In this episode:

• The Coldcard entropy exploit — how a 2021 firmware build compromised 1,367 BTC across 4,585 addresses, and why AI-assisted code analysis changes the hardware wallet threat model permanently

• BlackRock's BSTBL and BRSRV tokenized money market funds, and the strategy behind owning the stablecoin reserve layer under the GENIUS Act

• How the CLARITY Act died on the calendar — the White House silence, the $TRUMP memecoin ethics fight, and the collapse to 16% passage odds

• EIP-8361's "Tapered Issuance Burn" — the case for zeroing net issuance at 50% staked supply, and Stani Kulechov's argument that it would hurt Ethereum by squeezing out solo validators first

• Uniswap's Pools.trade launch — permanently locked ...