U.S. banking groups argued that a number of federal agencies are moving quickly on stablecoin regulations, making it hard to understand how rules will interact.

Also: DPRK hacking crypto, Aave contagion and Coinbase on quantum computing.

In this week’s Crypto Long & Short Newsletter, Jennifer Rosenthal writes on the need to protect the people actually building DeFi infrastructure. Then, Alexis Sirkia comments on how Ethereum's L2 strategy is failing due to a fundamental design flaw.

The problem is structural and as long as bridges depend on complex systems with shared infrastructure and hidden trust assumptions, they will remain vulnerable.