House Finance panel chair says regulator actions on crypto ‘fall short’ of CLARITY bill

Representative French Hill, who chairs the House Financial Services Committee, said that though US financial regulators were moving forward with addressing digital assets, their actions lacked the long-term stability of legislation from Congress.  In a Wednesday Fox Business interview, the Arkansas lawmaker said the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) had taken steps to address crypto regulations after the US Senate failed to pass the Digital Asset Market Clarity (CLARITY) Act last month. Both financial agencies have proposed rulemaking to handle different aspects of overseeing and enforcing crypto regulations, but Hill said their response following the failed CLARITY vote “[fell] short” of legislative solutions.  “I still have hope [...] that we can get [CLARITY] passed in the lame duck session of Congress,” said Hill. “We need that permanent law change to make sure America is number one in digital assets and blockchain technology.”  The Arkansas lawmakers comments came after the heads of the SEC and CFTC — Paul Atkins and Michael Selig, respectively — announced plans to move forward with crypto regulation at the direction of US President Donald Trump.  Related: Crypto PAC announces support for 32 House candidates in US midterms  As Hill noted, the Senate would have

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Crypto liquidations hit $550M as Bitcoin price dips below $84K

Bitcoin (BTC) dipped below $84,000 on Wednesday as flash downside liquidated over $500 million in crypto long positions.  Key points:Bitcoin briefly dropped to $83,560 but held support at its 21-day moving average, which currently stands at $83,850.Analysis flagged 40x-leveraged BTC shorts on Hyperliquid appearing immediately before the downside ensued.Analysis by Rekt Capital viewed a daily or three-day close above $86,700 as necessary to confirm upside continuation.  Hyperliquid shorts in focus after BTC price drop  Data from TradingView showed BTC/USD falling up to 2.3% over two hourly candles before returning to circle $84,000 at the time of writing.BTC/USD one-hour chart. Source: Cointelegraph/TradingView  The move came after overhead ask liquidity thickened on exchange order books, keeping spot price from rising past $86,500 on Tuesday. Cumulative 24-hour crypto long liquidations hit $550 million, per data from CoinGlass.BTC/USD vs. crypto liquidations (screenshot). Source: CoinGlass  Just before the overnight drop, four wallets used stablecoin USD Coin (USDC) to open shorts on 148.49 BTC with 40x leverage on Hyperliquid, onchain data from Lookonchain and others reveals.  After the long position flush, open interest (OI) immediately began to rebound across the 21 exchanges tracked by CoinGlass — potentially a sign that traders were comfortable with increasing BTC exposure at the local lows. OI

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Justin Drake urges crypto ‘bunker mode,’ as AI could break wallet security within months

Ethereum researcher Justin Drake has urged the industry to prepare for “bunker mode,” recommending users gradually move assets to fresh addresses amid concerns that advances in artificial intelligence could undermine the cryptography used in todays blockchains.  In an X post on Wednesday, Drake said recent advances in AI, particularly OpenAIs recent release of mathematical breakthroughs, suggest AI could eventually make it possible to break the elliptic curve digital signature algorithm (ECDSA) used to secure cryptocurrency wallets.  “It is now reasonable to brace for the possibility that ECDSA breaks before qday, in the worst case in months not years,” said Drake.  The warning raises the prospect that AI could enable attackers to recover private keys from exposed public keys sooner than anticipated, before sufficiently powerful quantum computers become available.  Mathematical superintelligence  “Recent days have been humbling for human mathematical intuition. Long-held, unquestioned hypotheses have fallen,” said Drake.  On Tuesday, OpenAI released hundreds of new mathematical findings across a variety of topics such as algebra, theoretical computer science and mathematical logic.  Last month the company said it used a team of 10,000 autonomous AI agents working in parallel to solve the Navier-Stokes equation, one of the most famous and difficult unsolved problems in mathematics and physics, in just 88

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US government moves $470 million in seized crypto to Coinbase wallets, raising Bitcoin sale questions

The US government moved about $470 million in seized crypto to likely Coinbase Prime addresses, according to Arkham, reviving questions over potential asset sales.  Related Asset Bitcoin #1 BTC · $83,249.37 24-hour change: down 2.70% Loading price history… 24H Down 2.70% 7D Down 0.35% 30D Up 5.22%  On Oct. 7, blockchain analytics firm Arkham Intelligence said the transfers included Bitcoin, wrapped Bitcoin and USDT.  Arkham linked the transferred assets to seizures involving the 2016 Bitfinex hack and Alameda Research, the trading firm previously controlled by FTX founder Sam Bankman-Fried.  Image Showing Latest US Bitcoin Transfers (Source: Arkham Intelligence)  While we obviously cant say the Bitcoin is being sold, it is one plausible outcome. Its probably just as likely they are performing internal wallet hygiene or administrative work.  Related Company Arkham Intelligence Deanonymizing the blockchain  Still, the destination puts the transaction under greater scrutiny after the Trump administration pledged to retain Bitcoin placed in the US Strategic Bitcoin Reserve and federal officials earlier this year rejected claims that seized coins had been quietly sold.  A previous sale claim ended in a government denial  The latest movement lands nine months after the US Marshals Service pushed back against reports that Washington had disposed of Bitcoin surrendered in the Samourai Wallet criminal

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Webull Stock Falls 20% Over China Ties: Who Really Controls the App?

Webull stock lost 19.1% on Wednesday, closing at $5.89, after a House panel said the trading apps data “may remain exposed” to Chinese intelligence laws. Webull called the report inaccurate.  The broker holds $24.6 billion for about 28 million users worldwide. Its founder, Anquan Wang, is a Chinese citizen who controls 79.2% of the votes, Webulls annual filing shows.  Sponsored  Sponsored  Webull Stock (BULL) Performance. Source: Yahoo FinanceWhat Protects a Webull Customers Account  Webull is a member of the Securities Investor Protection Corporation (SIPC), an industry fund that steps in if a US broker fails.  SIPC covers up to $500,000 per account, including $250,000 in cash, Webulls help page says. It does not cover losses when stock prices fall.  Cash in Webulls Cash Management program goes to partner banks. There, Federal Deposit Insurance Corporation (FDIC) insurance covers up to $5 million.  The committees report does not ban the app, freeze accounts, or fine the company.  Sponsored  Sponsored  What the House Panel Says Is at Risk  The House Select Committee on China says Webulls software, data pipelines, and core engineering rely on systems subject to Chinese law. That law can force companies to hand data to the state.  BREAKING: Webull $BULL just crashed over 20% after a House committee accused it of exposing US

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Trump's Science Medals Go to Musk and Huang: Where Are Altman and Amodei?

President Donald Trump will award Elon Musk the National Medal of Science on Thursday. Musk is one of six tech leaders honored, while OpenAI‘s Sam Altman and Anthropic’s Dario Amodei, the best-known AI lab chiefs, are not.  The medals are Americas highest honors for science and technology. Trump has never presented either one across his two terms.  Who Is Getting Trumps Science and Technology Medals  Musk, Google co-founder Sergey Brin, Nvidia CEO Jensen Huang, and AMD CEO Lisa Su will receive the science medal. Dell Technologies CEO Michael Dell and Microsoft CEO Satya Nadella will receive the technology medal.  Sponsored  Sponsored  The awards will be handed out at the White House “Science: A New Golden Age Summit.” The event will focus on superintelligence, meaning AI that outperforms humans at most tasks.  “These recipients are helping ensure America keeps leading the world in innovation,” White House spokesperson Liz Huston told Fox.  The medal also caps Musk‘s return to Trump’s side. The pair split in 2025 after Musk called Trump‘s tax bill a “disgusting abomination.” He now co-leads the Pentagon’s Project Meridian study of future warfare.  Why Altman and Amodei Are Missing From the List  The White House has not explained the picks. Its statement named only the six winners.  *President Trump is

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OpenAI math breakthroughs raise ‘bunker mode’ alarm from Bitcoin researcher Justin Drake

OpenAI‘s latest advances in mathematics have prompted a leading Ethereum researcher to warn that crypto’s core wallet security could face an unexpected AI threat.  Related Asset Ethereum #2 ETH · $2,568.64 24-hour change: down 4.74% Loading price history… 24H Down 4.74% 7D Down 4.39% 30D Up 3.53%  On Oct. 7, Ethereum researcher Justin Drake urged the blockchain industry to prepare for what he described as “bunker mode,” including a controlled migration of digital assets into fresh addresses whose public keys have never been exposed.  Drake said large and sophisticated holders should consider moving most of their assets to addresses that have never signed transactions. Once those addresses are used to send funds, he recommended transferring any remaining balance into another fresh address.  Related Company OpenAI AI research and deployment company  His warning followed OpenAIs Oct. 6 release of a broad collection of new mathematical results produced by an internal frontier model.  The company said it tested the model across thousands of problems, published many of the resulting proofs with computer-checkable Lean formalizations and spent the equivalent of about three hours of ChatGPT Pro reasoning on the average result.  Drake argued that the accelerating pace of AI-driven mathematical discovery should force the crypto industry to reconsider assumptions about

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Hunter Biden's LAPTOP Report Says Market Makers Made Millions: Who Are They?

Two trading firms hired to keep Hunter Bidens LAPTOP meme coin stable came out millions of dollars ahead after its launch-day crash, according to a report Biden released Wednesday. It does not name either firm.  The report, by Groom Lake, finds the founders never sold. It ties the crash to a thin launch pool, heavy early trading and one firm pulling its cash, with what it calls moderate confidence.  Sponsored  Sponsored  “We hired two of the biggest market makers in the business to avoid exactly this, and we gave them the capital to stock both sides,” Biden stated.  Why Did a $6 Trade Move LAPTOP More Than $7,400 of Selling?  LAPTOP, a meme coin on Coinbases Base network, launched September 9. Its main trading pool, which sets the price automatically, held $35,663 but only 29,885 tokens.  That imbalance meant a $6.02 purchase lifted the price 5%. Pushing it down 5% took $7,376 of selling.  Across 668 other launches the report checked, buying and selling moved prices almost equally.  The price jumped from 5 cents to $316.75 in under two minutes, then LAPTOPs two-minute peak gave way to a 98% drop within the hour.  Hunter Bidens Laptop (LAPTOP) Price Performance. Source: BeInCrypto  The “$300 billion” valuations multiplied that price by 1 billion

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OpenAI Says a Secret AI Model Cracked Hundreds of Open Math Problems in One Prompt—Mathematicians Want Receipts

In briefOpenAI published 722 math manuscripts in 372 result families on GitHub from an unreleased internal model.Only 162 of the 722 papers have a Lean-formalized main result, and OpenAI warns that some unformalized results could have issues.MITs Andrew Sutherland says the one-prompt, single-agent claim is unverified until the model is released, and the release omits the prompts that an advisory group at the Institute for Advanced Study recommended disclosing.  OpenAI published 722 math manuscripts on GitHub on Tuesday, all produced by an internal model the company has not released. An OpenAI spokesperson said almost everything came from a single prompt handed to a single AI agent, though some may have taken multiple attempts.  Its a bold claim and a potentially significant breakthrough in the field of mathematics. But not everyone is a fan, or buying the hype.  Myriad: How high will Nvidia go? Click to make your prediction.  “Until and unless they release the model and people can replicate their results, I think you should treat any claims about one-shotting problems with a single agent as unverified,” Andrew Sutherland, a mathematician at MIT, told Scientific American. “We should ask for receipts,” he said.  The papers are grouped into 372 “families” of related results, and a

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Ethereum Researcher Says AI May Break Encryption Before Quantum Does

In briefEthereum Foundation researcher Justin Drake called on the industry to plan for “bunker mode” by gradually moving funds to addresses whose public keys havent been exposed.He said ECDSA, the signature scheme behind Bitcoin and Ethereum, could break before Q-Day, in the worst case “in months not years,” citing rapid AI-driven math advances.Drake urged holders not to panic or rush, and said hell push to accelerate Ethereums shift to hash-based cryptography.  Justin Drake has spent years warning that quantum computers could one day crack cryptos cryptography. Now the Ethereum Foundation researcher says artificial intelligence might get there first.  “Today I call upon the blockchain industry to calmly begin planning for bunker mode,” Drake wrote on X on Wednesday. His recommendation is a controlled, mass migration of funds to fresh addresses that have never signed a transaction, which keep their public keys hidden behind a hash.  Myriad: Where does Ethereum go next? Click to make your prediction.  The concern centers on ECDSA, the signature scheme Bitcoin and Ethereum use to prove a transaction was authorized by the right private key. When a wallet signs a transaction, its public key becomes visible on-chain. If ECDSA were broken, an attacker could work backward from that public key

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