Newsom Signs California Memecoin Ban for Officials

California Gov. Gavin Newsom signed AB 2409, barring state officials from issuing memecoins, part of an 11-bill anti-corruption package. He framed it as a rebuke of President Trump's $TRUMP token, which peaked at a $14 billion market cap before crashing, costing 988,905 buyers $3.81 billion while Trump earned $636 million in royalties. Platforms cannot list official-linked tokens issued after January 1, 2027.