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California Governor Gavin Newsom has signed legislation barring public officials in the state from issuing memecoins, adding new restrictions aimed at preventing officials from financially benefiting from their public positions.
The measure, Assembly Bill 2409, was signed Sunday as part of a broader package covering government accountability, cryptocurrency fraud and consumer protection. California’s official announcement says the law also prevents companies from listing memecoins that use the likeness or image of a public official.
Memecoins are cryptocurrencies typically associated with internet trends, jokes, celebrities or public figures rather than a specific utility. Their prices are often driven heavily by speculation and online attention.
Newsom’s office contrasted the legislation with President Donald Trump’s involvement in the $TRUMP memecoin, accusing the administration of conflicts of interest and self-dealing. The governor said public officials should not be able to profit from holding office. The characterization reflects Newsom’s stated position; the White House did not immediately respond to CoinDesk’s request for comment.
Trump launched $TRUMP shortly before his 2025 inauguration. The token surged from below $1 to around $75 during an initial trading frenzy, briefly reaching a market capitalization of approximately $14 billion before falling sharply.
According to Nansen data cited in the original report, 988,905 buyers collectively lost about $3.81 billion. Trump’s financial disclosure reported $636 million in royalties connected to the token, while Trump Organization affiliates reportedly control about 80% of its supply. The token was trading near $2.03 at the time of reporting.
It remains unclear from the announcement how AB 2409 will apply to memecoins that were already circulating before the law was signed.
California also approved measures establishing guidelines for restitution to victims of cryptocurrency scams and creating a legal framework for authorities to seize digital assets linked to transnational criminal networks.
