California lawmakers pass bill targeting meme coins issued by public officials

California lawmakers have passed AB 2409, which would prohibit state and local public officials from issuing meme coins and restrict digital asset platforms from offering certain official-linked tokens to California residents beginning in 2027. Summary California lawmakers passed AB 2409, which would prohibit state and local public officials and certain public employees from issuing meme coins. Digital asset service providers would face restrictions from Jan. 1, 2027, on certain newly issued meme coins offered by or in partnership with covered public officials. The Attorney General could seek injunctions and disgorgement, while district attorneys, city attorneys and county counsel could enforce the prohibition on officials issuing meme coins. The bill cleared both legislative chambers and now heads to Gov. Gavin Newsom for consideration. The California Legislature’s latest text for Assembly Bill 2409, introduced by Assembly Member Avelino Valencia, sets separate rules for public officials and digital asset service providers as the measure heads to Gov. Gavin Newsom for consideration. The Senate passed the bill on Aug. 26, and the Assembly later concurred with the Senate amendments ...