The California Senate passed Assembly Bill 2409 in a 40-0 vote, with the Assembly subsequently voting 78-0 to concur in the amendments. The bill would prohibit digital asset service providers from offering California residents memecoins issued by federal, state or local public officials on or after January 1, 2027. The legislation defines memecoins as digital assets whose value is derived primarily from public interest, speculation or community engagement. The Official Trump (TRUMP) memecoin has a market capitalization of $688 million, with investors estimated to be $3.2 billion underwater.
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