California Governor Takes a Joke on Trump's Crypto Ventures
California's Governor, Gavin Newsom, is planning to launch a memecoin called "Trump Corruption Coin" to poke fun at Donald Trump's involvement in cryptocurrency. This move is part of Newsom's "Campaign for Democracy" initiative, which aims to support redistricting efforts and voter outreach. The proceeds from the coin will go towards these causes.
Newsom Challenges Trump's Crypto Ventures
During an interview on the "Pivot" podcast, Newsom mentioned the planned memecoin and challenged Trump's crypto ventures. He said:
"We're about to put a meme coin out. And you know what, Donald Trump? We'll see how well your coin does versus our coin."
When asked if it would be called a "Gavin Coin", Newsom replied:
"No, it's Trump Corruption Coin."
Newsom also criticized Trump's involvement in crypto, stating:
"This is one of the great grifters of our time. None of this is normal."
He added that the coin is meant to highlight the absurdity of Trump's crypto deals.
Trump's Crypto Involvement
Trump has been actively involved in the crypto world since leaving the presidency. He has made significant profits from digital asset deals, including his personal memecoin and NFTs. In June, he disclosed earning $57.4 million from his stake in World Liberty Financial. He also reported holding 15.75 billion WLFI governance tokens in his 2025 public financial disclosure.
Trump's company, Trump Media and Technology Group, claimed to hold over $2 billion in Bitcoin and other digital assets. Earlier this month, The New Yorker reported that Trump has amassed an estimated $2.4 billion from crypto-related ventures since 2022. These ventures now account for nearly 44% of Trump's political-era wealth, raising concerns over potential conflicts of interest.
Newsom's Mockery of Trump's Branding
Newsom's move to mock Trump's branding is not new. Over the past week, he has used his official press office account on X to mimic Trump's signature all-caps tweets. He also launched an online store selling MAGA-style merchandise, including red hats labeled "NEWSOM WAS RIGHT ABOUT EVERYTHING!"