加州州长签署“特朗普的对立面”法案

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California passes new bill: prohibits public officials from issuing meme coins

On September 27, California Governor Gavin Newsom signed a new bill aimed at preventing the state's public officials from issuing "Meme Coins." Newsom described the move as a precautionary measure aimed at preventing a recurrence of situations similar to the one President Donald Trump issued his memoin in California.

What is a memin?

Memo is a cryptocurrency inspired by Internet memes, viral trends or popular culture. Unlike Bitcoin (BTC) or Ethereum (ETH), memecoins usually have no practical world use, and their value depends entirely on online hype, social media heated discussions, and community excitement. Although many memecoins were originally intended to tease the broader crypto market, projects like DOGE and SHIB have become very popular.

Market performance of Trump's memecoin

In January 2025, with Trump launching the memecoin called "Official Trump"(TRUMP) on the eve of his second presidential inauguration, the market welcomed an unexpected participant. The token hit an all-time high (ATH) of $73.43 on January 19, 2025, but the price has now plunged 97% to $2.02.

Democrats have strongly criticized Trump's crypto business, including memin, accusing it of conflicts of interest. In this context, Newsom took bold action and passed the latest bill.