What is the Bitcoin Security Consortium?

The Bitcoin Security Consortium is a group of nine major firms, including BlackRock and Galaxy, that launched a $15 million fund to harden the Bitcoin network against quantum computing threats.

What is the CLARITY Act?

The CLARITY Act (Clarify Digital Assets Act) is a proposed U.S. legislation aimed at providing a clear regulatory framework for digital assets, facing a critical deadline before the August recess.

What is Galaxy's Bitcoin Quantum Readiness Initiative?

It is a $5 million initiative launched separately by Galaxy to enhance Bitcoin's security against quantum computers.

What percentage of Bitcoin's price moves are not tied to macro factors?

According to Jim Ferraioli of Charles Schwab, about 60% of Bitcoin's daily price movements cannot be tied to macroeconomic factors.

What is the current Crypto Fear & Greed Index reading?

The Crypto Fear & Greed Index currently reads 30, indicating fear in the market.

Wall Street Giants Back $15M Bitcoin Quantum-Proof Push

A consortium of nine major firms, including BlackRock and Coinbase, launched a $15 million initiative to protect Bitcoin from quantum computing threats. Galaxy also announced its own $5 million quantum readiness initiative. The developments come as the CLARITY Act nears a do-or-die deadline.

On a recent episode of CoinDesk's Public Keys from the New York Stock Exchange, Jennifer Sanasie hosted experts from Charles Schwab, Galaxy, and FalconX to discuss the latest in crypto.

Bitcoin Security Consortium

Alex Thorn, Head of Firmwide Research at Galaxy, announced the launch of the $15 million "Bitcoin Security Consortium" backed by nine firms including BlackRock (BLK), Coinbase, Fidelity, Galaxy, and Strategy (MSTR). The consortium aims to harden the Bitcoin network against the potential threat of quantum computers, which could break current encryption.

Galaxy also separately announced its own $5 million "Bitcoin Quantum Readiness Initiative."

CLARITY Act at the 11th Hour

Jim Ferraioli, Head of Crypto Research at Charles Schwab, warned that the CLARITY Act (Clarify Digital Assets Act) is approaching a critical deadline before the August recess. He noted that the market has not yet priced in the impact of the act, which could provide a clear regulatory framework for digital assets in the U.S.

Bitcoin's Price Moves

Ferraioli also revealed that about 60% of Bitcoin's daily price movements cannot be tied to macroeconomic factors, suggesting the market is still driven by idiosyncratic forces.

Perpetual Futures Expansion

Griffin Sears, Head of Derivatives at FalconX, explained how perpetual futures have jumped from crypto into oil, single-name equities, and even pre-IPO SpaceX exposure.

Fear & Greed Index

The Crypto Fear & Greed Index registered a reading of 30, indicating fear in the market.

What This Means for Investors

These developments highlight growing institutional interest in Bitcoin's long-term security and the importance of regulatory progress like the CLARITY Act. Investors should watch the legislative deadline and any updates from the new consortium.