California bans public officials from issuing memecoins

Governor Gavin Newsom signed legislation barring California's elected officials from issuing memecoins or using an official's likeness in crypto tokens. The move follows reports that about a million investors lost an alleged $3.8 billion on President Trump's 2025 memecoin. The state also set up processes to help crypto fraud victims recover funds and to seize crypto assets from criminal networks.

• California officials are barred from issuing memecoins
• Companies cannot create tokens using an official's likeness
• Trigger: ~$3.8B in losses for a million investors in Trump's memecoin
• New processes help fraud victims recover funds and seize criminal crypto