On August 20th Mayor Wendell Hughes introduced Local Law P-2, it lumped crypto mining in with AI, machine learning, server farms and colocation services under a label called "high energy computing." Anything pulling 300 kilowatts or more would be frozen from new approvals for a full year.
By the time researchers at Galaxy Digital had finished assessing the incident, roughly 1,816 BTC, worth close to $116 million, had been moved from more than 5,200 addresses across four separate waves. The largest of those sweeps alone took 1,082 BTC from 1,196 wallets in just 41 minutes.
Back in March, a couple months before Hollander's comments. Courtyard, the Polygon platform basically built on vaulting graded Pokémon cards, partnered with a reseller called Luxury Bazaar. There was a press release, dated March 4th.
The bill would prevent digital asset platforms from offering California users memecoins launched on or after January 1, 2027, when those tokens are issued by, or created in collaboration with, federal officials or state and local public officers.
Bernstein's headline numbers are already making the rounds, they expect Bitcoin to reclaim $125,000 by late 2026, and $300,000 at the next cycle peak in 2029. When asked the reason behind this logic, Chhugani is framing this call around what he terms the "debasement trade."