Scott Melker, host of The Wolf Of All Streets podcast, reported a significant development in digital asset regulation on Monday, September 28, 2026, at 10:49 UTC. Melker posted on X, stating: “JUST IN: CALIFORNIA GOVERNOR GAVIN NEWSOM SIGNS AB 2409 BANNING PUBLIC OFFICIALS FROM ISSUING MEMECOINS AND BARRING EXCHANGES FROM LISTING TOKENS TIED TO FEDERAL, STATE OR LOCAL OFFICIALS”. The announcement details a new California law aimed at preventing conflicts of interest and market manipulation within the digital asset space.
This regulatory action comes as the broader digital asset market experiences heightened activity, with Bitcoin recently hitting $87,000. Market sentiment, as reflected by the Crypto Fear & Greed Index, currently stands at 74, indicating a state of Greed. Discussions around crypto regulation have intensified, with previous reports noting Japan's two-year yield hitting 1.975% and tightening global liquidity, which can impact risk asset markets. Other recent news includes crypto exchange Bitget moving 2,042 BTC to hot wallets as withdrawals resumed.
Melker's report highlights a growing trend of legislative bodies addressing specific aspects of the digital asset market, particularly those perceived as speculative or prone to conflicts. The new California law suggests an increased focus on transparency and ethical conduct for public officials involved with cryptocurrencies. This could set a precedent for other states or even federal scrutiny, potentially influencing how exchanges list tokens and how public figures engage with the crypto sector moving forward.
