$TRUMP-Style Memecoins Now Banned for California Officials
California Governor Gavin Newsom has signed into law AB 2409, which bars public officials from launching memecoins. A memecoin is a cryptocurrency built around a famous personality or internet joke rather than a specific use case.
The new law was announced with the title 'THE OPPOSITE OF TRUMP', a clear reference to former President Donald Trump's involvement with the $TRUMP memecoin. Newsom accused the Trump administration of corruption and self-dealing, stating that no official should profit off their office.
The law targets future officials from launching coins like $TRUMP, which was launched three days before Trump's inauguration in 2025. The price skyrocketed to $75 within a day or two, but then fell just as quickly, leaving small holders with losses totaling $3.81 billion.