Newsom Signs Memecoin Ban for California Officials, Targets Trump Token

California Governor Gavin Newsom has signed a measure banning public officials in the state from issuing memecoins. The move is seen as a swipe at former President Donald Trump, who launched his own TRUMP token just before taking office in 2025. According to data from Nansen, approximately 989,000 buyers lost a total of $3.81 billion due to the token's volatility.

The measure, AB 2409, is part of a package aimed at fighting corruption and protecting consumers. It also includes rules for reimbursing victims of crypto scams and procedures for seizing crypto assets linked to international criminal networks.

Newsom's office published an announcement headlined 'The Exact Opposite of Trump', accusing the Trump administration of conflicts of interest and corruption.