Sacramento, California - Governor Gavin Newsom recently signed new legislation to block California officials from issuing meme coins like President Donald Trump and members of his family.
In a press release shared on Sunday, the governor's office announced that the legislation will prevent all state officials from launching coins and block companies from listing coins that use the likeness or image of an official.
The bill also seeks to target crypto fraud and money laundering, and to establish a legal process for seizing crypto assets from transnational criminal networks.
"While the scam that is Donald Trump continues to hurt American families, California is fighting to make our economy work for people, not the powerful," Newsom said in a statement.
"No official should profit off their office - and we're putting stronger protections in place to ensure it doesn't happen in our state."
President Trump and his family have sought to profit off the crypto industry in his second term. Last year, moments before taking office, Trump and First Lady Melania Trump each launched coins that have since tanked. The president's coin has reportedly caused nearly a million investors to lose $3.8 billion.
Trump and his two eldest sons – Don Jr. and Eric – founded a crypto company in October 2024 called World Liberty Financial, which was approved last month to open its first bank.
Financial disclosures released in July revealed that in 2025 alone, Trump made roughly $1.2 billion from his crypto activities.
The president has also repeatedly hosted crypto leaders at the White House and pushed for Congress to get rid of regulations he claims are "crippling" the industry.