California is banning public officials from making memecoins
The state has enacted several new rules around cryptocurrencies.
Legislative Details
California Governor Gavin Newsom has signed legislation aimed at restricting how elected leaders can leverage crypto for personal gain. The state's public officials are not permitted to issue memecoins, a form of cryptocurrency based on online jokes, trends or celebrities. The governor's office pointed to reports regarding investor losses from political memecoins as motivation behind the new rule.
No official should profit off their office, and stronger protections are being put in place to ensure it does not happen in the state, according to Newsom. The bill also prohibits a company, related or not, from making a memecoin using the likeness or image of a public official.
Related Crypto Policies
Additional legislative actions created official processes for helping crypto fraud victims recoup funds and codified an approach for seizing digital assets from transnational criminal networks.
