“The leading question is will ETH ETFs do better than Bitcoin ETFs? In technicality, Ethereum has more utility than Bitcoin with features like liquid staking,” shared Danny Chong, co-founder of Tranchess, in an email to CoinDesk. “ETH ETFs were slow to live up to the industry’s expectations when launched in Hong Kong.”

Ether Rises Above $3.5K Ahead of ETH ETF Trading, But Inflow Concerns Remain

The crypto analytics firm Glassnode says most Bitcoin (BTC) holders are now seeing substantial gains in their investments.

In a new report, Glassnode says that “a super-majority of Bitcoin investors” are currently holding unrealized profits following the flagship cryptocurrency’s recovery to $107,000.

Holders now have an average paper gain of 125%.

“After finding firm support at the Short-Term Holder cost basis of $98,300, a level that often delineates local bull and bear regimes, Bitcoin rebounded to $107,000. This move pushed the majority of investors back into profit, with total unrealized gains reaching a staggering $1.2 trillion.”

The dominant market behavior suggests that investors are unlikely to cash out their gains. The report says the current price level appears less attractive for profit-taking than when Bitcoin breached the three-digit mark.

“Despite this surge in profitability, investor behavior signals a strong preference for HODLing, as the current price range appears insufficient to trigger significant profit-taking. This is reflected in declining realized profits, a continued downtrend in Liveliness, and Long-Term Holder supply climbing to a new all-time high.”

Bitcoin’s market capitalization, which takes into account the digital asset’s circulating supply at the current market price, currently sits at $2.13 trillion. BTC’s realized cap, which values each coin at the last transacted price, is pegged at $958 billion.

The flagship crypto asset is trading for $108,834 at time of writing, up by 2.97% over the past 24 hours.

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‘Super Majority’ of Bitcoin Holders Sitting on $1,200,000,000,000 in Profits: Analytics Firm Glassnode

The top US crypto exchange platform by trading volume is abruptly adding support for Wormhole (W), causing the native asset of the cross-chain messaging project to rally briefly.

In a new announcement, Coinbase Assets says it’s adding Wormhole, an interoperability project that allows communication between blockchains, to its suite of digital asset products.

“Wormhole (W) is now live on http://coinbase.com and in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.”

News of the addition sent W flying, as the crypto asset went from a low of $0.61 on June 27th to a peak of $0.81 just a day later. Wormhole has since retraced and is trading for $0.071 time of writing, a fractional decrease during the last 24 hours.

According to its official website, Wormhole is currently compatible with numerous prominent blockchains, including Base and BNB Chain, the respective blockchains of Coinbase and Binance, the two largest crypto exchanges in the world.

“A fully integrated chain can use cross-chain decentralized applications (DApps) to send and receive tokens and NFTs. It can also publish and verify messages to and from the network – meaning developers can utilize the full suite and power of Wormhole.”

Other compatible chains include smart contract platforms Ethereum (ETH), Algorand (ALGO), and Avalanche (AVAX), as well as layer-2 scaling solutions Optimism (OP), Arbitrum (ARB), and Polygon (POL).

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Top US Crypto Exchange by Trading Volume Coinbase Adds Support for Leading Cross-Chain Messaging Protocol Wormhole (W)

Fundstrat co-founder and chief investment officer Tom Lee is highlighting two possible reasons why Bitcoin (BTC) has failed to go to the “moon” despite the crypto king’s spot exchange-traded funds (ETFs) enjoying the “most successful product launch in history.”

In a new CNBC interview, Lee says one of the reasons could be the strategy the spot Bitcoin ETFs have employed to accumulate the flagship digital asset.

“I think what happened is a couple of things. One is a lot of these ETFs may have been receiving in-kind exchange. So people have their crypto keys, give it to the ETF provider and then they just stepped up their basis. So that’s not going to push up the price of Bitcoin.”

The Fundstrat CIO further says profit-taking among early Bitcoin investors could be playing a role in suppressing the price of the largest crypto asset by market cap.

“The second is that the ones who aren’t involved in ETFs, but maybe they have $10-Bitcoin… we have clients that have bought Bitcoin at $100 and now it’s $100,000. They don’t care if Bitcoin goes to $1 million. They are probably sellers at around $100,000.

So we’re churning the base now because 95% of the institutional world doesn’t own Bitcoin. But a very significant portion of Bitcoin holders are sitting on huge gains. So I think this is the churn that’s happening in Bitcoin now.”

The US spot Bitcoin ETFs have seen $48.608 billion in net inflows since their launch in January of 2024. Bitcoin is trading at $107,290 at time of writing, around the same price it was at in December of 2024.

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Fundstrat’s Tom Lee Says Two Factors Preventing Bitcoin From Going to the ‘Moon’ Despite Heavy Demand From ETFs

A widely followed crypto analyst is unveiling his price predictions for Ethereum (ETH) and Bitcoin (BTC), the top two digital assets by market cap.

In a new strategy session, pseudonymous crypto trader Pentoshi tells his 868,400 followers on the social media platform X that ETH could eclipse the $3,000 price tag this quarter as it’s undergoing a “structural shift.”

“I think we see $3,000+ this quarter for what it’s worth. Really can’t hate this chart. We’ve been in this new range for quite some time. I’d guess it resolves in the near future. It’s all about waiting. I do think there’s a structural shift occurring. Upside is 3.2x or so. Downside is in my opinion $2,100.”

Pentoshi goes on to note that he believes Ethereum will eventually “melt up,” not just against USD, but against other assets as well.

“Ethereum probably melts up, and not just against the USD.”

The trader’s chart indicates that ETH will peak over $4,000 sometime during the start of 2025 before eventually settling around $2,500 in July of next year. Ethereum is trading for $2,577 at time of writing, a fractional increase on the day.

Moving on to BTC, Pentoshi says the top crypto asset by market cap’s movements since July 2023 don’t appear to be bearish.

“This is not a bearish chart. It’s just not. I think the people who are bearish got chopped because of low time frames, which lead to both mental and financial chop.”

He concludes by noting that the crypto king should hit a new all-time high soon, but doesn’t give a specific date range. Bitcoin is trading for $109,488 at time of writing, a 1% increase during the last 24 hours.

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Analyst Unveils Price Target Ethereum Could Hit Before October Amid ‘Structural Shift,’ Maps Path Forward for Bitcoin

The crypto firm behind the leading US-dollar pegged stablecoin USDT is looking to make Bitcoin (BTC) mining more sustainable.

In a new press release, Tether says it is joining forces with Adecoagro on a renewable energy BTC mining project in Brazil.

Adecoagro is a leading South American sustainable production firm. Tether and Adecoagro have co-signed a Memorandum of Understanding as they explore collaborating on BTC mining. As a result of this project, Adecoagro also plans to add BTC to its corporate balance sheet.

Says Adecoagro Co-Founder and Chief Executive Officer Mariano Bosch of the partnership,

“We’re excited to explore innovative ways to maximize the value of our renewable energy assets.

This project opens the door to stabilizing a portion of the energy we currently sell on the spot market, locking in pricing, while also gaining exposure to the upside potential of Bitcoin.”

The upcoming project will aim to show how renewable energy sources can be used to support crypto mining through both technology and infrastructure.

Explains Tether CEO Paolo Ardoino,

“Tether brings to the initiative its extensive experience in the bitcoin ecosystem, backed by a rapidly expanding portfolio of sustainable mining initiatives across multiple regions. As part of our long-term strategy to support resilient energy infrastructure and decentralized networks, we’re proud to collaborate with Adecoagro.

This project is another step in our growing commitment to renewable-powered bitcoin mining and highlights the potential to align agricultural energy production with cutting-edge digital infrastructure. We believe this model can drive financial inclusion, promote energy efficiency, and serve as a blueprint for responsible innovation at the intersection of technology and sustainability.”

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Tether Teams Up With Sustainability Giant Adecoagro on Renewable Bitcoin Mining Energy Project

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has just added the bulletproof hosting (BPH) services provider Aeza Group to its Specially Designated Nationals (SDN) list, a roster of individuals and organizations that pose threats to U.S. national security.

BPH service providers sell access to internet infrastructures that enable cybercriminals, including ransomware actors, personal information stealers and illegal drug vendors, to evade detection and disruption of their malicious activities.

In a statement, the OFAC says that the US is sanctioning the Russia-based web hosting company for its role in supporting cybercrimes that target victims in the US and around the world.

The agency says the Aeza Group provided BPH services to ransomware and malware groups such as the Meduza and Lumma infostealer operators that targeted U.S. defense industrial base and technology companies.

The Aeza Group also hosted the BianLian ransomware, RedLine infostealer panels and BlackSprut, a Russian darknet marketplace for drugs.

Says Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence Bradley T. Smith,

“Cybercriminals continue to rely heavily on BPH service providers like Aeza Group to facilitate disruptive ransomware attacks, steal US technology, and sell black-market drugs.”

The OFAC also sanctions affiliated companies, including the UK front Aeza International, along with CEO Arsenii Aleksandrovich Penzev, general director Yurii Meruzhanovich Bozoyan, technical director Vladimir Vyacheslavovich Gast and co-owner Igor Anatolyevich Knyazev.

The designation prohibits US transactions involving the properties and interests of the sanctioned groups and individuals.

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U.S. Treasury Sanctions Russian Crypto Wallet Linked to Ransomware Operations

Bitmine Immersion (BMNR) , the ether treasury strategy firm helmed by Fundstrat's Thomas Lee, is the latest red-hot crypto proxy play in town.

The company's shares more than doubled on Thursday topping $140, now rallying over 3,000% in less than a week since the firm announced the raising of $250 million by selling shares to acquire ETH.

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The private placement offering, priced at $4.50 per share and due to close today, attracted institutional investors including Founders Fund, Pantera, FalconX, Kraken, Galaxy Digital, DCG.

At its core, Bitmine is positioning itself as a publicly traded proxy for ether exposure, similar to how Michael Saylor's Strategy (MSTR) became a leveraged bitcoin bet. The approach has gained traction recently as investors look for new ways to access crypto through public equities.

The firm originally focused on crypto mining using immersion cooling and held $16 million in bitcoin prior to the fundraising.

Sharplink déjà vu

But a similar crypto treasury stock's rapid rise and fall may offer a cautionary tale.

The parabolic rise in BMNR mirrors the trading behavior of Sharplink Gaming (SBET) , another public company that repositioned itself as an ETH treasury firm last month under the leadership of Consensys co-founder Joseph Lubin.

Sharplink soared as much as 4,000% in days following its $450 million fundraising announcement. Shares since plunged over 90% from peak as the firm closed its ETH acquisition and early investors in the private placement sold stock locking in their profits.

Bitmine’s valuation, with a market capitalization over $800 million at current prices, already prices in aggressive assumptions about the firm's future ETH gains.

Retail investors chasing the momentum should tread carefully.

Read more: Ethereum Treasury Firm SharpLink Gaming Plunges 70% – But There May Be a Twist

Ethereum Treasury News: Bitmine Immersion (BMNR) Skyrockets 3,000%, But There Are Risks

A newly discovered data breach of the U.S. Centers for Medicare and Medicaid Services (CMS) has impacted more than 100,000 Americans.

In a new statement, the CMS says that an investigation discovered fraudulent Medicare.gov accounts were opened using personal data from its system, impacting 103,000 people.

“On May 2, CMS’ 1-800-MEDICARE call center began receiving inquiries from beneficiaries who received letters confirming the creation of Medicare.gov accounts they did not initiate. CMS promptly launched an investigation and discovered that malicious actors had fraudulently created new accounts between 2023 and 2025 using valid beneficiary information, including Medicare Beneficiary Identifiers (MBI), coverage start date, last name, date of birth and zip code.”

The fraudsters may have stolen other personal information as well, including provider information, mailing address, dates of service, diagnosis codes, services received and plan premium details.

CMS is sending letters to those whose information was stolen, alerting them that it will send them a new Medicare card with a new Medicare number in the coming weeks.

The federal agency says it has also deactivated all fraudulently created Medicare.gov accounts and disabled the ability to create new Medicare.gov accounts from foreign IP addresses.

Victims are advised to obtain free annual credit reports through www.annualcreditreport.com and to file reports with local law enforcement and the Federal Trade Commission if any identity theft incidents occur.

CMS says it has yet to receive any reports of identity fraud or misuse of the information resulting from the cyberattack.

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Medicare and Medicaid Data Breach Hits 103,000 Americans As Fraudulent Accounts Opened Using Victims’ Personally Identifiable Information

UATX, The University of Austin, Texas, is rediscovering and redefining academic pursuit. Founded in 2021, the start-up university stands as a protest to the intellectual dogma and the “woke” radicalization of major universities in recent years, focusing instead on entrepreneurship and preparing students for a technologically and culturally complex future.



These old values, rekindled by the chaos of modernity, have led UATX to Bitcoin: “The first principles of this institution share the same space, language, and ethos as the first principles behind Bitcoin: freedom of speech, freedom to transact, individual and institutional sovereignty, distributed decentralized governing structure,” Anthony J. Rosario, major gifts and bitcoin endowment officer at UATX, told Bitcoin Magazine.

UATX has been making waves in recent weeks and months with a variety of Bitcoin-related announcements, among them the publication of “The Satoshi Papers,” a book comprising a collection of political, social, and economic essays debating the impact and nature of Bitcoin, echoing the Federalist Papers (popularized during the founding of the United States). They also announced a bitcoin endowment fund, one of the first in the country, and they boast a Bitcoin and cryptocurrency curriculum led by Dr. Thomas L. Hogan, which gives students hands-on experience with the technology and industry. So much so that Brian Armstrong, CEO of Coinbase, recently tweeted he’ll be “recruiting new college grads from UATX,” adding that, “It aligns well with our apolitical culture. Let’s hope we see more apolitical universities emerge over time.”

.@coinbase will be recruiting new college grads from UATX when they're ready (hopefully some interns in the mean time)



It aligns well with our apolitical culture. Let's hope we see more apolitical universities emerge over time, and a continued shift toward MEI. https://t.co/XZvhv2paI7 — Brian Armstrong (@brian_armstrong) November 25, 2024

A Protest Against Cancel Culture and Intellectual Rigidity in Academia

“A lot of our faculty and staff came to UATX because they were tired of the intellectual rigidity and cancel culture at their previous institutions,” Maggie Kelly, chief advancement officer at UATX told Bitcoin Magazine. She added that, “We’re really trying to create a place where people can come and think freely and explore ideas without fear of being canceled or silenced, which is a huge problem in academia today.”

UATX was founded by journalist Bari Weiss, historian Niall Ferguson, venture capitalist Joe Lonsdale, at the time the president of St. John’s College, and Pano Kanelos, who had criticized the “illiberal” nature of traditional universities in modern times.

We got sick of complaining about how broken higher education is. So we decided to do something about it.

Announcing a new university dedicated to the fearless pursuit of truth: @uaustinorg:https://t.co/ZqRLXcF2n0 — Bari Weiss (@bariweiss) November 8, 2021

Kanelos, founding president and now chancellor of the University, put it best in a Free Press article in 2021, “Nearly a quarter of American academics in the social sciences or humanities endorse ousting a colleague for having a wrong opinion about hot-button issues such as immigration or gender differences.”

Citing a report by the Center for the Study of Partisanship and Ideology. Kalenos pointed out that “over a third of conservative academics and PhD students said they had been threatened with disciplinary action for their views and four out of five American PhD students are willing to discriminate against right-leaning scholars.”

Daring to think differently and forced to take on a start-up mindset, despite being a 501(c)(3) nonprofit, the UATX has a strong focus on entrepreneurship, history, economics, and classical Western philosophical thought — powerful and fundamental ideas that inevitably led them to Bitcoin.

The UATX Bitcoin Curriculum

The Bitcoin and the cryptocurrency curriculum at the University of Austin is led by Associate Professor of Economics Dr. Hogan, who has deep experience in economics and academia. He was formerly the chief economist for the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and has worked at the American Institute for Economic Research (AIER), the Cato Institute, the World Bank, and Merrill Lynch’s commodity trading group, among others.

“Our introductory course is a combination of knowledge acquisition and practical skills. Students study the origins of Bitcoin, the mechanics of the network, and how Bitcoin helps protect human rights. At the same time, they get to install a wallet, make trades on Bitcoin and Lightning, and spin up their own Bitcoin miner,” Dr. Hogan told Bitcoin Magazine.

Unlike other online resources and educational materials, UATX leans into its close connections with the Bitcoin industry in Texas, unlocking a personal and hands-on experience with the technology. Jack Platts from Hypersphere Ventures donated bitcoin to the students, while Cholla Inc, Gideon Powell, and Brad Cuddy donated Antminer S9 miners that students set up in their dorms (which they used to join a mining pool). Pierre Rochard has given guest lectures, guiding students through Lightning Network transactions. The class even had a field trip to Riot’s mining facility in Rockdale, Texas, where an old aluminum smelting facility has been turned by Riot into a Bitcoin mine. Students received books like “Gradually, Then Suddenly,” “The Satoshi Papers,” “Resistance Money,” and “The Genesis Block.”

While the Bitcoin curriculum has not been advertised much, Rosario revealed that the course “was the second most popular course that students bid on using our free market bidding system where they use points to select their courses. The only course that beat it out was a special elective by Niall Ferguson.”

“Beyond Bitcoin, the students learn about the unique aspects of other tokens and blockchains. They program and deploy basic smart contracts and explore how these tools can be used to build systems for Decentralized Finance (DeFi) and Decentralized Physical Infrastructure (DePIN),” added Dr. Hogan, who believes the public and verifiable nature of cryptographic finance has the potential to phase out fraud and corruption found in legacy finance.

When asked about the novel risks of crypto scams and Ponzi schemes, meme coins, rug pulls, and so on — especially how the university deals with those topics from an educational perspective — Rosario addressed the concern by saying that, “The best way we teach students about fraud, not just in digital assets but in their careers and lives, is by providing an intellectual foundation at the core of our curriculum that builds their mind and character. Our students are highly agentic, here to build an institution, not just attend a university. Our tagline is the fearless pursuit of truth, teaching the intellectual foundations of the Western tradition, from ancient Greeks to modern philosophers and economists. When teaching half on Bitcoin and half on cryptocurrency, UATX is ecumenical. To build the life of the mind, students must be introduced to different ideas.”

Dr. Hogan emphasized the transparency and reliability of blockchains as compared to traditional financial networks. “Unlike an opaque financial company, the funds in a smart contract can easily be verified on the blockchain. Unlike a bank transfer or stock trade that might take days to clear, transactions on the blockchain can be verified within minutes,” he explained, adding that, “In contrast, failed companies like FTX and the Celsius Network were not decentralized companies built on blockchain technology. They were traditional financial companies that failed for the same old reasons: excessive risk and outright fraud. Moving to blockchain-based systems will help prevent such collapses in the future.”

Dr. Hogan shared the original schedule of classes and guest lecturers with Bitcoin Magazine, as seen below:

Part 1: Bitcoin

Week 1: Intro to Bitcoin and blockchains

Week 2: The Bitcoin and Lightning networks (Pierre Rochard)

Week 3: Bitcoin and human rights (Craig Warmke)

Week 4: Bitcoin mining and energy economics

Week 5: The future of Bitcoin (Will Cole and Parker Lewis)

Part 2: Cryptocurrency and blockchain technology

Week 6: Cryptocurrency and smart contracts

Week 7: Decentralized finance (DeFi)

Week 8: Webpage and blockchain interactions (Phil Greenwald)

Week 9: Utility tokens and decentralized physical infrastructure (Kyle Samani)

Week 10: The future of crypto and blockchains

Bitcoin in Academic Discourse: The Satoshi Papers

Beyond teaching Bitcoin to their students, UATX has led a conversation about the societal meaning and impact of Bitcoin in academic circles. In February of 2025, the university hosted the Satoshi Papers Symposium, a day of academic lectures celebrating the launch of the book by the Texas Bitcoin Foundation (TBF).



The Satoshi Papers, published by the Bitcoin Policy Institute (BPI) and edited by TBF executive director and BPI fellow Natalie Smolenski, “draws inspiration from the 18th-century American debate between the Federalists and Anti-Federalists about the role of government in preserving the liberties of individuals and communities.”

The book features a series of essays from a variety of scholars including economists, historians, anthropologists, and other social scientists, discussing the relationship between money and state in a post-Bitcoin world.

A Bitcoin Endowment In Self Custody

In addition from their educational and academic contributions to Bitcoin, UATX also hold the asset in a custom-designed Bitcoin Endowment, and unlike many other universities who also carry bitcoin exposure via ETFs, the university has a strong belief in self custody, securing the funds in multisignature wallets in collaboration with Unchained Capital, an instrumental partner in the university’s foray into Bitcoin.

Joe Kelly, CEO and co-founder of Unchained, donated 2 bitcoin to the Endowment to kick-start it; the university is actively raising a $5-million fund in bitcoin, which they have committed to holding in cold storage for at least five years.

During the announcement made in June 2024, Kelly said, “Both UATX and the Bitcoin community are building innovative institutions for the future. By choosing Unchained as a partner, the university is signaling its assessment of bitcoin’s function as a freedom-preserving technology, with our custody model helping to ensure there is no single point of failure to UATX’s long-term bitcoin holdings.”

Bitcoin at UATX: A New Era of Intellectual Sovereignty

Key Takeaways:

Vitalik Buterin urges Web3 developers to embed decentralization and privacy as default , not optional extras, warning against “illusionary” decentralization.

Ethereum faces a critical inflection point as increasing corporate influence risks transforming it into another centralized system.

New “real-world tests” proposed by Buterin help determine whether crypto systems can survive collapse, rogue insiders, and loss of backend support.

At the Ethereum Community Conference (EthCC) in Cannes, Ethereum co-founder Vitalik Buterin took center stage with a sobering message: Web3 is standing at a crossroads, and unless developers anchor their work in freedom, decentralization, and privacy, the industry risks betraying its founding principles.

His annual keynote cut through the hype surrounding Ethereum’s 10-year milestone and mainstream recognition, offering a direct critique of the current state of crypto. With clear, pointed tests and examples, Buterin’s talk wasn’t just philosophical—it was a technical roadmap and a moral reminder.

Ethereum at an Inflection Point

Vitalik Buterin did not mince words. “Ethereum is at a critical juncture,” he said. The decentralized dream that fueled the blockchain revolution is now facing a slow erosion under the weight of corporate involvement, political attention, and user convenience.

He warned that many so-called decentralized projects are merely decentralized in name. Layer-2 networks, DeFi platforms, and even identity solutions rely on centralized components such as upgrade keys, opaque admin tools, or login systems tied to third-party servers. “If your app stops working when your company disappears, it’s not decentralized,” Buterin emphasized.

Read More: Vitalik Buterin Proposes SimpleL1: A New Direction for Ethereum

The Three Tests Every Crypto System Must Pass

Buterin laid out three concrete tests to assess the trustworthiness and level of decentralization of a given Web3 project.

1. The Walk-Away Test

In the event that the team behind a protocol goes dark or dissolves, users ought to retain access to their funds and functionality. If end-users can’t recover their funds if they go off-line or if API calls become dead, then the project fails the test.

Example: Many NFT platforms and bridges have closed down in recent months, and users are ending up stranded from their assets. Such a state of affairs should never be possible in a truly decentralized system, says Buterin.

2. The Insider Attack Test

What about if a rogue team member or compromised admin gets access? Projects should be specified to minimize the potential for damage from internal threats.

Buterin castigated systems which have “god modes” which allow insiders to modify protocol parameters, or access funds with minimal checks and balances.

3. The Trusted Computing Base Test

This measures how much code a user must trust to keep their assets safe. A smaller and simpler trusted base leads to better security.

Too many current systems, he says, are bloated with dependencies and opaque integrations, undermining user trust and the core ethos of Ethereum.

Privacy Is Not a Feature—It’s a Necessity

Buterin stressed that privacy should be the default, not a bonus or toggle. “Users shouldn’t leak their entire financial history just by logging into a dApp,” he said.

He pointed to zero-knowledge (ZK) technologies as a breakthrough—but warned that their potential is being squandered. “ZK proofs don’t help if the login process leaks metadata through centralized providers,” he said.

He advocated for on-chain login systems, local client-side proofs, and fully decentralized identity mechanisms. Privacy must be embedded at every layer, from wallets to transaction routing.

The Growing Corporate Influence—and Its Dangers

The crypto world is not just for cypherpunks anymore. From JPMorgan tinkering with tokenized settlements to BlackRock building a case for crypto ETFs, the institutional footprint has characterized the ecosystem.

Buterin cautioned against “suitcoiners”—a phrase that has since been employed to describe anyone who values regulatory compliance, investor protections and maximizing profits over decentralization and user empowerment.

“Once crypto systems start optimizing for corporate onboarding and KYC funnels, they risk becoming indistinguishable from fintech apps,” he warned.

This sentiment echoes the early internet era, where once-promising open platforms became gated, surveilled, and monetized. “Let’s not become the next Web2,” he said flatly.

Pressure to Simplify Ethereum’s Base Layer

Buterin also addressed growing community pressure to streamline Ethereum’s core protocol. Echoing Bitcoin’s design simplicity, he called for minimal, robust systems that reduce reliance on off-chain infrastructure.

Complexity, he argued, invites fragility. “Every extra layer is another opportunity for centralization or failure,” he said. His proposed future includes:

Shrinking Ethereum’s base layer to eliminate bloat

Embedding audit-friendly design principles

Ensuring backward compatibility to reduce forced upgrades

Using light clients and statelessness to reduce validator hardware requirements

He acknowledged that Ethereum’s evolution has introduced necessary innovations, like rollups and account abstraction, but stressed the need to balance growth with core decentralization principles.

Read More: Ethereum Foundation Restructures Leadership in Bold Move to Revive Ecosystem Growth

A Community-Wide Responsibility

Vitalik’s call to action wasn’t only for core developers. He directly addressed wallet developers, dApp creators, and DAO builders, urging them to assess their own systems honestly.

“If your system can’t pass the walk-away test, it’s fragile,” he said. “If insiders can do irreversible harm, it’s dangerous. And if it requires trusting thousands of lines of unverified code, it’s not secure.”

He encouraged developers to resist pressure from investors and regulators to add centralized “safety nets” that ultimately compromise user sovereignty.

Vitalik Buterin Warns: Ethereum Risks Becoming Just Another Corporate Protocol

Geyser, a Bitcoin crowdfunding and grants platform, announced the NWC Hackathon Grant this week, inviting projects that leverage Nostr Wallet Connect (NWC) – a communication protocol that enables programmable, non-custodial Bitcoin payments and seamless interactions between apps and wallets. NWC uses the Nostr relay network as an always-on, encrypted message layer linking applications to users’ wallets, so apps can request payments or fetch data without custodial intermediaries. This design allows Bitcoin to move more freely between services. “The timing feels right… There’s growing excitement around leveraging NWC for Lightning development,” said Mick Morucci, co-founder of Geyser, underscoring the momentum behind this technology.

Two Grant Tracks for Builders

The $10K NWC Grant will be distributed across two categories. Track 1: New NWC Apps focuses on fresh ideas and prototypes built from scratch, this can include “vibe-coding” tools. Track 2: Mature NWC Apps is for established projects that have not yet received investor funding. Geyser indicated there may be up to four winners per track, assessed on criteria including impact, need, proof of work, and early potential. The initiative isn’t just about prize money – it comes with a supportive structure of workshops and mentorship. Over the coming weeks (June 30 – July 11), participants can join educational livestreams, remote workshops, and feedback sessions, culminating in a livestreamed pitch day on July 8 and final winners announced July 11. This approach aims to nurture builders through the development process, not just reward a finished product.

NWC Unlocks New Use Cases

Nostr Wallet Connect’s versatility is a key motivation for the grant. “We want to bring Bitcoin out of cold storage and into real use: automated, seamless, and sovereign,” said René Aaron, a developer at Alby (one of the grant’s sponsors), highlighting how NWC bridges Lightning to everyday applications (listen to his interview here). By acting as an open bridge between any wallet and app, NWC removes friction for both users and developers. NWC has been described as “the missing link” that unlocks new Bitcoin use cases – “subscription models, non-custodial flows, programmable payments & much more” (source). This means ideas like pay-as-you-go subscriptions, IoT micropayments, Bitcoin-powered developer tools, Discord tipping bots or even automatic credit card top-ups can all be built using NWC.

Sponsors and Early Applicants

The grant is backed by sponsors including Alby, Flash, Primal, and BtcCuracao. Several projects have already applied to the program, reflecting a diverse range of NWC applications. These include ZapGoals – a Nostr app for fundraising sats towards personal goals, Swapido – a service enabling one-click Lightning-to-Mexican Peso bank transfers, Flotilla – a Nostr-based communities platform, and Medical Binder – an initiative for sovereign health records. More applicants are expected as the Bitcoin builder community rallies around this open challenge.

How to Get Involved

Geyser is encouraging any Bitcoin or Nostr builders with an idea to apply for the NWC Grant. Applications are open on the NWC Hackathon Grant page until Monday 7th of July. Pitch day is Tuesday the 8th. With this initiative, the organizers hope to spark fresh innovation and prove out what’s possible when Lightning meets Nostr’s permissionless communications. By funding and mentoring developers, Geyser and partners aim to accelerate the growth of a “self-sovereign” Bitcoin payments ecosystem open to all.

This is a guest post by Mick Morucci. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



Geyser Launches $10K Nostr Wallet Connect Grant to Spark Open-Source Innovation

Key Takeaways:

U.S. Congress schedules full hearing on crypto market structure next week , with major industry figures set to testify, including Ripple CEO Brad Garlinghouse.

The hearing could reshape crypto legislation in the U.S. , with CLARITY and GENIUS Acts moving toward the floor.

Amid intensifying regulation, Roman Storm of Tornado Cash breaks silence ahead of his federal trial , highlighting mounting pressure on open-source developers.

Crypto is returning to the center of the U.S. legislative agenda next week as Congress prepares a high-stakes hearing on the market structure of digital assets. Following weeks of legislative wrangling over broader economic reforms, lawmakers are shifting their attention back to the digital asset ecosystem—with Ripple’s CEO Brad Garlinghouse and other top industry leaders summoned to testify.

This pivotal session, scheduled for Wednesday at 10:00 AM ET, may signal a major inflection point in crypto regulation in the United States.

Read More: Congressman Demands SEC Reveal Secret ETH Docs After Years of Mixed Signals—What’s Hiding?

Full Committee Hearing Set to Tackle Market Structure

The U.S. Senate Banking Committee GOP has confirmed it will host a full committee hearing focused on crypto market structure, a long-awaited legislative focus that could affect the future of how crypto businesses operate in America.

Eleanor Terrett, host of Crypto in America, first reported the hearing via X, noting that the draft version of the CLARITY Act—a bill aiming to define how digital assets are classified and regulated—is expected to be central to discussions.

The list of confirmed witnesses includes:

Brad Garlinghouse , CEO of Ripple

Kristin Smith , CEO of the Blockchain Association

Jonathan Levin , CEO of Chainalysis

Dan Robinson , General Partner at Paradigm

Each figure brings a different perspective: Ripple’s regulatory battles with the SEC, Chainalysis’s role in blockchain forensics, and Paradigm’s focus on decentralized finance (DeFi) innovation.

Read More: Ripple Drops Cross-Appeal in SEC Case, Bringing 4-Year Legal Saga Over XRP Token Sales to an End

The upcoming hearing follows the collapse of efforts to include crypto-related amendments in President Trump’s massive “One Big Beautiful Bill,” where Senator Cynthia Lummis’s proposed tax amendment for crypto was dropped, despite strong lobbying.

CLARITY and GENIUS Acts Moving in Parallel

The CLARITY Act, expected to be discussed heavily during the hearing, is designed to create a regulatory framework separating digital commodities from securities, which has been a long-standing issue dividing the SEC and CFTC.

At the same time, the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) continues its own trajectory toward a potential vote in the House. If passed, GENIUS would move to President Trump’s desk for signing, while CLARITY would proceed to Senate deliberation.

Industry insiders suggest both bills are foundational to the future of U.S. crypto regulation, especially after a long period dominated by enforcement-led actions from federal agencies.

Republican lawmakers are reportedly pushing for greater legal certainty, particularly in defining what counts as a decentralized protocol and how open-source developers should be treated under federal law.

Roman Storm Trial Looms as Developers Face Legal Risks

While legislators prepare for policy debates, the case of Roman Storm—co-founder of Tornado Cash—is drawing significant attention across the crypto industry.

Storm, facing federal charges for his role in building the privacy protocol, gave his first public interview this week on Crypto in America, raising alarm over the criminalization of open-source code.

“We Wrote Code—We Weren’t a Business”

Storm, who emigrated from Russia at 19 and taught himself to code, says Tornado Cash was designed to be “non-custodial, immutable, and without an off switch.” He denies ever profiting from the platform or interacting with sanctioned entities.

Federal prosecutors allege that Tornado Cash facilitated money laundering activities tied to North Korea’s Lazarus Group, which reportedly used the protocol to obfuscate stolen funds.

Storm argues that the case is part of a broader regulation-by-enforcement strategy under the Biden administration—one that threatens to chill innovation in the open-source ecosystem.

“If I lose, I don’t think it does any good for crypto, DeFi, or the United States as a place to innovate,” Storm stated.

He also shared details of his arrest, recalling armed federal agents appearing in his backyard, and described the psychological toll of being “debanked” multiple times since the indictment.

Legal Pressure Mounts on Builders Behind Decentralized Protocols

Storm’s case is not just about privacy processes—it has consequences for developers of decentralized services that do not hold user funds but work to provide quick, private transactions. Writing and deploying code should not be criminalized at all, if developers do not operate or maintain the system afterwards, his legal team contends.

This legal limbo is something Congress is increasingly pressed to address, particularly as developers look for guidance on liability and compliance.

With the likes of the crypto builders behind Uniswap, Aave, and other projects pushing code that runs on decentralized networks, the line between code creator and financial services provider continues to blur.

This week’s hearing could play a critical role in determining how far the government will go in holding protocol creators accountable.

At the heart of the debate is a single question: Can software be considered a financial entity if it runs independently of its developers?

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