1. Musk’s DOGE Team to Gain Read-Only Access to U.S. Government’s Central Accounting System
According to sources familiar with the matter, Musk plans to dispatch a DOGE (Department of Government Efficiency) team to Parkersburg, West Virginia next week, where they will be granted read-only access to the U.S. Central Accounting Reporting System (CARS). This visit will allow Musk’s team to access one of the government’s most sensitive financial datasets.
CARS is responsible for all federal agencies’ accounting and reporting access, with data used not only to construct the U.S. balance sheet but also involving bank information processing for various agencies and Federal Reserve banks. However, this system is distinct from the Treasury Department payment systems that Musk’s team has previously visited.
This move comes after a lawsuit filed by a union and retiree group aimed at restricting Musk’s cost-cutting team’s access to the Treasury Department’s payment systems. Earlier this week, a federal judge had already limited their access.
Musk claimed on his social media platform X that he had canceled billions of dollars in contracts and appropriations. However, Treasury officials maintain that he does not have the authority to carry out these actions through their payment systems.
2. PNC Bank Discloses $67 Million Bitcoin Exposure
According to a 13F filing submitted to the U.S. Securities and Exchange Commission (SEC), PNC Bank (managing assets totaling $325 billion) disclosed that its Bitcoin (BTC) exposure was valued at $67 million.
BlockBeats Note: PNC Financial Services Group is a bank holding and financial services corporation headquartered in Pittsburgh, United States. PNC Bank has 2,459 branches and 9,051 ATMs across 19 states in the U.S. and the District of Columbia. PNC also offers financial services such as asset management, wealth management, estate planning, loans, and information processing services. By total assets, PNC ranks 8th among the largest banks in the U.S.
3. Crypto Firms Recruiting Washington Insiders to Engage with the New Administration
According to Bloomberg, an increasing number of cryptocurrency companies are actively seeking well-connected lobbyists or policy experts to strengthen their influence in Washington and stay engaged with the new digital asset-friendly government.
Sources familiar with the matter revealed that cryptocurrency companies recently expressing interest in hiring lobbyists or policy experts include Uniswap, IOHK, Kraken, Jump Trading, and the Solana Foundation. Many cryptocurrency firms are looking for candidates who can leverage relationships with both the Trump administration and lawmakers on Capitol Hill.
Leading Bitcoin mining firm Riot Blockchain Inc. is hiring a Director of Public Policy and Manager who will work under the leadership of the company’s current Washington Director of Public Policy, Brian Morgenstern.
Cryptocurrency startup Ondo Finance is recruiting for its first policy position. The Chief Policy Officer role at Ondo Finance includes responsibilities such as “building and maintaining relationships with government regulatory bodies, including regulatory agencies of the SEC, CFTC, and Treasury Department.”
4. Tether CEO: Quantum Computing Won’t Threaten Bitcoin in the Short Term
Tether CEO Paolo Ardoino made a post predicting the following:
· Quantum computing still has a long way to go before posing a real threat to Bitcoin’s cryptographic security;
· Before quantum computing becomes a serious threat, Bitcoin will add quantum-resistant addresses;
· Everyone still alive and able to access their own wallets will move their Bitcoin to new quantum-resistant addresses;
· Any Bitcoin stored in lost wallets (including Satoshi Nakamoto’s Bitcoin if he is deceased) will be hacked and put back into circulation.
5. Musk’s DOGE Team Deletes U.S. CFPB Website and Social Media Account
According to CNN reports, sources revealed that Russell Vought, Director of the Office of Management and Budget (OMB), was appointed Acting Director of the Consumer Financial Protection Bureau (CFPB) on Friday night. Meanwhile, officials from the Department of Government Efficiency (DOGE) led by Elon Musk took over and deleted CFPB’s X account on Friday evening. Musk tweeted on the X platform Friday afternoon, “CFPB RIP,” with a tombstone emoji.
The CFPB official website shows a “404 Page Not Found” error message on the homepage, but other parts of the website remain accessible. Sources said that officials from the Department of Government Efficiency (DOGE) have gained administrative access to the CFPB system, including the content management system, website backend, and user directory. The atmosphere within the CFPB is currently described as “dejected and angry.”
Both the White House and the CFPB have not responded to CNN’s request for comment.
6. Ethereum Network Upgrade Increases Transaction Throughput by 20%
Ethereum founder Vitalik Buterin retweeted a technical update showing that Ethereum’s L1 has completed a dynamic adjustment of the block Gas limit, increasing it from 30M to 36M. This adjustment was driven by validator consensus, with 49.5% of validators currently adopting the new parameter. This upgrade has increased the L1 network’s transaction processing capacity by 20% and is expected to reduce transaction fees by 10% to 30%.
7. Montana Passes Law Allowing $50 Million in Bitcoin Investments
According to crypto KOL Julian Fahrer, Montana House Bill 429 will authorize the state treasurer to invest up to $50 million from the general fund by July 15, 2025, in “digital assets with a market capitalization exceeding $750 billion,” namely Bitcoin.
These investments must be held by qualified custodians or traded through fund platforms.
8. CZ Highlights Risk of Investing in Meme Coins
CZ retweeted Barstool Sports founder Dave Portnoy’s tweet from yesterday with a “tears of joy” emoji, the retweet content is as follows:
“To all the paper hands crying right now:
We all know the rules of the game, everyone is here to make money, no one is deceiving anyone.
If you’re buying or selling a meme coin, be prepared to lose your entire investment. That’s the risk.”
9. Vitalik Buterin Posts Mysterious Message: “THERE IS NO MEME”
Ethereum founder Vitalik Buterin tweeted, “Thanks to everyone who has given their goodwill support over the past few weeks.” The image in his tweet includes the words “THERE IS NO MEME&I LOVE YOU.”
10. Market Sentiment Collapse May Signal a Bottom, Analyst Says
Hartmann Capital founder Felix Hartmann posted, saying: “I may be a bit early, but I feel like we are approaching the bottom.
· The funding rate has been negative for some time. Futures premium flipped negative weeks ago.
· AI tokens have dropped 80-99%. Quality altcoins have retraced to long-term trend lines, erasing the over-enthusiasm of the fourth quarter.
· Market sentiment has completely collapsed — which is often the best signal.
Stablecoins are not going away; they need on-chain infrastructure. AI agents are inevitable; they need non-KYC financial channels. Bitcoin’s wealth effect once boosted altcoins, but the ETF era has changed that.
Fink expects a SOL ETF soon — unlike BTC/ETH, there is no pending Grayscale issue. Pure fund inflows. ETFs could become events similar to Coinbase/Binance listings in this cycle. Cryptocurrency has a cultural problem — too much withdrawal, too little creation. But the next four years will bring real progress in stablecoins and AI.
Today’s sense of despair feels as irrational as the fourth-quarter frenzy. We may see some oscillation, but most unlocked VC tokens may have already been sold off in the past two quarters. This may be the final stage.”
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