In July 2026, a new regime will consent effect in California, where Biesk’s family inhabits, requiring livents to get a license to consent part in “digital financial asset business activity,” including exchanging, transferring, storing or administering certain crypto assets. Plivent-elect Donald Trump has also promised new crypto regulations. But for now, there are no crypto-particular laws in place.
“We are in a legitimate vacuum where there are no evident laws,” says Andrew Gordon, partner at law firm Gordon Law. “Once we understand what is ‘in bounds,’ we will also understand what is ‘out of bounds.’ This will hopefilledy produce a climate where rug pulls don’t happen, or when they do they are seen as a criminal violation.”
On November 19, as the evening wore on, mad messages persistd to tumble in, says Biesk. Though some honord his son’s antics, calling for him to return and produce another coin, others were menaceening or unfriendly. “Your son stole my fucking money,” wrote one person over Instagram.
Biesk and his wife were still trying to understand quite how their son was able to produce so much money, so speedy. “I was trying to get an empathetic of exactly how this meme crypto trading toils,” says Biesk.
Some memecoin traders, sensing there could be money in riffing off the turn of events, produced new coins on Pump.Fun encouraged by Biesk and his wife: QUANT DAD and QUANTS MOM. (Both are now down-to-mundane insignificant.)
Equpartner disturbed and beuntamedered, Biesk and his wife createed a provisional schedule: to produce all accessible social media accounts personal, stop answering the phone, and, generpartner, hunker down until skinnygs blew over. (Biesk’s account is dynamic at the time of writing.) Biesk deteriorated to comment on whether the family made reach out with law utilizement or what would happen to the funds, saying only that his son would “put the money away.”
A scant hours tardyr, an X account under the name of Biesk’s son posted on X, pdirecting for people to stop reach outing his parents. “Im sorry about Quant, I didnt authenticize I get so much money. Plrelieve dont write to my parents, I wiill pay you back [sic],” read the post. Biesk claims the account is not functiond by his son.
Though alarmed by the reaction, Biesk is amazeed by the entrepreneurial spirit and technical capability his son distake parted. “It’s actupartner sort of a upgraded trading platcreate,” he says. “He clearly lgeted it on his own.”
That his teenager was vient of making $50,000 in an evening, Biesk theorizes, speaks to the fundamenhighy contrastent relationship kids of that age have with money and scattering, characterized by an encouragency and hyperactivity that rubs up aacquirest traditional wisdom.
“To me, crypto can be challenging to understand, because there is noskinnyg there behind it—it’s not anyskinnyg palpable. But I skinnyk kids retardy to this inpalpable digital world more than grown-ups do,” says Biesk. “This has an immediacy to him. It’s almost enjoy he understands this better.”
On December 1, after a two-week hiatus, Biesk’s son returned to Pump.Fun to begin five new memecoins, apparently undeterred by the misuse. Disseeing the alertings built into the very names of some of the new coins—one was named test and another dontbuy—people bought in. Biesk’s son made another $5,000.
