In July 2026, a new regime will go into effect in California, where Biesk’s family lives, requiring residents to obtain a license to participate in “digital financial asset business activity”, including the exchange, transfer, storage or management of certain cryptoassets. President-elect Donald Trump also promised new crypto regulations. But for now, there are no specific laws regarding cryptocurrencies.
“We are in a legal vacuum where there are no clear laws,” says Andrew Gordon, partner at law firm Gordon Law. “Once we know what is ‘in bounds,’ we will also know what is ‘out of bounds.’ “This will hopefully create a climate where rug pulling does not occur or, when it does occur, it is considered a criminal offence.”
On Nov. 19, as the evening progressed, angry messages continued to arrive, Biesk says. While some celebrated their son’s antics and asked him to come back and create another coin, others were threatening or aggressive. “Your son stole my fucking money” wrote a person through Instagram.
Biesk and his wife were still trying to understand how their son was able to make so much money, so quickly. “I was trying to understand exactly how this meme cryptocurrency trading works,” Biesk says.
Some memecoin traders, feeling they could make money by taking advantage of the turn of events, created new coins on Pump.Fun inspired by Biesk and his wife: QUANTUM DAD and HOW MANY MOMS. (Both are now practically useless.)
Equally disturbed and bewildered, Biesk and his wife came up with a tentative plan: make all public social media accounts private, stop answering the phone, and generally hunker down until it all blows over. (Biesk’s account is active as of this writing.) Biesk declined to comment on whether the family contacted authorities or what would happen to the funds, saying only that his son would “hold the money.”
A few hours later, an X account under the name of Biesk’s son posted on X, pleading with people to stop contacting his parents. “I’m sorry for Quant, I didn’t realize he was getting so much money. Please do not write to my parents, I will return it to you (sic),” the publication reads. Biesk claims the account is not operated by his son.
Although alarmed by the reaction, Biesk is impressed by the entrepreneurial spirit and technical ability his son displayed. “It’s actually kind of a sophisticated trading platform,” he says. “He obviously learned it on his own.”
The fact that his teenager was able to make $50,000 in one night, Biesk theorizes, speaks to the fundamentally different relationship that children that age have with money and investments, characterized by an urgency and hyperactivity that clashes with wisdom. traditional.
“For me, cryptocurrencies can be difficult to understand, because there is nothing behind it, it is nothing tangible. But I think children relate to this intangible digital world more than adults,” says Biesk. “This has an immediacy to him. It’s almost like he understands this better.”
On December 1, after a two-week hiatus, Biesk’s son returned to Pump.Fun to release five new memecoins, seemingly unfazed by the abuse. Ignoring the warnings contained in the names of some of the new coins themselves, one was named proof and another do not buy—The people accepted. Biesk’s son won another $5,000.