California legislation prohibits public officials from issuing Meme coins, and Governor Newson criticizes Trump's personal Meme coin TRUMP by name.
On September 28, California Governor Newsom signed a number of bills on September 27, including: prohibiting California public officials from issuing Meme coins, and prohibiting the use of Meme coins in the image of public officials on trading platforms; cracking down on cryptocurrency fraud and money laundering, and establishing Victim recovery mechanism; clarify the procedures for confiscation of encrypted assets of transnational criminal networks.
In his signing statement, Newson criticized Trump's personal Meme coin TRUMP issued in 2025, saying that nearly 1 million buyers lost more than $3 billion, while Trump himself made a profit of about $636 million.
On September 28, California Governor Newsom signed a number of bills on September 27, including: prohibiting California public officials from issuing Meme coins, and prohibiting the use of Meme coins in the image of public officials on trading platforms; cracking down on cryptocurrency fraud and money laundering, and establishing Victim recovery mechanism; clarify the procedures for confiscation of encrypted assets of transnational criminal networks.
In his signing statement, Newson criticized Trump's personal Meme coin TRUMP issued in 2025, saying that nearly 1 million buyers lost more than $3 billion, while Trump himself made a profit of about $636 million.