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California passes bill to bar public officials from issuing meme coins
The bill would also prohibit digital asset service providers from listing or facilitating purchases by California residents of meme coins issued from January 1, 2027.
California Assembly Bill 2409 has advanced to final enrollment after lawmakers unanimously signed off on the latest version. The Assembly voted 78-0 on August 26 to concur with Senate amendments, sending the measure into the engrossing and enrolling process before it is transmitted to the governor.
Under the bill, a public officer or covered public employee would be prohibited from issuing a meme coin. Starting January 1, 2027, digital asset service providers would also be prohibited from listing such a meme coin for sale on behalf of, or for purchase by a California resident, if it was offered by or in partnership with a federal public official or a state or local public officer.
The measure, introduced by Democratic Assemblymember Avelino Valencia, previously cleared the Assembly 77-0 and the Senate 40-0. If enacted, violations could be pursued through civil actions by the Attorney General, district attorneys, city attorneys and county counsel, with courts able to order injunctive relief and disgorgement.