President Donald Trump has made millions from memecoins, but politicians in California don’t have that chance anymore.
On Sunday, California’s Governor Gavin Newsom signed a law that bans the state’s public officials from issuing memecoins, or cryptocurrencies representing a famous personality, internet joke or viral trend rather than a specific use case.
The measure, AB 2409, was signed along with 10 other bills on corruption and consumer protection. Others set rules for paying back crypto scam victims and creating a legal process to seize crypto from transnational criminal networks.
Newsom’s office titled the announcement “THE OPPOSITE OF TRUMP,” accusing the Trump administration of corruption and self-dealing, including through the viral $TRUMP memecoin.