Gavin Newsom Bans Memecoins in 'The Opposite of Trump' Law | CoinDesk Daily

Uyen Truong (0:00)

California bans its officials from launching meme coins, and a bit get hacker is moving millions in XRP that no one can freeze. This is CoinDesk Daily.

Want trusted crypto research? Check out the Stag, Grayscale's blog. Visit grayscale.com/thestag. RealFi, a smarter stable coin backed by real world assets. Join the test net now at realfi.co. California Governor Gavin Newsom has signed a law banning the state's public officials from issuing meme coins. The bill is part of a package Newsom's office titled The Opposite of Trump, directly calling out the president's Trump coin. It's still unclear whether California's ban touches coins that already exist, like Trump itself. The hacker behind BIT gets $388 million breach has moved about 83 million in stolen XRP and much of it can't be frozen.

Companies can freeze most tokens they issue on the XRP ledger, but that power doesn't extend to XRP itself. Even Ripple has no way to block the attacker from spending it.

Circle and Tether have already frozen about $320,000 in stable coins tied to the breach, but recovery now depends on where the XRP lands next. Ethereum co-founder Vitalik Buterin laid out his vision for the network in 2030, what he calls a cryptographic world's computer. Today, every computer on Ethereum repeats the same calculations to verify transactions which caps how much the network can handle. Buterin argues new cryptographic proofs can break that limit. One computer does the work and produces a short proof, and others verify it far faster than repeating it. Get more updates on coindesk.com. Want trusted crypto research? Check out the stack, Grayscale's blog. Visit grayscale.com/thestack.

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