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Anyone who’s done basic research into quantum computing would know this is bullshit lol. Additionally if it could crack bitcoin, you should be more worried about your personal bank accounts and login passwords

California passes bill allowing confiscation of 'idle' cryptocurrencies The California Assembly passed AB-1052 on Tuesday with a unanimous vote of 78-0. The bill stipulates that if cryptocurrency holders have not shown "ownership interest" in their assets for three consecutive years, the state government can take over these "unclaimed" digital assets. The so-called "ownership actions" include operations such as trading or electronic access to accounts. Contrary to concerns raised on social media, supporters of the bill emphasized that the crypto assets being taken over will be kept in their original form by custodians rather than liquidated by the state government, and holders can claim their assets back at any time, avoiding the risk of forced sales under adverse market conditions. The bill essentially brings cryptocurrencies under the same unclaimed property law framework as traditional assets such as bank accounts and safe deposit boxes. The bill has been submitted to the California Senate for further review and may be amended, vetoed or passed as is. (Decrypt)

Federal Reserve Governor Michelle Bowman has been confirmed as the Fed’s Vice Chair for Supervision, following a tight 48-46 vote by the US Senate on Wednesday. The confirmation hands her control over how the central bank oversees and sets rules for the largest banks in the country. This comes after President Donald Trump nominated her in March to fill the top regulatory role at the Fed, a decision meant to accelerate his push to scale back financial rules that he believes are slowing down economic growth. According to Reuters , Michelle, who’s served as a Fed governor since 2018 and previously worked as a community banker, is expected to drive changes that ease restrictions on big banks. Her appointment is a major step for Trump’s broader plan to trim what he calls unnecessary regulation. She’ll now oversee supervision and rulemaking for the biggest and most complex institutions in the US financial system. During testimony before Congress in April, Michelle told lawmakers that many of the current rules are “overly complicated and redundant.” She said those rules create avoidable expenses for both financial institutions and the customers they serve. She promised to act as a “pragmatic” regulator, and analysts expect her to push for lighter leverage requirements, more transparency in bank stress testing, and easier capital rules for large firms. While Michelle settles into her new role, Trump is increasing pressure on the Fed from the outside. On Wednesday, right after payroll firm ADP posted the lowest monthly private sector job growth numbers in years, Trump lashed out at Fed Chair Jerome Powell on Truth Social. “ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE,” Trump wrote. He added, “He is unbelievable!!!” and reminded followers that “Europe has lowered NINE TIMES!” Tension between the White House and the central bank has been rising for months. Trump met Jerome at the White House just last week to talk about the state of the economy. But based on official readouts, that meeting wasn’t exactly warm. Karoline Leavitt, the White House press secretary, said Trump told Jerome that holding off on rate cuts is weakening America against countries like China. Jerome, on the other hand, reportedly told the president that decisions about monetary policy should be based on real economic data—not political pressure. The fight didn’t end there. Since returning to the presidency, Trump has publicly ridiculed Jerome, calling him a “major loser” and giving him the nickname “Too Late.” Despite legal boundaries, Trump has repeatedly hinted he’s exploring ways to remove Jerome from his post before the end of his term in May 2026. All of this sets the stage for Michelle’s new position to carry even more weight. As the person now shaping banking oversight, her actions will likely align with Trump’s push for less interference in financial markets. With rising political pressure and the economy front and center, her decisions are expected to directly affect how flexible, or how restrained, the Fed’s supervision becomes moving forward. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites

Corporate wallets are filling up with Bitcoin, and Standard Chartered thinks that could soon blow up in everyone’s face. In a new report released yesterday, the bank said businesses that recently joined the crypto frenzy are loading up at high prices—and if the market takes a hit, they might dump their coins fast. That’s not just bad for them. That’s bad for everyone else holding Bitcoin, too. According to Standard Chartered , the number of companies buying Bitcoin to hold on their balance sheets has doubled in the past two months, pushing total holdings close to 100,000 coins. This increase has helped drive the recent price rally, but analyst Geoff Kendrick, who leads the bank’s digital asset research, said the buying pressure could flip and crush the market if those companies decide to get out. Geoff said, “Bitcoin treasuries are adding to bitcoin buying pressure for now, but we see a risk that this may reverse over time.” He explained that most companies in the bank’s sample have net asset value multiples above 1, which for now looks fine thanks to regulatory restrictions and slow-moving investment policies. But he warned that if those roadblocks disappear, there’s nothing stopping the same companies from turning into sellers, not buyers. Geoff pointed out that many of these new corporate buyers didn’t get in cheap. Unlike Strategy—previously MicroStrategy—which is known for stacking Bitcoin at lower levels, most of these newer players bought at much higher prices. If the price of Bitcoin drops below $90,000, Geoff said half of them would be underwater. And if the price falls 22% below their average buy-in, they’d likely be forced to sell. He asked the key question: “How much pain can companies withstand before being forced to sell their bitcoin?” Geoff brought up Strategy’s situation in November 2022, during the FTX collapse. At the time, Bitcoin nosedived from $31,000 to $15,500, but Strategy kept holding. He said that might’ve been because their dollar losses weren’t that big, and because back then, US spot Bitcoin ETFs didn’t exist, so Strategy still served a purpose for traditional investors. Now that spot ETFs are on the market, that purpose is gone. Geoff said none of the newer entrants would survive a similar drop. In his words, “We do not think any of the newer entrants to the bitcoin treasury space could continue holding their bitcoin if bitcoin prices were to fall 50% below their average purchase price.” The bank said it’s tracking 61 companies that hold Bitcoin just to keep it—not companies in the industry like miners, crypto exchanges, asset managers, ATM firms, or Tesla. These 61 companies make up a small part of the 110 public companies globally that own Bitcoin, but they matter because they’re outside the crypto space. And together, as of press time, they own 673,897 Bitcoin. That’s about 3.2% of the total 21 million supply. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Citi downgraded Constellation Energy shares from Buy to Neutral following the signing of a deal with Meta on June 5. The firm cited limited near-term upside after the stock rally caused by the announcement of a power purchase agreement (PPA). Constellation shares plummeted 2.6% in premarket trading on Wednesday by 08:21 GMT. Citi analyst Ryan Levine argued that the Meta deal marked a significant shift in the power contracting landscape but also prompted a reassessment of valuation assumptions. Citi estimates that the 20-year virtual PPA at the Clinton nuclear plant in Illinois will commence in June 2027. The firm also said the agreement was priced in the range of $70 to $95 per megawatt-hour. The investment bank acknowledged that the deal adds approximately $12 per share of value versus a no-deal scenario but does not offer a substantial premium for low-carbon nuclear power. Levine also noted the lack of a geographic proximity requirement as a notable feature of the deal. “This deal has broad implications on the power markets as it signals future contracting activity.” -Ryan Levine, Wall Street Analyst at Citi. Levine argued that much of the benefit from such agreements is priced into the stock, which has surged since Citi’s prior upgrade in April. The analyst also raised the price target on Constellation Energy shares to $318 from $232 to reflect the increased scarcity value of the firm’s existing nuclear feet and the potential for additional data center deals. Citi’s valuation assumes that ~70% of CEG’s existing nuclear plants with licenses expiring before 2045 could secure similar data center deals at around $80/MWh. The investment bank also believes there will be an uplift in EV/EBITDA multiples to reflect their increased scarcity value. Still, with Constellation’s shares closing at $313.42 on June 3, the implied return is just 2%, including dividend yield. Levine said there’s a balanced risk to the upside and the downside for CEG. He also sees a high-risk classification of the stock due to volatility in power prices, policy uncertainty, and execution challenges related to plant restarts. GuruFocus research company noted that the one-year price targets offered by 13 analysts showed the average target price of the energy company is $307.44, with a high estimate of $385.00 and a low estimate of $184.05. The average target indicates a 1.79% drop from the current price of $313.03. Based on the consensus recommendation from 17 brokerage firms, Constellation’s average brokerage recommendation is currently 2.0, indicating outperform status. The rating scale ranges from 1 to 5, where 1 shows Strong Buy, and 5 denotes Sell. The analytics firm also estimated that the GF Value for Constellation in one year is $106.54, suggesting a downside of 65.96% from the current price of $313.03. GuruFocus uses GF Value to estimate the fair value at which the stock should be traded. The firm noted that it is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and future estimates of the business’ performance. Citigroup also downgraded the outlook for Constellation Brands from Buy to Neutral. The firm noted in March that the 2,106 funds or institutions reporting positions in Constellation represent a decrease of 4 owner(s) or 0.19% in the last quarter. Capital World Investors recorded 9,756K shares, representing 5.40% ownership of the company. The firm reported owning 9,431 shares in its previous filing, representing an increase of 3.33%. AWSHX – WASHINGTON MUTUAL INVESTORS FUND holds 6,061K shares, representing 3.35% ownership of the company. The firm recorded owning 6,412K shares in its prior filing, indicating a decrease of 5.79%. Berkshire Hathaway holds 5,624 shares, representing 3.11% ownership at the firm. Vanguard Total Stock Market Index Fund Investor Shares holds 4,848K shares, representing 2.68% ownership of the company and a 7.13% drop from the reported 5, 93K shares in its previous filing. KEY Difference Wire helps crypto brands break through and dominate headlines fast