California bans politicians from issuing memes, but can this stop deals?

加州通过法案：禁止公职人员发行模因币及限制特定政治代币上架

加利福尼亚州已颁布法律，禁止其公职人员和部分政府雇员发行模因币（Meme Coins）。此外，自2027年1月1日起，针对向加州居民提供服务的数字资产服务提供商，将实施另一项限制性规定，阻止某些新发行的政治代币上架。这项新法律的核心界限在于：区分“阻止政治家发行代币”与“阻止后续所有交易”的不同法律适用场景。

立法进程与签署详情

2026年8月26日，该法案以参议院40票赞成、众议院78票赞成的全票结果获得州议会批准。2026年9月27日，加州州长加文·纽森签署了第2409号众议院法案（Assembly Bill 2409），使其正式成为法律。

法律的双重监管目标

加州新签署的政治模因币法律主要针对两个对象：

• 发行者： 指发行代币的公职人员或受涵盖的公共雇员。
• 服务平台： 指为加州居民列出并销售符合条件的代币的数字资产服务提供商。

这两者是截然不同的行为，《第2409号众议院法案》对它们采取了不同的处理方式。第一类禁令针对特定的公共服务人员；第二类禁令则针对平台，且仅适用于2027年1月1日或之后发行的代币。

Analysis of key clauses: distribution ban and listing restrictions

1. Prohibition on issuance by public officials (Section 7599.211(a))

The law stipulates that public officials or public employees are not allowed to issue memes. "Issue" is defined broadly and includes making the asset available to the public for purchase, donation, or exchange for anything of value, whether or not promoted. Even if there is no advertising campaign, as long as a distribution is initiated, it may constitute a violation. This clause does not require an official to personally benefit from it.

• Scope of public officials: Including California's state and local elected and appointed officials, as well as members of government boards, committees, advisory bodies, or other bodies.
• Scope of public employees: is narrowly defined and refers to state or local government employees who have the power to make substantive bidding and contract decisions. The bill clearly delineates boundaries and targets only employees with procurement powers, not all civil servants.

2. Listing restrictions for digital asset service providers (Section 7599.211(b))

This clause prohibits digital asset service providers from selling on behalf of California residents, or listing memes for purchase by California residents that meet the following two conditions:

1. tokens are issued on or after January 1, 2027;
2. Tokens are provided by, or issued in cooperation with, federal public officials or state/local public officials.

The word "cooperation" here is crucial. Having a political brand identity alone is not enough to prove that there is a legally required cooperative relationship between the issuer and the official.

Legal evolution from "portrait rights" to "cooperative relationships"

Early versions of the platform clause used the use of an official's portrait or image as a trigger. However, this expression was replaced in the Senate amendment on August 21, 2026. The final effective text requires "provided by a public official" or "in cooperation with a public official." This change has significant legal significance:

• Unauthorized imitations: If a stranger mints a token with a politician's face and promotes it without authorization or having any arrangement with a politician, although it may meet the broad definition of memin, it does not prove that the official provided the token or participated in the cooperation based on the facts. Therefore, such unauthorized satirical tokens may not be subject to this specific listing rule.
• Hidden partnerships: Conversely, a token that uses abstract logos, if sold jointly with officials under a recorded arrangement, is closer to the final shelf terms, even if the token never displays a photo.

The Legislature narrows an easily observed sign (image) to a relationship that may require evidence of contracts, official publicity channels, income rights, or communication. This makes it more difficult to prove cases when they involve covert cooperation, but also protects legitimate freedom of speech from overly broad image testing.

技术现实与执法局限

该法律并未赋予加州删除去中心化链上代币或在世界各地撤销所有交易的机制。其适用范围有限：

• 中心化交易所： 对于拥有客户账户的交易所， provider可以评估代币资格、识别客户位置，并限制受影响用户的覆盖列表。这是一种面向客户的决策，法律指向这种具体的控制能力。
• 去中心化金融（DeFi）： 去中心化流动性池的工作方式不同。代币可以通过软件与公共智能合约交互进行铸造、添加和交易。虽然网页界面可以根据地理位置限制访问，但这不会消除池子或防止每个钱包直接与合约交互。除非特定前端、运营商或池服务符合联邦定义的“数字资产服务提供商”，否则并非所有代码作者都对每次传输承担责任。

因此，答案是不均匀的。受监管的面向客户的场所有一个可以改变的决策，而全球可访问的资产账本并没有一个“加州删除按钮”。

2027年1月1日：发行截止日，而非全面下架倒计时

服务提供商条款明确规定，仅针对2027年1月1日或之后发行的模因币。这意味着：

• 既往代币：在此日期之前已发行的代币（例如2025年1月推出的Official TRUMP代币）不需要在新年当天从加州交易屏幕消失。只要是在旧日期发行，即便在2027年继续交易，也不满足此上架禁令的日期条件。
• 未来代币： 2027年新发行的与官员关联的代币则构成另一种情况。

发行禁令出现在单独的子句中，没有“2027年或之后”的短语。平台不能借用发行条款的措辞将其自身的禁令追溯向后延伸。同样，政客早期的发行不会因为买家在生效日期后继续交易而确立新的违规行为。

执法工具：禁令与收益剥夺

加州选择了民事执法途径：

• 总检察长： 可以起诉违反Section 7599.211的行为，寻求禁令救济，并包括剥夺非法所得（Disgorgement）的请求。
• 地检长、市检察官和县法律顾问： 只能执行禁止公职人员和雇员发行模因币的子条款。他们的权力仅限于此，文本未赋予这些地方官员针对平台上架行为的独立诉讼权。

An injunction is a court order to stop prohibited sexual conduct. The deprivation of proceeds is intended to remove the proceeds covered by the claim. This is different from automatically compensating each token buyer for transaction losses. The plaintiff must file a lawsuit and the court must grant relief in accordance with applicable standards. The bill does not create new criminal offences in the provisions described here.

Other legal and regulatory gaps

House Bill 2409 does not determine whether memin is a security, whether the transfer constitutes fraud, or whether an existing state license is required for the venue. California already has a broader digital asset commerce regime; the bill simply adds a specific code of ethics and shelving rules to different parts of state law.

Private exchanges may adopt broader policies than are required by law. They may reject all political memes, ban impersonation, or avoid assets that cannot be investigated. This is a company's decision to go public, not evidence that California bans entire categories. Customers may experience different usability on different platforms due to different qualification assessments.

Summary and Outlook

The key to this law is evidence. When the first enforcement record appears, it will show whether California charged officials with issuing, listing on covered platforms, or both; what evidence connects officials to tokens; and what remedies courts were asked to order. Previously, claims that the law would end all political token transactions were beyond the scope of the text.

Frequently Asked Questions (FAQ)

问：加州是否禁止了所有模因币？
答：不是。AB 2409禁止指定的加州官员和公共雇员发行模因币。其平台条款涵盖2027年1月1日之后发行的、面向加州居民提供的特定类别的官方关联代币。

问：纽森何时签署AB 2409？
答：纽森于2026年9月27日宣布签署。该法案此前已于2026年8月26日在参众两院获得批准。

问：该法律是否禁止在加州交易Official TRUMP？
答：平台条款要求代币于2027年1月1日或之后发行。Official TRUMP于2025年1月推出，因此现有发行不满足该日期条件。其他规则或交易所政策是单独的问题。

问：硬币上的政治家照片是否会触发平台禁令？
答：仅凭这一点不会触发生效法案中的禁令。最终条款询问符合条件的代币是否由受涵盖的官员提供或与其合作。早期关于肖像或图像的测试在注册前已被更改。

问：联邦官员可以在该加州法律下发行模因币吗？
答：法案的直接发行禁令针对定义的加州州和地方官员及雇员。其单独的服务提供商条款在符合条件的代币面向加州居民提供时，包括联邦官员。

问：检察官能冻结所有代币交易吗？
答：该法案规定对禁止行为进行民事禁令和剥夺收益。它并未授予逆转区块链交易或停止所有点对点转账的一般权力。

问：谁可以根据新法律提起诉讼？
答：加州总检察长可以就禁令提起民事诉讼。地区检察官、市检察官和县法律顾问可以对公职人员或受涵盖雇员执行发行禁令。

问：对交易所而言的关键日期是什么？
答：2027年1月1日是平台条款中的发行截止日期。服务提供商必须评估代币的发行日期、官员的角色以及客户的加州居住身份。