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President Donald Trump has made millions from memecoins, but politicians in California don’t have that chance anymore.
On Sunday, California’s Governor Gavin Newsom signed a law that bans the state’s public officials from issuing memecoins, or cryptocurrencies representing a famous personality, internet joke or viral trend rather than a specific use case.
The measure, AB 2409, was signed along with 10 other bills on corruption and consumer protection. Others set rules for paying back crypto scam victims and creating a legal process to seize crypto from transnational criminal networks.
Newsom’s office titled the announcement “THE OPPOSITE OF $TRUMP,” accusing the Trump administration of corruption and self-dealing, including through the viral $TRUMP memecoin.
“While the scam that is Donald Trump continues to hurt American families, California is fighting to make our economy work for people, not the powerful. 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 in the press release.
Trump’s office did not immediately respond to CoinDesk’s request for a comment.
It’s unclear whether the ban covers meme tokens already in existence, such as $TRUMP.
