California Bans Public Officials From Issuing Meme Coins Under New Newsom Law
California Gov. Gavin Newsom signed AB 2409, a law that bars California public officers and employees from issuing meme coins and limits exchanges from listing certain meme coins issued on or after Jan. 1, 2027, if they are offered by or tied to federal, state, or local public officials. The measure does not ban meme coins generally; it targets tokens connected to public officials and creates obligations for platforms serving California residents. California’s attorney general, district attorneys, city attorneys, and county counsels can enforce the law through civil actions, including injunctions and disgorgement. The bill reflects growing concern over politicians profiting from crypto assets, especially amid scrutiny of Donald Trump and his family’s crypto ventures. Newsom’s office explicitly linked the law to Trump’s meme coin activity.
