California Governor Newsom Signs Bill Banning Public Officials From Issuing Memecoins

California Governor Gavin Newsom signed Assembly Bill 2409, which prohibits state public officials from launching memecoins. The legislation also bars crypto service providers from selling memecoins associated with public officials to California residents, effective for tokens issued on or after January 1, 2027. Newsom criticized President Donald Trump, who launched an 'Official Trump' memecoin in early 2025. Financial disclosures show the president earned $635 million in royalties from the asset, while Nansen data indicates nearly 1 million investors lost $3.81 billion on the token by the end of June.