California Governor Gavin Newsom signed legislation barring public officials from issuing memecoins and prohibiting companies from using officials' likenesses in such coins. The rules were motivated by reports of roughly one million investors losing an alleged $3.8 billion on a 2025 presidential memecoin.
Public officials are prohibited from issuing memecoins, which are cryptocurrencies based on online jokes, trends or celebrities.
The bill also prohibits any company from creating a memecoin that uses the likeness or image of a public official.
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