California Governor Newsom bans public officials from creating memecoins
California Governor Gavin Newsom has signed legislation prohibiting state public officials from issuing memecoins or profiting from their office.
New rules restrict official crypto activity
The governor signed a bill that stops elected leaders from using cryptocurrency for personal gain. Officials are also barred from creating tokens based on online jokes or trends. A company cannot use an official's likeness to issue such digital currency.
Legislation cites past investor losses
The governor's office noted reports of millions losing money on a specific token released by President Donald Trump in 2025. This event motivated the creation of stronger protections against officials profiting from their positions. The state aims to ensure no leader benefits financially from their public role.
Broader crypto fraud measures included
The new laws also create processes for victims to recover stolen funds. Officials can now seize assets linked to transnational criminal networks involving digital currency. These actions are part of a wider set of recent health and consumer protection policies.
Reported by one outlet
Only one outlet has published this. Nothing here has been checked against a second report, so read it as that outlet's account and follow the link below for the original.
Reported by
1 independent outlet. Headline as published. Links open the original report.