California Is Banning Public Officials From Making Memecoins

California Gov. Gavin Newsom has signed AB 2409, barring California public officials from issuing memecoins and prohibiting companies from listing memecoins that use a public official's image or likeness. Engadget reports: The governor's office pointed to reports that about a million investors lost an alleged $3.8 billion on their purchases of the memecoin released by President Donald Trump in 2025 as a the motivation behind the new rule. "No official should profit off their office -- and we're putting stronger protections in place to ensure it doesn't happen in our state," Newsom said. The bill also prohibits a company, related or not, from making a memecoin using "the likeness or image" of a public official.

Read more of this story at Slashdot.