CALIFORNIA OUTLAWS CRIME NOBODY HAD COMMITTED YET, CALLS IT 'THE OPPOSITE OF TRUMP'
AB 2409 bans state officials from launching memecoins, leaving the signing-ceremony NFT market completely untouched.
Governor Gavin Newsom signed legislation Tuesday prohibiting California public officials from issuing their own memecoins, closing what state ethics officer Priyanka Oates described as 'a dangerous loophole that exactly zero California officials had used.' Oates called this preemptive strike 'getting ahead of it,' noting the bill was inspired entirely by a token launched by a politician who does not hold office in Sacramento and never will.
The law bars officials and certain state employees from issuing memecoins and stops platforms from listing any official-linked token issued after January 1, 2027, which critics note leaves a generous two-year window and an entirely open lane for a limited-edition NFT of the Governor signing the memecoin ban. Three separate legislative staffers have reportedly registered the domain NewsomCoin.gov 'for educational purposes,' which Oates insists is 'a separate matter, and frankly very tasteful.'
Sacramento officials maintain the bill proves California is 'the opposite of' recent federal memecoin activity that generated billions in losses for everyday investors and hundreds of millions in gains for one investor in particular. Asked whether the state might someday regulate governors signing bills about not regulating governors, Oates said the office was 'drafting something,' then excused herself to mint the first 10,000 units of the commemorative pen.
