According to CoinMeta, California Governor Newsom signed a bill that prohibits public officials from issuing Meme tokens and prohibits trading platforms from listing Meme tokens using the images of public officials. The bill also establishes a compensation mechanism for victims of cryptocurrency fraud. In his statement, Newsom criticized U.S. President Trump for issuing TRUMP tokens, which resulted in nearly 1 million buyers suffering losses totaling over $3 billion, while Trump himself profited by about $636 million.