China To Intensify Crackdown on Virtual Currencies (6 minute read)
China's inter-agency meeting reiterated that virtual currencies lack legal fiat status, with all related activities constituting illegal financial operations. Vowing intensified crackdowns on speculative trading, the meeting specifically warned that stablecoins lack proper KYC and AML protections, enabling money laundering, illicit cross-border financing, and fraud, contrasting sharply with the US' favorable stablecoin regulatory environment under the recent GENIUS Act framework. The announcement comes despite China reemerging as the world's third-largest Bitcoin mining hub while Hong Kong operates under a separate autonomous jurisdiction with government-supported crypto initiatives. |
Kalshi Hit with Class-Action (8 minute read)
Kalshi is facing a nationwide class action lawsuit alleging it operates an illegal sports betting platform by positioning institutional market makers, including Kalshi Trading and Susquehanna, as "the house" with zero fees, enhanced access, and position limit advantages while misleading customers that they're betting peer-to-peer. The complaint claims 90% of September's $2 billion volume came from sports betting despite running ads falsely stating "legal sports betting in all 50 states" and targeting college campuses through KalshiU partnerships with a 15-year-old gaming influencer. Plaintiffs seek treble damages, restitution, and injunctive relief across a nationwide class and 30 state subclasses, including California and Florida, where Kalshi allegedly violates Penal Code 337a, which bans pool selling and bookmaking. The lawsuit argues Kalshi disguises gambling as "sports trading" and "build your combo" parlays while enabling addictive behavior without the safeguards required by regulated sportsbooks. |
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Bastion Named Sole Issuance Provider for Sony Bank Stablecoin (3 minute read)
Bastion will act as the sole issuance provider for Sony Bank's new USD-backed stablecoin initiative, handling token issuance, reserve management, and custody for Sony affiliates. The deal marks Sony Bank's entry into the US stablecoin and digital-asset market, using Bastion's regulated infrastructure to support wallets, on/off ramps, cards, and yield products. Backing from Sony Innovation Fund, Coinbase Ventures, a16z crypto, and others demonstrates that large enterprises increasingly want white-label, compliant stablecoin rails rather than building everything in-house. |
Shift: Silicon That Says Yes or No (10 minute read)
Shift is building a validator-free payment system where tamper-resistant secure elements confine private keys inside hardware that tracks balances, prevents double-spends, and signs transactions internally without ever exposing key material, even under physical attack. Remote attestation using factory-provisioned keypairs proves each device is legitimate, unmodified hardware following protocol rules, with one-time addresses generated and consumed atomically alongside cryptographic proofs verified by recipient hardware. Transactions settle device-to-device with the finality of cash exchange but cryptographic guarantees, as secure elements consume UTXOs irreversibly, sign with confined keys, and generate change addresses while attaching attestations that trace to manufacturer root certificates. The architecture eliminates validators, ledgers, and seed phrases by moving trust from consensus to tamper-resistant silicon, enforcing strict state transitions where balance accounting and signing happen as single atomic operations, preventing intermediate or inconsistent states. |
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Bitcoin and the Quantum Problem (25 minute read)
Quantum computing poses an existential risk to Bitcoin as Shor's algorithm running on 2,000 logical qubits could reverse-engineer private keys from public keys, with 6.7 million BTC vulnerable, including 1.7 million in Satoshi's exposed p2pk addresses and 4.8 million in reused addresses. Evidence suggests CRQCs will arrive by 2035. Threat scenarios range from North Korea monetizing exploits to China weaponizing quantum breaks against US-associated Bitcoin to lawful seizure by American entities protecting the strategic reserve. |
Solidity Is Getting a Real Type System (2 minute read)
Ethereum's main programming language, Solidity, is being upgraded to look and behave more like modern, safer languages. The goal is to make smart contracts easier to write, reuse, and much harder to break. If Ethereum pairs this with scaling, privacy, and better L2 integration, competitors won't be able to keep up. |
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Making Solana Composable (9 minute read)
Solana's 1,232-byte transaction limit and accounts model make complex multi-hop swaps impossible compared to Ethereum, where 50-hop swaps across 37 tokens work trivially, with Account Lookup Tables providing cumbersome workarounds requiring V0 transactions and prior construction. There are three solutions: validator-side account lookups allowing automatic derivation instead of payload inclusion, top-level return value passing eliminating scratch accounts for instruction composition, and native bundling with instruction-level signatures removing round-trip bottlenecks between parties. Widespread bundling adoption, massive instructions, and core infrastructure's ALT reliance signal the network wants composability as markets mature toward more expressive applications. Proposed changes enable high-frequency off-chain apps using Solana for atomic settlement. |
Cash App + Square Close the Door on Stablecoin POS Startups (2 minute read)
Cash App and Square are now offering in-app payments with just a 1% processing fee, powered by a pooled stored balance that already sees ~$300B flow through Cash App annually. The combo of low fees, huge user base, and tight merchant integration likely kills the window for crypto-native POS startups to gain serious distribution as Block's network effect and UX moat make it extremely hard to compete. |
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