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<ns0:Id>20250AB__240999INT</ns0:Id>
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<ns0:ActionText>INTRODUCED</ns0:ActionText>
<ns0:ActionDate>2026-02-20</ns0:ActionDate>
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<ns0:SessionYear>2025</ns0:SessionYear>
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<ns0:AuthorText authorType="LEAD_AUTHOR">Introduced by Assembly Member Valencia</ns0:AuthorText>
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<ns0:Legislator>
<ns0:Contribution>LEAD_AUTHOR</ns0:Contribution>
<ns0:House>ASSEMBLY</ns0:House>
<ns0:Name>Valencia</ns0:Name>
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<ns0:Title> An act to add Section 1098.5 to the Government Code, relating to public officers. </ns0:Title>
<ns0:RelatingClause>public officers</ns0:RelatingClause>
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<ns0:Subject>Public officers: meme coins.</ns0:Subject>
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<html:p>Existing law prohibits a state officer or employee from engaging in any employment, activity, or enterprise that is clearly inconsistent, incompatible, in conflict with, or inimical to their duties. Existing law also prohibits specified local agency officers or employees from engaging in any employment, activity, or enterprise for compensation that is inconsistent, incompatible, or in conflict with, or inimical to, their duties, as specified.</html:p>
<html:p>This bill would prohibit a public officer or employee from issuing a meme coin. The bill would define certain terms for purposes of this prohibition, including defining public officer to include a state or local elected or appointed officer, including a Member of the Legislature, or an elected or appointed member of a governmental board, commission, committee, or other body, including a governmental body that
has only advisory powers. The bill would require the Attorney General to enforce this prohibition by filing a civil action for injunctive relief and would authorize the Attorney General to include a claim for disgorgement.</html:p>
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<ns0:Preamble>The people of the State of California do enact as follows:</ns0:Preamble>
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<ns0:Num>SECTION 1.</ns0:Num>
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Section 1098.5 is added to the
<ns0:DocName>Government Code</ns0:DocName>
, to read:
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<ns0:Num>1098.5.</ns0:Num>
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(a)
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A public officer or employee shall not issue a meme coin.
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(b)
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This section shall be enforced through a civil action brought by the Attorney General for injunctive relief to require the immediate cessation of issuing a meme coin. The Attorney General may also include a claim for disgorgement and the court shall have jurisdiction to grant that relief.
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(c)
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For purposes of this section, the following definitions apply:
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<html:p>
(1)
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“Digital asset” means a digital representation of value recorded on a cryptographically secured, distributed ledger, including a blockchain, or similar technology, including, but not limited to, a
digital financial asset, a stablecoin, or a token, including a fungible or nonfungible token.
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(2)
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“Digital financial asset” has the same meaning as defined in paragraph (1) of subdivision (g) of Section 3102 of the Financial Code.
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(3)
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“Issue” means to make available for public purchase, donation, or exchange of any value, whether promoted or not.
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(4)
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“Meme coin” means a type of digital asset inspired by internet memes, characters, current events, or trends for which the promoter seeks to attract an enthusiastic online community to purchase the meme coin and engage in its trading.
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(5)
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“Nonfungible token” means a unique digital representation of an asset, an object, the rights of the holder, or any other item whether tangible or not, that is built on an
existing blockchain.
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(6)
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“Public officer” includes, but is not limited to, both of the following:
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(A)
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A state or local elected or appointed officer, including a Member of the Legislature.
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(B)
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An elected or appointed member of a governmental board, commission, committee, or other body, including a governmental body that has only advisory powers.
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(7)
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“Stablecoin” has the same meaning as defined in paragraph (3) of subdivision (b) of Section 3601 of the Financial Code.
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(8)
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“Token” means a digital representation of an asset, object, rights of the holder, or any other item whether tangible or not, that is built on an existing blockchain.
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