Crypto, Fentanyl, And Candy: Why Are Dogecoin Co-Creator, Elon Musk Slamming California Over 'Skittles Ban'

Billy Markus, the co-creator of Dogecoin DOGE/USD and better known by his online alias “Shibetoshi Nakamoto,” recently took a swipe at California’s new law banning Skittles. 

What Happened: The legislation, signed by Governor Gavin Newsom on Saturday, prohibits four food additives found in popular cereals, sodas, candies, and drinks.

Initially dubbed the “Skittles ban,” the legislation initially targeted titanium dioxide, a common coloring agent used in candies like Skittles, Starburst, and Sour Patch Kids. However, an amended version of the bill, Assembly Bill 418, removed specific mention of this substance in September, shifting the focus to other additives.

In response to this development, Markus shared a meme on X, where a man rejects Skittles but accepts fentanyl, implying the absurdity of the ban. 

This caught the attention of Elon Musk, who replied to Markus' post saying, “This is crazy.”

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Why It Matters: Fentanyl, a highly potent synthetic opioid, has been a significant contributor to the rise in drug-related fatalities, with its strength surpassing that of heroin and morphine.

In June, Senator Elizabeth Warren (D-Mass.)issued a critical warning about the role of cryptocurrencies in funding illicit activities, particularly in relation to the fentanyl trade.  “Crypto is helping fund the fentanyl trade and we have the power to shut that down,” declared Senator Warren.

Warren’s concerns are based on research conducted by Elliptic, which indicates that more than 90 Chinese companies involved in the production of fentanyl precursors, the necessary chemicals for synthesizing the drug, rely on cryptocurrencies as their preferred method of conducting transactions. Bitcoin BTC/USD  and the stablecoin Tether have emerged as the primary cryptocurrencies facilitating these illicit activities.

Last week, Warren again voiced concerns on X about Chinese companies selling fentanyl ingredients. She underscored the need for legislation to combat crypto-funded crimes, stating, “I have a bipartisan bill to crack down on crypto funding crimes.”

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