Hey everyone, I spent some time with our Canadian friends in Toronto after presenting “Ethereum: The World Computer” at Blockchain Training Conference last month and I wanted to provide a quick update on some of the exciting happenings in the Ethereum dev ecosystem. Lots of things are brewing behinds the scenes, so let’s jump in!

Projects

Mist

Ethereum wallet has been refined significantly over the last several months expanding support to arbitrary contract interaction via the “custom contracts” tab. This is a massive improvement over sending transactions on the command line, as was often required in Frontier. With several new team members doing work with the Ethereum Foundation, new versions of Mist are now rolling out and will incorporate improvements to Geth and Eth as they are integrated. If you’re using an old version, update to Mist 0.8.0 for the latest goodies.

Screenshot Mist 0.8.0

Remix

After all the hard work spent reorganizing the C++ codebase, the CPP team has shifted gears from Mix to Remix, as the IDE now targets the web. Remix has hit it first alpha, and published with a demo online. Check out its repository at https://github.com/ethereum/remix for more info. In general, EVM IDEs aren’t yet popular, so this could be a major step forward in approachability, like the online Solidity compiler has been. New security tools, such as EVMDIS as expected to be released to the community. Work is also being done so that formal verification can detect recursive call patterns. More details can be found in Christian’s C++ DEV Update.

ENS

Diagram of example ENS hierarchy with multiple records

Not an official project, but closely related to many projects, Nick Johnson has started work on the Ethereum Name Service. The encompasses smart contract-based resolvers with standard API. The specification supports delegation by name component (separated by “.”) and multiple types of records. It’s possible to build gateways to plug-in to existing systems, like DNS. Currently, a draft specification with a reference implementation is available in solidity and discussion is ongoing on Gitter. This could have large implications for general usability of many services on Ethereum network from wallet aliases to friendly Swarm node names.

Protocols

Light client

Something to watch closely is light-client functionality entering public testing phase. Zsolt has been working on this code for months and the team looks poised to merge it into the main repo soon. The new code decreases chain sync time to under 30 mins from genesis block and under a minute when used week-to-week. This builds on top of work that Peter did for the fast sync functionality that is now the default in Mist (–fast). More work is being done to improve log/receipt retrieval, and several iterations to the protocol is expected over time, so this is not the last you’ll hear about LES!

Tweet of light client running on embedded device

Swarm

Swarm is also being vigorously tested as PoC2 demonstrating economically self sustaining storage and distribution layers. Viktor, Dani, and Aaron have been working hard to ensure the code is as bug-free as possible before launching it on testnet. Nick has developed a simulation script for network and communication verification which will go a long way towards this effort. One of the exciting features of their work is the accounting & incentive systems allowing for long-term storage and retrieval of data. If you want to know more, the Swarm team has been featured in several YouTube videos which explains how everything works.

Data storage & retrieval on Swarm

Though called many other names, this enables a vision for decentralized storage where you own your own data. Currently, while there are a few blockchain-based apps, full availability of Swarm will allow for those blockchain-backed apps to become full DApps and run 100% decentralized inside Mist.

IPFS & Raiden

On a collaborative note, continued discussion between the IPFS and Ethereum teams may allow them to share a protocol in the future, allowing both ecosystems to benefit from their respective network effects. Further, work going towards Raiden and Swarm turned out to be complementary as solutions were working towards solving similar problems. I’m told that the Raiden Network can be used as a payment channel for the Swarm incentive system, which would help address some privacy and scalability concerns while also multiplying their own efforts. Knowing that they are reinforcing makes me even more excited for what’s in store for the future!

Wrap-up

Devcon2 is right around the corner, with sessions scheduled for September 19, 20, 21 during the Global Blockchain Summit in Shanghai, China. Ethereum Foundation’s information website is now online at ethereumfoundation.org/devcon and more information about the Summit can be found at blockchainweek2016.org. Despite having a larger venue, space will still be limited, so register now!

I hope 2016 will prove to be a pivotal year for blockchains. UI/UX is improving rapidly over what was available just a couple years ago and with solutions like Raiden for state/payment-channels, some of the privacy and scalability problems of blockchains are eased. Combined with research advancements targeted for Serenity, we are on pace to overcome many of the obstacles Vitalik once listed as hard problems.

Keep Calm and Code On
 

As summer falls into the Northern Hemisphere, the financial dream of Bitcoinization is rapidly becoming a nightmare. The summer of Bitcoin paper, which issues stocks to (extreme) overvalued and ignorant financial markets, ends with buying Bitcoin.

My dream of Bitcoin’s Ministry of Finance was good. I openly admit that it was made Some Sense.

For months, Wall Street enjoyed the foaming and burned fire. But at last, financial gravity has re-recognised itself. We are all awakened from the summer. more than they are objectively valuable. It’s great and tragic to see standard corporate finance being confirmed again.

Earlier this year, David Bailey, CEO of BTC Inc, owner of Bitcoin Magazine, told Bitcoin for Btc Inc, another division of Btc Inc, “If we can sell a dollar for more than one dollar, we’ll trade all day.”

After all, the free lunch strategy (!) wasn’t free… Cleaning up investor money in the process was a painful journey to learn that lesson.

when you – Retail Bag Holder – Buying security instead of real Bitcoin. Usually, you do so with premiums (e.g., mnavs above 1). Awful, this is both validationally insane – why buy a dollar for more than one dollar? – and The very power to animate these Bitcoin finance companies.

We’ve seen this with legitimate criticism and speculated that while Bitcoin’s Fiat price is rising, MNAVS will fall to about 1 as stocks fall and flatten. Fate did a trick on us crash Instead, the price of Bitcoin. As a result, many of these airy financial alchemy monsters have been dropped by much larger multiples.

Bailey’s own Naka, where Bitcoin Magazine offers a specific marketing service, was the most interesting (and financially tragic for many people around these parts). When Naka majorly announced its $5 billion share issuance program last month, stocks were It fell It continued to fall 70% from the first pump, focusing on the announcement of reverse marsing using KindlyMD. $naka has dropped by a whopping 85% from its May high, recently setting a new low of $3.28.

Market prices are true, and the truth at the twilight of a treasury company’s dreamy delusion is that it is not in the promised land to cram into the corporate balance sheet with retail fairness and debts to win bitcoin.

“The market price tells you whether you’re right or wrong,” said Moshe Shen, managing director of APAC WinterMute Trading, on the first day of Bitcoin Asia, which recently ended in Hong Kong. I think that speaks well enough of the questionable outlook for Nakamoto and other Bitcoin finance companies.

Bitcoin’s Ministry of Finance’s magic is over

The repeated pump-and-dump effect of issuing more shares for a Bitcoin financial strategy is no longer accompanied by a great pump against the stock price. As sanity and traditional corporate finance suggest, it falls. It doesn’t matter how many thousands of coins Saylor’s strategy is eating. MSTR prices I’ll keep it Fall, returned the total zero Percentage of common shareholders since November last year. Metaplanet has recently passed 20,000 coins in a hype celebration, dating back to levels not seen before the paper summer began.

A recent article documenting financial phenomena, from Nikou Asgali Financial Times “The crypto buying strategy relies heavily on raising debts to issue stocks or buy Bitcoin and other tokens, and I hope this will drive stock price growth.” Underestimating the points, she continues, “However, as the company’s valuation drops, it becomes more difficult to raise capital.”

When stock prices fall and MNAV approaches 1, free money magic will disappear. Once the age of magical money printing is over, we’ll look into whether the hundreds of finance companies out there have (something?) viability.

Even Tyler Evans of UTXO Management, even another BTC Inc and Nakamoto-Involved Company, confessed to Asgari in the same way ft Article: The market “overheated irrationally.” The paper Bitcoin summer was “the peak of both companies with both hype and launch.”

At the end of the paper Bitcoin summer, we see reality reconstructing itself once again, dramatically recovering from the collective delusion that market prices in the world’s most fluid markets can head far beyond the MNAV course.

Here’s a bold prediction: A year later, Bitcoin finance company will not become a thing. Most of the lower tier do not survive, instead spitting out coins they have been so sniffing and recklessly snipped. Teams with serious moats and competent management teams like Strategy and Metaplanet survive, but MNAV has reduced to a sliver above zero and belongs logically.

The paper Bitcoin summer is over and I couldn’t be more excited to see these nightmares return to the etheric dreamland from where they came.

Summer 2025 wasn’t just hot; it was relentless.

Ransomware hammered hospitals, retail giants suffered data breaches, insurance firms were hit by phishing, and nation-state actors launched disruptive campaigns.

From stealthy PowerShell loaders to zero-day SharePoint exploits, attackers kept defenders on their heels.

This report breaks down the season’s most high-impact incidents and what security teams need to do before the next wave hits.

Summer Expose Healthcare’s Growing Ransomware Risk

Hospitals can’t afford downtime, and attackers know it. 

This summer, ransomware groups targeted healthcare, exploiting both the value of patient data and the urgency of care.

Interlock rises as a major threat to US healthcare

A July 22, 2025, joint advisory by CISA, FBI, and HHS highlighted Interlock as a major threat to the Healthcare and Public Health (HPH) sector. The group is linked to around 14 incidents in 2025 alone, with a third affecting only healthcare providers.

What sets Interlock apart is its use of “FileFix,” a PowerShell launcher that hides malicious scripts behind decoy file paths. It tricks users into running payloads through File Explorer, bypassing typical security detections.

Rhysida ransomware targeted another US healthcare center

On July 8, 2025, the Rhysida ransomware group allegedly leaked sensitive data from Florida Hand Center, including medical images, driver’s licenses, and insurance forms. 

The clinic, which serves patients in Punta Gorda, Port Charlotte, and Fort Myers, was given just seven days to respond before the release.

Qilin recycles Scattered Spider playbook in wave of healthcare breaches

In June 2025, Qilin became the most active ransomware group, recording 81 victims, 52 of them in the healthcare sector.

The group exploited unpatched Fortinet vulnerabilities (CVE-2024-21762 and CVE-2024-55591) to gain access, deploy ransomware, and exfiltrate sensitive data such as EHRs and insurance records.

To maximize pressure, Qilin went beyond encryption, leveraging legal-themed extortion tactics like a “Call Lawyer” feature and automated negotiation tools to drive faster payouts.

Major Brands Breached in Retail Cybercrime Wave

The retail sector couldn’t escape the wave of cyberattacks sweeping through Summer 2025.

Louis Vuitton breach marks third in a quarter

On July 2, 2025, Louis Vuitton UK suffered a data breach exposing customer contact info and purchase history, its third LVMH brand breach in three months after Dior and LV Korea. 

Days later, on July 10, UK police arrested four suspects tied to high-profile attacks on M&S, Co-op, and Harrods. 

The group is allegedly linked to Scattered Spider, a domestic threat actor known for social engineering and collaboration with ransomware operators like DragonForce, signaling the growing impact of homegrown cybercriminals on major retailers.

DragonForce hits US retail chain Belk

Between May 7 and 11, 2025, on the other side of the Atlantic, North Carolina, based retailer Belk suffered a data breach.

DragonForce claimed responsibility, stating it exfiltrated 156 GB of customer and employee data, including names, Social Security numbers, emails, order histories, and HR files, which were later posted on its leak site after ransom negotiations stalled.

DragonForce, first emerging in late 2023, operates as a ransomware-as-a-service cartel, listing approximately 136 victims by March 2025, many of whom are in US and UK retail organizations.

Scattered Spider’s tactics have shifted from retail to insurance 

Scattered Spider (UNC3944), a native English-speaking cybercriminal collective, used identity-centric social engineering, voice phishing, MFA fatigue, help-desk impersonation, and typosquatted domains to breach UK retailers (M&S, Co-op, Harrods) in April–May 2025. 

In mid-June 2025, the researchers flagged that Scattered Spider (UNC3944) had shifted from retail to targeting US insurance firms.

• Aflac detected and contained unauthorized access on June 12, 2025; customer and employee personal data (including SSNs, health claims) may have been compromised. 

• Erie Insurance and Philadelphia Insurance Companies also reported similar cyber disruptions in early to mid-June, resulting in operational downtime.

The intrusions matched Scattered Spider’s known tactical profile, though no ransomware was deployed, and systems remained operational.

State-Sponsored and Geopolitical Cyber Activity

Not all cyber threats this summer were about money. 

Nation-state hackers and hacktivists also made their mark, using the turbulent geopolitical climate to launch attacks.

• June 14–17, 2025: Pro-Israel hacktivist group Predatory Sparrow hit Iran’s Bank Sepah, disrupting banking services, then destroyed ~$90M in crypto by breaching Nobitex and sending tokens to burn wallets.

• June 30, 2025: The US Department of Homeland Security and CISA issued a joint alert warning of impending Iranian cyber retaliation targeting critical infrastructure in the US and Europe. 

These incidents serve as a stark reminder that cyber conflict is now a frontline extension of geopolitical tension, one that can ripple far beyond borders and sectors.

Key Vulnerabilities Gaining Public Attention 

Multiple Microsoft SharePoint vulnerabilities were exploited this summer in a widespread cyber espionage campaign known as ToolShell.

• CVE-2025-53770 is a critical remote code execution flaw allowing unauthenticated attackers to run arbitrary code on vulnerable on-prem SharePoint servers. Threat actors used it to deploy web shells, steal credentials, and move laterally through enterprise networks. CISA added the bug to its KEV catalog on July 20, 2025.

• CVE-2025-49704 and CVE-2025-49706 were also added to the KEV on July 22 after being abused in chained attacks. The pair enables authentication bypass and code injection, allowing attackers to exploit unpatched SharePoint systems even if earlier fixes were applied.

The ToolShell campaign targeted organizations across the US, Europe, and the Middle East, including government agencies, energy firms, and telecom providers. 

Security researchers say the attackers likely reverse-engineered Microsoft’s July Patch Tuesday fixes to develop the bypass used in CVE-2025-53770.

What to Take from the Summer Wildfires in Cybersecurity?

From hospitals to retail giants and insurance providers to nation-states, the season exposed cracks in even the most fortified environments. 

Here’s what security teams should do next.

Patch like your life depends on it, because they do in critical sectors.

Start with CISA KEV entries and high-severity CVEs, but don’t stop there. Ask the harder question: are you the kind of target that attackers go after?

Validate whether each CVE is actually exploitable in your environment.

Focus on exploit chains, not just the scores. That’s what adversaries are doing.

Harden identity as your new perimeter.

Social engineering worked better than malware this summer. Stop MFA fatigue attacks, reinforce help-desk verification, and limit privileged access. 

Train your humans, because they were the breach point.

Scattered Spider and others didn’t exploit a CVE; they exploited a person. Run regular simulations, update phishing scenarios, and prepare high-risk roles for real-world lures.

Watch for what happens after initial access.

Threat actors like Interlock and Qilin didn’t just drop ransomware; they moved laterally, staged data, and evaded detection. Implement behavioral monitoring for techniques, such as PowerShell abuse, credential theft, and stealthy exfiltration.

Don’t ignore legacy systems and overlooked infrastructure.

Don’t ignore legacy systems and overlooked infrastructure. The ToolShell campaign exploited unpatched on-prem SharePoint servers, many running unsupported or outdated versions.

Whether it’s aging on-prem SharePoint, appliances, or unmonitored legacy gear, isolate what you can’t upgrade, monitor what you can’t patch, and replace what you’ve ignored.

We strongly suggest simulating the mentioned attacks to test the effectiveness of your security controls against real-life cyber attacks using the Picus Security Validation Platform.

You can also test your defenses against hundreds of other malware and exploitation campaigns, such as Medusa, Rhysida, and Black Basta, within minutes with a 14-day free trial of the Picus Platform.

Sponsored and written by Picus Security.

This summer, following my return to full-time work after my six-month, half-time sick leave for job burnout, has been interesting, in both positive and negative ways (remember the ancient Chinese curse, “may you live in interesting times.”) I’ve already written at length about our unprecedented, climate-change-fuelled wildfire season here in Manitoba, but there have been other things on my mind as well: AI, VR, and the ongoing trade war with the United States.

I have been learning a lot more about artificial intelligence in general, and generative AI in particular, over the past few months. I am doing this to prepare myself for a couple of events this coming Fall term at my university.

Well, I have somehow talked myself into giving a 15-minute presentation on artificial intelligence and generative AI (GenAI) to the professors at an upcoming Faculty Council meeting in the Faculty of Agriculture and Food Sciences (as I am the liaison librarian serving the faculty). This all came out of a recent addition to my PowerPoint slides last year, where I was warning the students I spoke to about the dangers of relying on GenAI tools like ChatGPT as search engines. I had been telling members of the Agriculture Library Committee about this work, at one of our face-to-face meetings. By the end of the discussion, I had agreed to give a presentation to Faculty Council. (Me and my big mouth!)

However, to my horror, I realized that the field of GenAI was now evolving so quickly, that pretty much everything I had talked about last year was already way out of date! So this necessitated a lot of reading (yes, actual books from the university’s collection), and a lot of web browsing, including taking some online courses, in order to work my way up the learning curve. It turns out that being asked to give an accessible presentation on a topic, to an audience of professors (who are pretty smart people overall), is a very powerful motivator to learn new things!

So I have been spending much of the past couple months learning more about AI. I had already had a subscription to ChatGPT, by OpenAI, being among the first million people to set up an account in 2022. To that, I have added a second subscription to a service called Claude AI, by a company called Anthropic, which was founded by some ex-OpenAI employees who had some ethical concerns about the direction in which their former company was going with its GenAI products.

I’m getting closer to the point that I now feel more comfortable attempting to pull together this 15-minute talk. In addition, I have agreed to team-teach a course to graduate students and student advisors on GenAI this Fall term, along with a lawyer. The lawyer will discuss the legal and copyright issues associated with GenAI, and I will focus on the technical and practical aspects of GenAI tools (leaning heavily on the same content as my talk to the agriculture professors). I am slowly but surely becoming the in-house AI expert at the University of Manitoba Libraries, as well as the virtual reality expert!

Speaking of virtual reality, now that I am no longer officially involved with the ongoing virtual/augmented reality lab project at my university library system, all the VR equipment I had donated to the lab has been returned to me (the people working on the project have decided to purchase brand-new equipment).

I have had to drag a second desk into my open-office cubicle area to re-setup my Windows desktop PC and Vive Pro VR headset, and I’ve had to find space to stash away my Meta Quest 2 and Meta Quest 3 wireless headsets when I am not using them! Between work and home, I have no less than five different headsets to deal with (my Valve Index at home sits unused because I need to reinstall its software after the recent hard drive crash of my personal computer, and, of course, my Apple Vision Pro, about which I have written several blog posts over the past twelve months).

However, I must confess that I haven’t really used any of the Windows VR/AR headsets very much since I bought my Apple Vision Pro, which I still use a couple of hours a day at work in the large, clear (and now, ultra widescreen!) Virtual Display, with my MacBook Pro. Often, I lug my Apple Vision Pro home in my backpack, using it there to watch TV and movies, to browse Reddit news posted to the AVP subreddits, and to hang out and chat with folks from all over the world in InSpaze (still one of the killer apps, in my opinion). This device is worth every penny I paid for it, despite its high price tag, and I will be first in line for whatever Apple comes out with next in its line of spatial computing devices. I’m all in.

As many of you already know, I have already completely given up on most corporate-run, algorithm-driven social media platforms, most of which have become toxic cesspools. I left Meta’s Facebook several years ago, and I quit Twitter/X when Apartheid Clyde took over. While I still have nominal accounts on Mastodon (from which I watched the Twitter dumpster fire from afar), and Bluesky (to follow public health experts and, more recently, AI experts), I find that I can now go weeks at a time without bothering to check either site. I have found that my mental and emotional health has greatly improved since I have essentially discarded most social media, and I can recommend it highly.

I have also been going through the long, slow, arduous process of disengaging from Google as well, replacing the Chrome web browser with Firefox, Google search with Qwant, YouTube Music with Apple Music*, and Gmail with the Swiss-owned, privacy-oriented Proton service. In particular, the switch from Gmail to Proton email has been lengthy and ongoing.

I don’t think that most Americans (as disinterested as they tend to be about anything that goes on outside their borders) really understand just how royally pissed off Canadians are at the United States right now. As I write this, the latest word from Donald Trump is that he is planning to impose a 35% tarriff on Canadian imports, which of course is going to kick off another round of tit-for-tat trade war, which is going to piss Canadians off even more than they are already. Elbows up!

I read an article last week in Maclean’s (the Canadian version of Time or Newsweek) that made that point quite well, so I am quoting it at length below:

Canadians define themselves in opposition to the United States because the country was founded by people who rejected the bloody American Revolution. We’ve kept rejecting it for almost three centuries.

The United States is an unpredictable and increasingly dysfunctional empire, an extended experiment in pushing everything to the extreme. Canadians, on the other hand, have a long but imperfect history of muddling along peaceably. We are not bound together by some intrinsic identity—by language, race, religion or a shared and glorious history of revolution or conquest. We become nationalistic only when it is necessary to protect ourselves against the aggression of the United States.

That negative, defensive definition has always been enough. It is kind of the point of Canada.

…

As Canada settled deeper into the winter of 2025, and Trump kept boorishly insisting that Canadians would be happier in his clutches, we got mad.

Canadians yanked U.S. liquor from store shelves, cancelled trips and hoisted flags, even in downtown Montreal. Pallets of U.S. produce spoiled in the supermarket aisles. Normally bustling American border towns that depended on shopping day trips were suddenly silent. The U.S. departure lounges at Pearson and Trudeau were empty.

Nova Scotia Premier Tim Houston removed interprovincial trade barriers for any province that would reciprocate and, post-election, Mark Carney went a step further and pledged to dismantle all interprovincial trade barriers by Canada Day. Manitoba Premier Wab Kinew announced he was planning to let some electricity contracts with the States lapse and use much of that excess power to boost his own province’s energy economy. Quebec Premier François Legault said Quebecers would consider east-west oil pipelines they had previously opposed.

People were soon speculating about a guerrilla war of resistance. The Americans might be able to take Canada, but could they hold it? How could they justify the casualties they would take? At the end of January, one of the most capable men I know texted me, out of the blue, that he had told his wife, the mother of his infant child, that he’d be “willing to die on the end of a rifle to make sure” the Americans could not take Canada.

It became clear how deep the feeling ran on February 1 at Ottawa’s Canadian Tire Centre, where the Senators played the Minnesota Wild. Because Ottawa is a government town, and there are often as many Leafs or Habs fans in attendance as Sens supporters, it can be a dull place to watch a game. But there was nothing sedate about the booing as “The Star-Spangled Banner” played. Fans booed it heartily from start to finish, drowning out the unfortunate singer.

—Stephen Maher, “Never for sale.” Maclean’s, July 2025.

I honestly don’t know how all this is going to play out over the next four years, but I have slowly learned to tune out whatever batshit craziness is happening in the United States and its trade war with Canada (and the rest of the world), and to focus on what I can control. So I have been voting both with my feet and my wallet.

In particular, like many of my fellow Canadians, I refuse to visit the United States until Trump is out of office. No conferences, no vacations. Nothing. And I have already cancelled my subscriptions to Netflix and Amazon Prime, and most recently I added both Disney+ and Hayu (Bravo/Peacock reality TV) to that list. I’m probably not done yet. I am pissed.

During the pandemic, I got into the habit of ordering my groceries online through the Walmart website, and then using their Pickup service early Saturday morning. Not any more! I have used my librarian skill set to extensively research Canadian-made alternatives to American brands (Buh-bye, Campbell’s Chunky Soup! Hello, Tim Horton’s Soup!). I have swapped the Walmart website for the Real Canadian Superstore, still picking up my online-ordered (but now overwhelmingly Canadian-produced) groceries bright and early Sunday morning. Works just as well for me!

Finally, I have gone and joined the Red River Co-Op, a locally-owned co-operative grocery store and gas station that has been active here in Winnipeg since the 1930s. And I do plan to regularly shop at the St. Norbert farmers’ market, just south of where I live in Winnipeg, to support locale farmers and artisans (it’s quite literally across the street from the Red River Co-Op store I now shop at!).

So, that’s my report from my lazy, hazy, crazy days of summer! Stay cool and stay sane in these trying times.

*I fully realize that Apple is an American company, but I associate Apple with California, and I am not averse to supporting liberal-leaning, Democratic-voting California!

Related Blogposts

When Congress established the Securities and Exchange Commission in 1934, it was responding to myriad failures of an antiquated financial system. The regulatory architecture that emerged provided the foundation for nearly a century of American financial dominance. Today, Congress faces a comparable moment: the opportunity to modernize America’s financial infrastructure for the digital age.

Two pieces of legislation now before lawmakers, the GENIUS Act on stablecoins and comprehensive market structure reform, represent more than incremental policy adjustments. Together, they constitute America’s response to a fundamental shift in how money moves around the world.

The stakes are considerable. The $240 billion stablecoin market, projected to reach $3.7 trillion by 2030, has emerged as critical financial infrastructure largely outside formal regulatory frameworks. Nearly all major stablecoins peg voluntarily to the dollar, creating a curious phenomenon: private companies building elaborate technology to make American currency work better globally than existing payment systems.

This development comes as America’s monetary hegemony faces its most serious challenge in generations. China’s digital yuan initiatives, BRICS alternative payment systems, and growing reluctance among trading partners to transact in dollars signal a coordinated effort to circumvent American financial influence.

Stablecoins offer America’s most effective response. They expand dollar accessibility globally while preserving the transparency and rule-of-law advantages that make the American financial system attractive. The GENIUS Act would formalize this system, establishing reserve requirements, audit standards and consumer protections that make dollar-backed digital assets both safer and more attractive than alternatives.

Yet currency infrastructure alone cannot suffice. The current approach of applying 20th-century regulations to 21st-century technology has produced predictable results: innovation migrating to jurisdictions with clearer and more welcoming rules.

The November federal court ruling that vacated the SEC’s expanded dealer definition illustrates the problem. Regulators had stretched statutory language so far beyond original intent that judicial intervention became inevitable.

Digital asset platforms integrate functions that traditional finance deliberately separates, creating new efficiencies alongside new risks. Forcing these platforms into regulatory categories designed for different business models produces neither clarity nor protection. Comprehensive market structure legislation would establish bespoke registration frameworks that actually correspond to how these businesses operate, something the crypto ecosystem has been advocating for years.

The integration imperative here is crucial. U.S. financial supremacy in the 20th century derived not from any single innovation but from systematic coordination across monetary policy, market regulation and institutional oversight. Today’s challenge demands similar coherence. Digital dollar infrastructure without a proper market structure leaves innovation vulnerable to regulatory uncertainty. Market structure reform without stablecoin clarity limits the global reach of American monetary policy.

International competition intensifies this urgency. The European Union’s Markets in Crypto-Assets (MiCA) regulation, the U.K.’s stablecoin framework, and similar initiatives across Asia represent direct challenges to American leadership in financial technology. These frameworks may not be superior to what America could construct, but they exist, which is often a decisive advantage in attracting global investment and innovation.

Indeed, there is another step that American elected officials can take to ensure that the promise of crypto isn’t undermined: pass Rep. Tom Emmer’s legislation prohibiting the development in the United States of a central bank digital currency (CBDC). While several other countries have discussed such a rollout, American lawmakers should embrace our domestic privacy ideals and broad anti-surveillance sentiment by supporting this important legislation.

The Senate’s 68-30 passage of the GENIUS Act suggests growing political recognition of crypto’s policy potency and the realities of international competition. Even skeptical Democrats acknowledge the state-of-play, with Senator Mark Warner (D.-VA) recently observing, that if American lawmakers fail to shape cryptocurrency regulation, “others will—and not in ways that serve our interests or democratic values.”

President Trump’s commitment to sign legislation before the August recess creates both opportunity and deadline. The political foundation appears solid: bipartisan support, industry consensus on key principles, and competitive pressure that occasionally motivates effective governance.

Yet significant obstacles remain. Congressional capacity for technical legislation is limited in a heated partisan political climate, and the temptation to pursue symbolic rather than systematic reform runs strong. The complexity of integrating stablecoin regulation with broader market structure reform demands precisely the kind of patient, coordinated policymaking that American politics sometimes struggles to produce.

The choice facing Congress is ultimately straightforward: lead the development of global digital finance infrastructure or cede that role to competitors. For the first time in years, the economic logic, political momentum, and strategic necessity align. Whether American lawmakers can capitalize on this convergence will determine not merely the fate of cryptocurrency regulation, but America’s role in the next generation of global finance.

The 1930s regulatory framework served America well for nearly a century. Its digital successor, if properly constructed, could serve even longer.

Features writer

Olga Primakova

Features writer

Olga Primakova

About Author

Olga started writing about cryptocurrency and finance in 2021.

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Fact Checked by

Elena Bozhkova

Features Lead

Elena Bozhkova

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Elena is the Features Lead at Cryptonews.com. With a Master’s degree in science journalism from City University, London, she is passionate about exploring complex topics in the world of technology.

Last updated: 

July 14, 2025

Key Takeaways:

• PENGU surged over 300% in June, pushing its market cap to $1.8 billion and entering the top 10 meme coins.
• Strong community backing and NFT roots are fueling its rise, with support from major platforms like Revolut and Binance US.
• An ETF application by Canary adds bullish momentum, but analysts warn that hype-driven rallies can lead to sharp corrections.

Pudgy Penguins (PENGU) surged by over 300% by the end of June, becoming one of the most talked-about meme coins in recent weeks.

Throughout most of June, PENGU traded in a tight range around $0.001. It then jumped to $0.014 in just a few days, followed by a short consolidation near $0.015. The token later climbed to over $0.020 and crossed the $0.030 mark on July 13.

Can PENGU Hit $1 This Summer?

Following the rally, PENGU climbed to the sixth spot among meme coins by market cap, reaching $1.8 billion as of July 14. It surpassed both SPX900 (SPX) and Fartcoin (FARTCOIN).

If PENGU reaches $2 billion, it could overtake Bonk (BONK) — currently the largest meme coin on Solana (SOL). That would also make Pudgy Penguins the first top meme coin directly tied to an NFT collection.

As some in the crypto community have pointed out, for Pudgy Penguins to reach a $1 price, its market cap would need to exceed $60 billion. With the current valuation at $1.8 billion, that’s still a long way off. Though some believe it’s not entirely out of reach.

Initial analyst targets included $0.026, followed by a correction to the $0.020 zone before a fresh leg up. Instead, the price broke through $0.030 without hesitation. Now, all eyes are on the $0.040 resistance.

Much depends on whether the token can hold above $0.025–$0.030. If buyers defend this level, some analysts see potential for a $5 billion market cap.

What’s Fueling the Bullish Momentum?

One key factor driving PENGU’s price is its chart structure. After a strong launch in December 2024, the token entered an accumulation phase between February and April. It tested the $0.015 level in May before pulling back slightly.

Of course, technical indicators alone aren’t enough. Without continued development from the team, the coin could’ve just kept falling. But instead, at the end of June, Pudgy Penguins became available for trading in the Revolut app — one of the largest fintech platforms in Europe.

Equally important is community strength. Meme coins thrive on engagement, and PENGU has plenty. Its NFT origins gave it a loyal base, visible on X (formerly Twitter) through penguin avatars used by numerous influencers.

The penguin hype has gone viral. Other major crypto projects like Coinbase, Polkadot, and Raydium have embraced the penguin theme in their own posts.

Even Binance US joined the fun, adding to the cultural momentum around PENGU.

ETF Hype Adds Fuel, but Risks Remain

One of the main catalysts behind PENGU’s recent price surge was the announcement of a spot ETF application filed by asset management firm Canary. The proposal was officially acknowledged by the U.S. Securities and Exchange Commission (SEC) and is now under review. While this doesn’t guarantee approval, the move significantly boosted sentiment around the token.

The news also positioned PENGU as more than just another meme coin — it hinted at potential institutional recognition. However, this kind of momentum often comes with risks. Some traders warn that the current rally could be driven more by speculation than fundamentals, especially given how meme coins tend to react strongly to headlines.

There’s also the risk of a “sell-the-news” dip if ETF-related expectations don’t materialize quickly. Still, many analysts see long-term growth potential for Pudgy Penguins, especially if the project continues to innovate and expand beyond its NFT roots.

G2 has just released its highly anticipated summer 2025 reports, and we have struck gold once again. 101 Blockchains earned 34 badges in the latest G2 report, making us a force to reckon with in blockchain and Web3 training. We have been one of the top performers in all G2 reports, with consistent results every year.

This achievement proves our continuous commitment to offering a reliable online platform for technical skill development. In the G2 Summer reports for 2025, we will share some of the interesting highlights of our achievements.

Check Now: 101 Blockchains Reviews at G2

Big Points for 101 Blockchains in G2 Summer 2025 Reports 

We started with the vision of becoming one of the pioneer platforms for independent blockchain education and research. In the initial stages, 101 Blockchains began with a handful of training courses and accredited certifications, primarily related to blockchain technology. Over the course of time, we expanded our library and now we have more than 60 professional courses and certification programs for different domains. For example, 101 Blockchains now offers professional certification programs for AI and fintech. 

Our performance in the latest G2 reports feels like a reward for the efforts we have put in building 101 Blockchains. The G2 Summer 2025 Reports have strengthened our mission to offer more than just blockchain-focused training courses. We have created new courses on diverse topics, including DeFi, tokenization, NFTs, metaverse, AI, and web3. On top of it, our masterclasses and certifications have helped thousands of professionals achieve their career goals.

101 Blockchains is also a prominent contender for the best badges in G2 reports due to the availability of additional learning resources. We not only offer courses and accredited certification programs but also free courses, flashcards, presentations, and on-demand webinars. You can use these learning resources to strengthen your learning experience and derive more useful outcomes for your career. 

Learners can also choose our special learning plans to obtain unlimited access to our courses and certifications, alongside joining a community of blockchain enthusiasts and experts. We help you learn the theory behind the technology as well as acquire the practical skills and knowledge required to become the top candidate for high-paying jobs. Furthermore, our dedicated Job Portal guides you to the right jobs according to your career goals and skills. 

G2 considered all these aspects while preparing their latest summer 2025 reports, thereby giving us a competitive edge. We believe that the recently announced G2 report has recognized us for our efforts to provide a well-rounded training platform with different badges. Our results in the two distinct categories of the report, the Online Course Providers category and the Technical Skills Development category, focus on our core competencies. The most striking achievement for us in all the G2 reports published till now is the “Users Love Us” badge.

The new G2 reports for summer have shown that we continue to be one of the favorites of learners who want to explore the domain of blockchain and Web3. We have earned 27 “High Performer” badges in the two prominent categories of the G2 reports. In addition, we have earned some new badges that have elevated our reputation as a leading platform for professionals looking to build a career in emerging technologies. 

Check 101 Blockchains’ Performance in:

Our Accomplishments in the G2 Summer 2025 Report

The list of our achievements in the summer 2025 report by G2 is not limited to the “High Performer” badges. We make it a point to recognize the love and trust of our learners through a comprehensive assessment of our performance in the G2 reports. The latest G2 reports once again acknowledged our excellence as a professional online platform for technical skill development. 

Each badge we have earned in the G2 Summer 2025 reports is proof of our capabilities and efforts. We have always strived to serve our customers with the best learning resources. For instance, the 27 “High Performer” badges indicate that our learning resources have helped our customers acquire relevant technical skills. We have earned the “High Performer” badge for serving businesses of different sizes in different markets around the world.

We have also earned some other badges in the recent G2 reports. The credentials offer tangible proof of our excellence as a blockchain and Web3 training platform. The “Easiest to Use” badge showcases that our courses and certification programs offer a seamless user experience. We believe that every learner must enjoy an uninterrupted learning experience to boost their chances of finding the best jobs. 

We have also earned the “Easiest Admin” badge, which indicates the ease of managing team training initiatives. The badge also showcases that learners can manage their learning journey completely from one admin dashboard. The “Easiest Setup” and “Fastest Implementation” badges shed light on our capabilities to offer the best user experience. With our courses and certifications, you can start learning and acquiring skills right away.

Our performance in the latest G2 Report also draws attention to the “Users Most Likely to Recommend” badge. It is a noteworthy badge as it proves that our users will recommend 101 Blockchains to other aspiring learners. The badge offers a clear impression of our performance in delivering exactly what users need. Most importantly, we have accomplished a new badge in the summer 2025 reports of G2. The “Best Estimated ROI” badge shows that we have helped our customers achieve better returns on their investment in professional training and certification.

Build your identity as a certified web3 & blockchain expert with 101 Blockchains’ Web3 & Blockchain Certifications designed to provide enhanced career prospects.

Users Love Us 

The biggest achievement for us in all the G2 reports is the “Users Love Us” badge. It is a unique credential that shows how much our users trust us.

One of the most exciting things about the “Users Love Us” badge is the fact that our learners took time out of their busy lives to write down their reviews and thoughts about our courses and certifications, and show us their love. It is a special badge for everyone at 101 Blockchains, as G2 offers the badge after the assessment of genuine reviews.

Final Thoughts 

The consistent record of 101 Blockchains in the G2 reports proves our dedication to serving the best for our customers. The results of the G2 Summer 2025 reports will fuel our motivation to bring even more promising learning resources for everyone. Our performance in the G2 reports has been measured with the genuine reviews and feedback of verified users. The authenticity of G2 reports drives us to create better courses and certification programs.

We strive to expand our boundaries beyond blockchain and Web3 with resources on new topics like AI and fintech. Join us and give the best direction to your career in tech right now.

Tim Alper

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Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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June 24, 2025

A Russian crypto mining firm executive has claimed Bitcoin (BTC) prices could climb to the $130k mark in the second half of summer 2025.

The claims came from Vasily Girya, the owner and CEO of the industrial player GIS Mining, the Russian Prime news agency reported. Girya said:

“The crypto industry remains attractive to market players. In a moderately positive scenario, the price of Bitcoin in the second half of summer could reach an all-time high of $115,000. It could target $130k”.

Bitcoin: $130k By End of Summer?

At the time of writing, Bitcoin prices are wavering around the $105k mark following a brief foray into $111,000 territory in mid May.

GIS Mining is one of Russia’s top 10 industrial miners, and mainly specializes in mobile units and mining hotel facilities. Per recent figures, the company’s mining capacity for Financial Year 2024 was 53 MW.

The country’s 10 biggest mining firms posted a collective total of $200 million in revenue in FY2024. Over half of this revenue came from the nation’s two biggest miners: BitRiver and Intelion.

Girya explained that the Russian mining sector is set for another burst of growth this year. He said that the sector was experiencing “record-breaking” demand for new crypto mining data centers with a capacity of up to 100 MW.

The mining chief added that demand for equipment capable of “energy-intensive blockchain computing” was also skyrocketing.

Insiders say that in the first half of 2025, demand for crypto mining hardware outstripped supply.

They claim that since Moscow legalized and began regulating crypto mining in 2024, more investors have entered the market.

The ruble’s rise against the dollar this year has also made crypto mining investment more viable for many.

Sandbox ‘Driving Russian Mining Investment’

Girya added that over the next two to three years, more of the coins mined in Russian jurisdiction will be used in the national economy.

He pointed to the Central Bank-run “experimental legal regime (ELR)” as evidence. The ELR is a crypto sandbox comprising exchange firms, cross-border trade companies, and Bitcoin miners.

The bank is using the ELR as a means of bypassing US, EU, and UK-led sanctions on Russia. The sanctions have effectively frozen Russian firms and banks out of dollar-denominated trade.

Central Bank officials want crypto miners to sell their coins to exchanges within the sandbox. These exchanges can then use their coins to facilitate cross-border trades conducted in BTC or other tokens.

Girya called the ELR a “powerful step toward the institutionalization of the crypto and digital currencies market.”

He said that it would help “increase the inflow of investments into this new class of assets.”

More Coal-powered Bitcoin Miners Heading to Siberia?

Meanwhile, the authorities in the Kuznetsk Basin, a major coal-mining region in Southwestern Siberia, have proposed a Bitcoin mining-themed solution to the problem of coal depreciation.

The news outlet Tsargrad’s Kemerovo Oblast branch reported that the region’s government is mulling a proposal to build crypto farms and greenhouse complexes near its coal mines.

The region’s Governor, Ilya Seredyuk, said the area’s coal could “be used to generate the energy needed to mine Bitcoin and other cryptoassets.”

Seredyuk said tests are now underway as miners conduct economic calculations to determine the profitability of the plan. He said the results would be published in around a month’s time.

The Governor said the BTC mining plan could help reverse a recent decline in coal mining. He also suggested that the heat released by burning coal could be used to heat greenhouses that house tropical plants – in one of the world’s most famously cold areas. He mused:

“Why not create a large botanical garden and cultivate plants that require warmth?”

Earlier this month, a Russian power firm announced the launch of the nation’s first bitcoin mining-focused closed-end mutual investment fund (CEF).

Savvy bitcoin

and ether traders are shoring up their defenses as the broader market continues to foresee bullish price action over the summer.

That’s the message from an options-based strategy called 25-delta risk reversal, which involves the simultaneous purchase of a put option and sale of a call, or vice versa.

At the time of writing, risk reversals based on Deribit-listed bitcoin and ether options indicated that investors were positioning for downside volatility over the summer.

BTC’s 25-delta risk reversals for June, July, and August tenors were negative, indicating a preference for put options, which offer downside protection, over calls or bullish bets, according to data source Amberdata. In ETH’s case, puts were pricier out to the July end expiry.

Traders typically buy put options to hedge their long positions in the spot and futures markets, protecting themselves from potential price declines.

“Risk reversals in both BTC and ETH continue to show a preference for downside protection across June and September tenors. This suggests that long holders are actively hedging spot exposure and preparing for potential drawdowns,” Singapore-based QCP Capital said in a market note.

The nervousness is evident from the over-the-counter liquidity platform Paradigm, where the top five BTC trades for the week include a put spread and a bearish risk reversal. Meanwhile, in ETH’s case, a long position in the $2,450 put crossed the tape alongside a short strangle (volatility) trade.

Bitcoin, the leading cryptocurrency by market value, has spent over 40 days trading back and forth above $100,000, according to CoinDesk data. According to analysts, profit-taking by long-term holders and miner selling have counteracted the strong uptake for spot ETFs, leaving prices directionless.

“Bitcoin has recently tracked sideways, suggesting its current price may be too high for many retail investors. Open interest in BTC options has risen, with a positive and rising 25 delta put-call skew on 30-day contracts, which may imply that market participants are seeking short-term protection through put options,” Coinbase Institutional’s weekly report noted.

On Friday, BTC closed (UTC) below the 50-day simple moving average (SMA) to trade below the key support for the first time since mid-April. The breakdown may lead to more chart-driven selling, potentially resulting in a drop below $100,000.

Some observers, however, expect a rally to new record highs. According to market observer Cas Abbé, BTC’s on-balance volume continues to indicate strong buying pressure, suggesting that prices could rise to $130,000-$135,000 by the end of the third quarter.