The bill seeks to ban listings of memecoins issued by federal public officials to California residents, citing conflicts of interest and “pay-to-play arrangements.”
California lawmakers have passed a bill that limits public officials’ involvement with MemeCoin, citing concerns about conflicts of interest and “pay-to-play arrangements.”
The California Senate passed Assembly Bill 2409 by a vote of 40-0 on Wednesday, according to Legiscan. Information. The Assembly subsequently voted 78-0 to agree to the Senate amendment. The bill has entered the Enrollment stage and is awaiting the Governor’s signature.
The bill would prohibit digital asset service providers from offering memecoins issued on or after January 1, 2027, issued by or in partnership with federal public officials or state or local public officials to California residents. The bill defines memecoins as digital assets whose value derives primarily from public interest, speculation or community engagement.
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