California bans memecoins in anti-corruption move targeting political token abuse

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California Governor Gavin Newsom has signed Assembly Bill 2409 into law, prohibiting the issuance of memecoins by elected officials and candidates. The legislation was passed as part of a broader anti-corruption package aimed at preventing politicians from financially exploiting their public positions. Newsom explicitly framed the move as a direct contrast to President Donald Trump's controversial $TRUMP memecoin venture. The governor's remarks positioned California's action as a counter-response to what he described as the ethical failures surrounding Trump's cryptocurrency dealings.

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