The legislation aims to prevent public officials from issuing meme coins and prohibit companies from listing any meme coins that use the likeness or image of a public official. This is part of California's efforts to combat government fraud, waste, and abuse.
According to Governor Newsom, 'No official should profit off their office, and we're putting stronger protections in place to ensure it doesn't happen in our state.' The legislation also targets crypto fraud and money laundering, helping people get their money back if they were a victim of a crypto crime.