California Bans Elected Officials From Issuing Memecoins

California Gov. Gavin Newsom signed Assembly Bill 2409, barring public officials from issuing memecoins — crypto tokens driven by hype rather than utility. The law blocks elected leaders from using crypto for personal gain. His office pointed to reports that about a million investors lost an alleged $3.8 billion on President Donald Trump's 2025 memecoin.