California Legislation Bans Public Officials from Issuing Memecoins, Multiple Consumer Protection Bills Take Effect Simultaneously

TechFlow reports on September 28 that, according to the California Governor's official website, Governor Gavin Newsom signed multiple bills on September 27. The core measures include: banning California public officials from issuing meme coins, as well as prohibiting exchanges from listing meme coins featuring public officials' images; cracking down on cryptocurrency fraud and money laundering, and establishing a victim restitution mechanism; and clarifying procedures for seizing crypto assets from transnational criminal networks. Additionally, the legislation covers consumer protection provisions such as safeguards for event ticket refunds, bans on reselling restaurant reservations, and enhanced consumer data privacy. In his signing statement, Newsom specifically criticized Trump's personal meme coin issued in 2025, stating that nearly 1 million buyers have collectively lost over $3 billion, while Trump himself profited approximately $636 million.