t3rm1nal

🚨NEW: This morning, @RepYoungKim and @RepLiccardo unveiled the bipartisan PACE Act to create a national payments license for fintechs and crypto companies. The bipartisan bill would let regulated state depository institutions and credit unions that conduct money transmission be regulated under a new optional framework overseen by the @USOCC. This bill would permit these institutions to access Federal Reserve payment services, aligning with Federal Reserve Governor Christopher Waller’s “skinny master accounts” concept, which @krakenfx gained access to earlier this year. The bill also gives the Federal Reserve Board, and not the individual Reserve Banks, final decision-making authority over skinny master account applications. It also looks to reduce costs for consumers, who often end up paying fees passed down layers of banks just to access ACH. “We can reduce the burden of bank fees borne by too many American families by enabling broader access to innovative payment systems that deliver cheaper, faster, more reliable service,” said @RepLiccardo. “I’m proud to partner with Young Kim on this bipartisan PACE Act, to modernize our payment system for the benefit of millions of cash-strapped Americans.”

Today we've published the first position paper from the Coinbase Independent Advisory Board on Quantum Computing and Blockchain, a group of leading researchers from Stanford, UT Austin, the Ethereum Foundation, and beyond. The short version: your crypto is safe today. But a quantum computer capable of threatening blockchain cryptography will eventually be built, and the industry needs to start preparing now, not when it's urgent. The paper covers what's actually at risk, what isn't, where major blockchains stand on migration plans, and concrete recommendations for chains, custodians, and institutions. We stood up this board because we believe security decisions of this magnitude should be driven by the best available science. This is our first report, but will have more updates to share as we go. Full summary and link to the paper: coinbase.com/blog/coinbase-…

Today we make the case for ETH as a superior monetary good—and how, if it captures the monetary premium currently held by gold and bitcoin, the implied long-term price could exceed $250,000 per token. Executive Summary: 1. Gold and Bitcoin don’t compound. Warren Buffett never held gold. His objection was not about scarcity—he acknowledged gold was scarce. His objection was that scarcity without productivity is economically sterile: “If you own one ounce of gold for an eternity, you will still own one ounce at its end.” The same criticism applies to Bitcoin. 2. ETH is the first monetary asset that compounds without counterparty risk. For all of human history, you had to choose: hold money (stable, unproductive) or invest it into productive assets (risky, wealth-generating). The two categories were mutually exclusive. Ethereum dissolves this distinction—you lock capital into the protocol’s consensus mechanism and earn yield generated by the network itself. 3. ETH is better money than gold and Bitcoin by every other measure. Its supply growth is capped at 1.5% by the protocol and offset by a burn mechanism that can make it deflationary. It can be transferred anywhere on Earth in seconds, stored in a memorized twelve-word phrase, and carried across any border beyond the reach of any government. And its proof-of-stake consensus mechanism is more secure and durable than Bitcoin’s proof-of-work. 4. The combined monetary premium of gold and Bitcoin is approximately $31 trillion. If ETH captured that premium — distributed across ~121 million ETH — the implied price would be north of $250,000. Today it trades around $2,300. 5. Productive money will outcompete dead capital. Over a long enough time horizon, productive assets outperform unproductive ones, because productive assets compound. The only question is how long it takes the rest of the world to figure that out.

The Arbitrum Security Council has taken emergency action to freeze the 30,766 ETH being held in the address on Arbitrum One that is connected to the KelpDAO exploit. The Security Council acted with input from law enforcement as to the exploiter’s identity, and, at all times, weighed its commitment to the security and integrity of the Arbitrum community without impacting any Arbitrum users or applications. After significant technical diligence and deliberation, the Security Council identified and executed a technical approach to move funds to safety without affecting any other chain state or Arbitrum users. As of April 20 11:26pm ET the funds have been successfully transferred to an intermediary frozen wallet. They are no longer accessible to the address that originally held the funds, and can only be moved by further action by Arbitrum governance, which will be coordinated with relevant parties.

ARBITRUM RECOVERS $70.9M FROM KELPDAO EXPLOITER The Arbitrum Security Council just removed $70.97M ETH from the KelpDAO Exploiter’s addresses. They sent it to the address 0x0000000000000000000000000000000000000DA0 North Korea stole the money and Arbitrum stole it back.

"so you staked your ETH on the Ethereum blockchain to earn yield?" "yes, Dave" "except you didn't want your capital to be locked up so you actually staked it with a liquid staking protocol called Lido?" "that's correct, Dave" "and Lido gave you a liquid staking receipt token called stETH in return?" "yes, Dave" "and then you didn't think that was enough, so you juiced the yield even further by depositing your stETH receipt tokens into a restaking protocol called Eigenlayer?" "you are correct, Dave" "and now you didn't want to lock up your capital, so you actually restaked with a liquid restaking protocol called KelpDAO who provided you with a liquid restaking receipt token called rsETH?" "you got it, Dave" "and then that was surely not enough juice, so you then deposited your rsETH tokens into a lending protocol called AAVE so that you could open a leveraged looping position that borrows ETH against the rsETH collateral and restakes the ETH into rsETH which is then deposited as collateral, except it turns out rsETH used a cross-chain bridge called LayerZero whose security is held together by a 1/1 toothpick, which was obviously hacked by north koreans causing rsETH to become undercollateralized and now these looping positions are stuck and unprofitable, and everyone is pointing fingers at each other, and also DeFi is a very serious industry" "you are 100% correct, dave" jfc.

1/ The ~$292M KelpDAO / rsETH bridge exploit highlights a critical blind spot in DeFi security. This hack was a textbook trust-layer failure where the system acted on fabricated reality. Here is how the attack unfolded. 🧵

I'm guessing the @chainlink integrations team will be relatively busy in the near future. $link

Today, we sent a letter to @BankingGOP leadership urging the Committee to move digital asset market structure legislation to markup and continue improving the bill in a transparent, deliberative, and bipartisan manner. Read our full letter: bit.ly/4t4G53H

Strategy has acquired 34,164 BTC for ~$2.54 billion at ~$74,395 per bitcoin and has achieved BTC Yield of 9.5% YTD 2026. As of 4/19/2026, we hodl 815,061 $BTC acquired for ~$61.56 billion at ~$75,527 per bitcoin. $MSTR $STRC strategy.com/press/strategy…

🚨🗞️NEW: Bank Pressure Clouds Clarity Act Timeline A lobbying campaign led by bank trades could push a markup of crypto market structure legislation to May. Plus, a new multi-million-dollar DeFi hack adds to the growing list of exploits this month. ⬇️ cryptoinamerica.com/p/bank-pressur…

The open question is how losses from the drained adapter will ultimately be allocated, and this drives the two scenarios: -Scenario 1 (uniform socialization) produces an estimated $123.7M in bad debt, concentrated on Ethereum Core in absolute size terms and most acute on Mantle in proportional terms. -Scenario 2 (losses isolated to L2 rsETH) estimates $230.1M in bad debt, all on L2s. Mantle faces a 71.45% WETH shortfall and Arbitrum 26.67%; Ethereum Core is unaffected. Which scenario materializes depends on decisions outside $Aave control.

1/ Drift's admin key was compromised. $213M+ drained from @solana's largest DEX in under 10 seconds. Unfortunately, we've seen similar patterns before: - fake collateral market - a manipulated oracle - disabled circuit breakers Let's break it down 👇 written w/ Chaos AI

Bitcoin has outperformed every major asset or index in each crisis. 7 out of 7 times. No other asset comes close.

Tom Lee explains exactly how Ethereum reaches $62k:

🚨NEW: As the clock ticks down to a markup of the Clarity Act in the Senate Banking Committee, the North Carolina Bankers Association (a state trade group) has been urging member banks to call into @SenThomTillis’s office to weigh in on the stablecoin yield debate. Per an email shared with me by an employee at a small Wilmington-based bank, circulated by leadership this week on behalf of @NCBankers, the current compromise stablecoin yield text “does not accomplish the goal” of mitigating deposit flight to stablecoins. It then encourages employees to call Tillis’s office using the following pre-written message: “The CLARITY (sic) Act must include an airtight prohibition on payments for stablecoins acting as a store of value by clearly barring any interest or yield-like payments tied to the holding, retention, or balance of payment stablecoins — without carve-outs that can be met through nominal activity or loyalty programs.” The email adds that employees don’t need to answer questions or defend their positions. “Simply state your message and you’ll be thanked for your call. It’s that easy.” The development tracks with recent reports that banks are growing increasingly restless with the current stablecoin yield compromise and are making a last-minute push for changes.

Based on aggregated data from our trading pilot, X has driven a estimated $1 billion in trading volume globally since launching on Tuesday night.

🚨NEW: Per @politico, Senator @SenThomTillis says stablecoin yield text now likely not to come this week due to wanting clarity on the timing of a markup before putting text out, which tracks with my Wednesday reporting. The idea, it appears, is to avoid putting the text under too much scrutiny before a markup date is on the calendar, which could create more runway for problems.

Schwab Crypto™ is on the way. Schwab Crypto accounts (offered by Charles Schwab Premier Bank, SSB) will provide direct access to Bitcoin and Ethereum trading, in-depth digital assets education, and more. Read the full press release: brnw.ch/21x1F79