California Governor Gavin Newsom signs AB 2409, a law that bans state public officials from issuing memecoins—cryptocurrencies tied to internet jokes, viral trends, or public figures rather than specific use cases.
The bill is signed as part of a broader anti-corruption and consumer-protection package. Other measures included in the same signing event set rules for repaying victims of crypto scams and establish a legal process to seize cryptocurrency tied to transnational criminal networks.
Newsom’s office frames the announcement in political terms, describing it as “the opposite of Trump,” and points to the viral $TRUMP token as an example of alleged self-dealing. One outlet notes that it is unclear whether the ban applies to memecoins already in existence, including $TRUMP. It also cites reported market volatility for the token and references figures from Nansen and Trump’s financial disclosure.
No immediate response is reported from Trump’s office to a request for comment. Newsom’s term ends in January, and he is described as a potential future presidential candidate.
