Crypto’s favorite maxim, “don’t trust, verify” wasn’t followed in the case of Coldcard’s code.
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The U.S. Treasury Department has put forward a proposal aimed at implementing key provisions of the GENIUS Act, a stablecoin legislation passed by Congress. The proposal seeks to establish foundational definitions and clarify jurisdictional boundaries outlined in the law. The GENIUS Act was completed by Congress last year, making this Treasury action a step toward its enforcement. The rulemaking effort signals the federal government's move to formalize oversight of the stablecoin sector in the United States.
A security incident involving Coldcard has sparked serious debate within the Bitcoin hardware wallet community. Foundation CEO Zach Herbert argues that the community, which prides itself on the principle of 'don't trust, verify,' paradoxically spent five years deferring to a single individual's judgment. The episode highlights how reputation alone cannot serve as a reliable security model. Herbert's commentary suggests that even communities built around trustless principles can fall into the trap of centralizing trust in one person.
Crypto treasury firm Bitmine, co-founded by Tom Lee, has accumulated a 4.8% stake in Ethereum's circulating supply through continued buying. The company added another 9,926 ETH in its most recent purchase last week. This latest acquisition is part of an ongoing buying streak that the firm began in June 2025. Bitmine has been consistently growing its ETH holdings as part of its core treasury strategy.
Strategy, led by Executive Chairman Michael Saylor, raised $333.7 million through the sale of common stock last week. The company used the capital to boost its dollar reserves rather than acquire additional Bitcoin. Strategy also repurchased more of its STRC shares during the same period. Despite the significant capital raise, the firm's Bitcoin holdings remained unchanged. The moves reflect a strategic shift toward liquidity management while maintaining its existing crypto position.
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