California Legislation Bans Public Officials from Issuing Memecoins, Multiple Consumer Protection Bills Take Effect Simultaneously

According to the official website of the Governor of California, Governor Gavin Newsom signed multiple bills on September 27, with core measures including: banning California public officials from issuing meme coins and prohibiting exchanges from listing meme coins that feature the likeness of public officials; cracking down on cryptocurrency fraud and money laundering while establishing victim recovery mechanisms; and clarifying procedures for the forfeiture of cryptocurrency assets linked to transnational criminal networks. Additionally, the legislation encompasses consumer protection clauses regarding performance ticket refund guarantees, bans on the resale of restaurant reservations, and enhanced consumer data privacy. In his signing statement, Newsom explicitly criticized Trump’s 2025 personal meme coin, stating that nearly 1 million purchasers have suffered cumulative losses exceeding $3 billion, while Trump himself has profited approximately $636 million.