California Bans Public Officials From Issuing Meme Coins Under New Newsom Law
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Newsom signs California ban on public officials issuing memecoins
The law also restricts crypto companies from offering certain memecoins tied to public officials to California residents and takes effect for tokens issued from Jan. 1, 2027.
California Senate passes bill to ban memecoin issuance by public officials
The bill seeks to prohibit the listing of memecoins issued by federal public officials to California residents, citing conflicts of interest and “pay-to-play arrangements.”
ZachXBT clarified that it has not issued any Meme coins and donated approximately $41,000 to aid Venezuela after the earthquake.
PANews reported on July 6th that ZachXBT, a blockchain investigator, stated that several projects have recently been using his image without authorization to issue ZACHXBT-related Meme tokens on different public chains. He clarified that he has never promoted, supported, or issued any Meme tokens. All tokens received in his donation wallet have been sold, and the proceeds of approximately $41,000 have been donated through The Giving Block to Direct Relief and GiveDirectly to support earthquake relief efforts in Venezuela. This includes donations of 25,000 USDT and 5,000 USDT on July 6th, and 153 SOL (approximately $11,000) on June 28th.
CZ responded with a riddle-like image, causing multiple "CZ" concept MEME coins on the BSC chain to surge in price.
According to BlockBeats, on July 5th, crypto blogger @TCryptochicks posted a series of "riddle" images, which Binance founder CZ subsequently retweeted and replied with "Water (drop) your BNB wallet," reigniting market speculation on the celebrity-backed MEME coin. As a result, several MEME coins on the BSC chain jumped on the bandwagon, seemingly riding the "CZ" hype, experiencing significant price surges in a short period. Among them: * CZ (The Final Form Bull) briefly surpassed $41 million in market capitalization, before falling back to $29.82 million, with a 24-hour trading volume of $28 million, representing a 182-fold increase in 24 hours; * CZ (The Bull) briefly surpassed $11 million in market capitalization, before falling back to $3.88 million, with a 24-hour trading volume of $6.1 million, representing a 24-fold increase in 24 hours. The market interprets this as some funds attempting to replicate the "Ansem effect" seen on the Solana chain, a speculative pattern where topics related to well-known KOLs/celebrities trigger surges in the price of tokens with the same or similar names, such as MEME. CZ has previously indirectly boosted the price of BSC MEME through social media interactions (such as his dog "Broccoli," the number "4," and the book title "Binance Life"), but he has repeatedly clarified that "his tweets do not constitute an endorsement." Related tokens have previously experienced rapid price increases followed by sharp declines. Investors should be wary of high volatility and the risk of being scammed.
US senators have proposed banning elected officials and the president from issuing or sponsoring personal tokens.
PANews reported on July 4th, citing Cointelegraph, that US Senator Kirsten Gillibrand has proposed banning elected officials and the president from issuing or sponsoring their own tokens. In a statement, Gillibrand said Congress should support measures prohibiting elected officials and their spouses from “issuing or sponsoring their own digital assets.” The New York senator stated that the proposed restrictions would cover all US presidents and their spouses, but did not explicitly mention whether the provision would be extended to the vice president or their family members. Gillibrand was one of the senators behind the negotiations for the Senate's CLARITY Act, which has been repeatedly delayed due to concerns about ethics, tokenization, and stablecoin rewards.
Pump's public offering of stablecoins has raised $770 million and entered centralized exchanges (CEXs). Recently, 342,500 SOL tokens were transferred to Kraken as transaction fee revenue.
According to Odaily Odaily, based on monitoring by on-chain analyst Yu Jin, Pump transferred another 16.43 million USDT to Kraken 7 hours ago. Of the stablecoins USDC and USDT obtained from the public sale of Pump last July, $770 million has now entered centralized exchanges (CEXs). Furthermore, Pump has recently resumed selling transaction fee revenue, transferring 342,500 SOL transaction fee revenue, worth $27.59 million, to Kraken since mid-May.