The bill prohibits service providers from offering Californians memecoins issued on or after January 1, 2027. The restrictions apply if the tokens are offered or promoted by federal and local officials.
California’s Senate unanimously backed the proposal, voting 40-0. It was also approved by the state Assembly. The bill will now be sent to Governor Gavin Newsom for his signature. He previously spoke out against Trump’s memecoin, which led to $3.2 billion in investor losses. At the same time, he had planned to launch a satirical memecoin called “Trump Corruption.”