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California Governor Gavin Newsom signed a bill on Sunday that bans state public officials from launching memecoins.<\/p>\n
In addition to the ban on state officials, California Assembly Bill 2409<\/a> also prohibits crypto service providers from offering California residents the sale of any memecoin launched in association with federal, state or local public officials.<\/p>\n That second stipulation applies to memecoins issued on or after January 1, 2027.<\/p>\n Newsom, considered a prominent potential Democratic presidential candidate in 2028, targeted<\/a> President Donald Trump in a press release announcing the bill\u2019s signature.<\/p>\n \u201cWhile 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 \u2014 and we\u2019re putting stronger protections in place to ensure it doesn\u2019t happen in our state.\u201d<\/em><\/p>\n Trump controversially launched the \u201cOfficial Trump\u201d memecoin days before he took office in 2025. Financial disclosures released earlier this year indicate the president earned $635 million in royalties<\/a> from the crypto asset, which is down more than 97% from the all-time highs it set shortly after launching.<\/p>\n Nearly 1 million investors had lost $3.81 billion on the Trump memecoin by the end of June, per data the crypto analytics firm Nansen shared with The New York Times<\/a>.<\/p>\n Follow us on X<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>  <\/p>\n
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\n<\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n