Dan Robinson, General Partner and Head of Research at Paradigm, announced on the X platform that this week his team, along with Multicoin Capital, Chainlink, Electric Capital, Galaxy, Ribbit Capital, and Tribe Capital, sent a letter expressing their opinions on the draft cryptocurrency market structure legislation released by the Senate Banking Committee. The Senate draft differs from the House-passed CLARITY Act on the key issue of token securities regulation. Paradigm believes the Senate's "ancillary asset" proposal is more beneficial to the crypto industry. While both bills offer advantages over the difficult-to-apply "Howey Test" system, which creates perverse incentives, the Senate draft is simpler and avoids fitting decentralized tokens and protocols into a rigid framework. It also uses an exclusionary clause to prevent abuse, excluding assets with legal rights to specific financial benefits from being considered ancillary assets.
According to on-chain analyst Ember’s monitoring, 25 minutes ago, a Pendle multi-signature wallet transferred 900,000 PENDLE (about 4.65 million US dollars) to Binance.
A whale sold $12.39 million worth of SOL yesterday and bought HYPE and ETH
According to Onchain Lens monitoring, yesterday, a whale deposited 70,558 SOL (worth $12.39 million) into HyperLiquid and sold it, and instead bought: 130,737 HYPE, spending $5.335 million (unit price $40.8); 1,711.77 ETH, spending $6.655 million (unit price $3,888).
Vitalik says he supports an “Ethereum Reserve Company” but warns against over-leveraging
According to Cointelegraph, Ethereum co-founder Vitalik Buterin expressed support for the Ethereum Reserve Company in an interview on the Bankless podcast, while also warning of risks. He noted that publicly listed companies purchasing and holding Ethereum would allow more investors to access the token. By investing in the Ethereum Reserve Company rather than directly holding it, these companies would provide more options for people of varying financial circumstances. However, Buterin cautioned that Ethereum's future shouldn't come at the expense of excessive leverage. He expressed concern that falling prices would trigger a chain reaction of forced liquidations, leading to further price drops and damaging its credibility. However, he also expressed confidence that Ethereum investors have sufficient self-discipline to avoid such a crash.
Whale@AguilaTrades once again increased its long position to $223 million
According to on-chain analyst Yu Jin, whale@AguilaTrades opened a long position yesterday afternoon and has continued to increase his position through TWAP. His long position is now worth $223 million. The trader had previously increased his position to $400 million five times before experiencing losses. His current position has a floating profit of $4.76 million: a 40x leveraged long of 1,277 BTC, valued at $150 million, with an opening price of $115,968 and a liquidation price of $112,932; and a 25x long of 18,833 ETH, valued at $73.64 million, with an opening price of $3,774 and a liquidation price of $3,600.
According to on-chain analyst Ember, the listed Sharplink Gaming address has received a total of 21,959 ETH (approximately $83.96 million) so far today. Since SharpLink (SBET) began accumulating ETH using a microstrategy model in early June, it has accumulated 568,000 ETH, currently valued at $2.215 billion, with a floating profit of $433 million.
Animoca Brands and ProvLabs jointly launch NUVA, a decentralized exchange for RWA tokens.
According to Cointelegraph, Animoca Brands and ProvLabs, the developers of the Provenance Blockchain, have jointly launched NUVA, a platform for trading RWAs. The NUVA marketplace will leverage the Provenance blockchain's existing RWA ecosystem, which currently holds approximately $15.7 billion in assets. The first two tokenized products to be listed are from Figure Technologies: the US interest-bearing stablecoin YLDS and the fixed-rate home equity line of credit (HELOC). NUVA utilizes a "vault" structure to simplify investor participation. Holding nuYLDS or nuHELOC tokens earns investors returns on the corresponding underlying assets. ProvLabs' CEO stated that this model enables on-chain trading of traditionally illiquid assets. Animoca's co-founder noted that the current RWA market is hampered by cross-chain fragmentation. NUVA aims to increase the accessibility of institutional-grade assets through a unified multi-chain ecosystem.
Pump.fun launches Glass Full Foundation to inject liquidity into specific ecosystem tokens
Pump.fun announced the launch of the Glass Full Foundation on the X platform to inject liquidity into specific ecosystem tokens. The team stated that several projects have received support and plans to deploy more projects, but has not yet disclosed specific distribution details.
Trump Nominates Pro-Crypto Stephen Miran to Federal Reserve Board Seat
According to The Block, US President Trump has nominated pro-cryptocurrency economist Stephen Miran to serve on the Federal Reserve Board of Governors. Miran, currently chair of the Council of Economic Advisors, has proposed streamlining cryptocurrency regulation. The board seat was previously held by Adriana Kugler, who announced her resignation last week. Miran will fill the vacancy, serving until January 31, 2026. Miran was previously a senior strategist at the investment firm Hudson Bay and has also worked at the US Treasury and Fidelity Investments. It's worth noting that Trump has publicly clashed with Federal Reserve Chairman Powell over interest rates in recent weeks, and Miran has criticized Powell.
Fundamental Global plans to issue up to $5 billion in securities to buy more Ethereum
According to Coincentral, Nasdaq-listed Fundamental Global Inc. (FGF) has filed an S-3 registration statement with the US SEC for a proposed offering of up to $5 billion in securities. The majority of the proceeds will be used to purchase Ethereum, with the remainder to support the company's operations. FGF plans to issue the securities in phases, with the flexibility to adjust the size, pricing, and terms based on future circumstances. The prospectus filed includes a base prospectus and an at-the-market (ATM) prospectus, and proposes to issue up to $4 billion in common stock. These offerings will be made pursuant to a new agreement with ThinkEquity, LLC. The company may sell shares in installments or tranches based on market dynamics. If no shares are sold under the ATM agreement, the full $5 billion offering may be obtained through other channels. All sales will be subject to US SEC guidelines and the latest market capitalization thresholds.
Block increased its holdings by 108 bitcoins in Q2, bringing its holdings to 8,692.
According to HODL15Capital, Jack Dorsey's payment platform Block, Inc. (XYZ) increased its holdings of 108 bitcoins in the second quarter, and the company currently holds 8,692 bitcoins.
According to The Block, a significant legal battle in the crypto industry appears to be nearing its end. The U.S. Securities and Exchange Commission (SEC) and Ripple Labs' lawyers have jointly agreed to withdraw their appeals to the Second Circuit Court of Appeals. A joint motion for dismissal filed Thursday indicates that each party will bear its own costs. Previously, Ripple Labs CEO Brad Garlinghouse announced in June that the company intended to withdraw its cross-appeal, stating that it would "turn the page and focus on building the Internet of Value." Now that both parties have abandoned their appeals, Judge Analisa Torres's mixed ruling in 2023 will be final. The ruling determined that Ripple Labs' sale of hundreds of millions of dollars in XRP to institutional investors constituted illegal securities sales, but sided with Ripple Labs on the issue of "dark bid" sales to retail investors.
According to The Block, US President Trump signed an executive order on Thursday aimed at preventing federal regulators from targeting financial institutions doing business with the cryptocurrency industry. A White House fact sheet stated that the digital asset industry has been unfairly targeted by "unbanking," a practice that undermines public trust in banks and regulators, impacts livelihoods, freezes wages, and places a heavy economic burden on law-abiding Americans. The order removes "reputational risk" as a justification for increased regulation. While not specifically referring to cryptocurrencies, it has previously been used to target the industry. Previously, cryptocurrency businesses and individuals complained about unfair bank account closures, and Trump pledged to end "Operation Choke Point 2.0." Trump's signing of the order received support from Republican lawmakers. House Financial Services Committee Chairwoman French Hill called it an important step, and Senator Cynthia Lummis praised the order for bringing transparency and accountability to the industry.
USDC Treasury issues an additional 100 million USDC on the Ethereum chain
According to Whale Alert monitoring, USDC Treasury has just issued an additional 100 million USDC (approximately US$99.98 million) on the Ethereum chain.
ProShares Launches 2x Leveraged Circle Stock ETF
According to The Block, fund issuer ProShares has officially launched the Ultra CRCL ETF (ticker CRCA), which provides investors with leveraged exposure to 2x the daily price fluctuations of Circle Internet Group shares. Circle, the issuer of the world's second-largest stablecoin, USDC, saw its stock price rise nearly 400% since its IPO, but has fallen over 25% over the past month. CRCA began trading on the NYSE Arca on August 6th, with a net asset value of $25 per share and an expense ratio of 1.08%. ProShares stated that this product provides investors with a bullish outlook on Circle with a new, margin-free way to leverage their holdings.
Ryan Rasmussen, head of research at Bitwise, wrote that if crypto assets comprise 1% to 10% of total 401(k) retirement account assets, the potential inflow would reach $80 billion to $800 billion. Bitwise data shows that as of the second quarter of 2024, total assets in US 401(k) plans will approach $8 trillion.
Binance: European users can convert their cryptocurrencies into fiat and transfer/withdraw funds directly to eligible Mastercard cards.
Report: Waller emerges as frontrunner for next Fed chair
As Trump's advisers search for Powell's successor, Federal Reserve Governor Waller is emerging as a leading candidate for Fed chair, according to people familiar with the matter. Trump's advisers are impressed by Waller's willingness to base policy on forecasts rather than current data and his deep knowledge of the Federal Reserve System, these people said. They also said Waller has met with the president's team about the position but has not yet met with Trump himself.
Plasma and Aave jointly launch the first on-chain fund designed specifically for institutions
Plasma and Aave have announced a partnership to launch the first on-chain fund for a new global financial system specifically designed for institutions. Leveraging Aave's scalable real yield capabilities and the Plasma platform, the fund aims to incentivize fintech companies and institutions to bring their core services on-chain, driving billions of users into on-chain finance.
According to an announcement on the New York Department of Financial Services (DFS) website, Paxos was fined $26.5 million and ordered to invest an additional $22 million to rectify its compliance system for failing to conduct adequate due diligence on its former partner, Binance, and for significant deficiencies in its anti-money laundering compliance system. The investigation found that Paxos failed to effectively monitor suspicious transactions involving Binance, resulting in approximately $1.6 billion in funds suspected of illicit activities flowing into and out of Binance between 2017 and 2022. Furthermore, Paxos's customer due diligence and transaction monitoring procedures were chronically inadequate, failing to promptly identify and address high-risk accounts and activities.
Bio Protocol launched V2 and introduced the BioXP points system
Bio Protocol recently released version 2 and launched the BioXP points system. Users can earn BioXP points by staking BIO and ecosystem tokens, participating in governance, and engaging in social interactions. These points can then be used to participate in the Ignition sale, a new project. V2 introduces a small, ongoing fundraising mechanism, with all funds raised going to the project's liquidity pool. Existing users will receive a one-time BioXP airdrop. The first BioAgent project will launch on the Base chain in August, with expansion to Solana and Ethereum mainnets planned.
JPMorgan launches on-chain repo solution based on Kinexys blockchain
According to The Block, JPMorgan Chase has launched an on-chain intraday repo (repo) solution based on its proprietary Kinexys blockchain network. This tool allows traders to exchange cash for securities on the HQLAx platform through JPMorgan's blockchain deposit accounts, achieving minute-by-minute settlement. Developed with the collaboration of HQLA-X and Ownera, the product has already achieved daily trading volumes exceeding $1 billion. The platform also supports multiple trading venues and collateral sources, with the potential for future expansion to include digital cash instruments such as stablecoins and central bank digital currencies.
Chainlink Launches Strategic LINK Reserve, Over $1 Million in LINK Deposited
According to the Chainlink official blog, Chainlink has announced the launch of the "Chainlink Reserve," a strategic LINK reserve pool dedicated to accumulating LINK tokens generated from enterprise integration and on-chain service revenue. This reserve automatically converts various payment methods from enterprises and on-chain services into LINK through a payment abstraction mechanism, and has accumulated over $1 million in LINK. Officials stated that withdrawals from the reserve will not be made in the near term and that it is expected to continue to grow as industry demand grows. A publicly accessible reserve analysis dashboard has been launched.
Ripple announces it will acquire stablecoin payment platform Rail for $200 million
According to Reuters, Ripple will acquire Toronto-based stablecoin payment platform Rail for $200 million. The transaction is expected to close in the fourth quarter of this year, subject to regulatory approval. Rail, backed by Galaxy Ventures and others, handles 10% of global stablecoin payments, primarily focusing on cross-border payments. The acquisition will enhance Ripple's payment solutions capabilities and its stablecoin, RLUSD. Previously, Ripple also announced the $1.25 billion acquisition of Hidden Road to enhance RLUSD's application scenarios.
Tether leads €30 million funding round for Spanish crypto exchage Bit2Me
According to CoinDesk, Tether, through its subsidiary Tether Ventures, has led a €30 million funding round in Spanish crypto exchage Bit2Me, acquiring a minority stake. Bit2Me has been authorized by Spain's securities regulator, becoming the first Spanish-language fintech company to receive the EU's MiCA license. The company plans to use this funding to expand its presence in Latin America, with a focus on Argentina. Existing shareholders include major Spanish institutions such as Telefónica, BBVA, and Unicaja. The specific shareholding percentage and valuation of the transaction were not disclosed.
According to Cyata, HashiCorp Vault, a wallet and key management tool widely used in the cryptocurrency industry, has recently been exposed to multiple zero-day vulnerabilities covering key aspects such as authentication, identification, and authorization. Some of these vulnerabilities can bypass lockdown and multi-factor authentication protections, and even allow attackers to achieve remote code execution (RCE), posing a serious threat to infrastructure security. The Cyata team has collaborated with HashiCorp to complete the fixes. SlowMist Technology's Chief Information Security Officer, 23pds, recommends that relevant organizations upgrade to the latest version as soon as possible to mitigate potential risks.
Bank of England cuts interest rates by 25bp
The Bank of England lowered its policy rate from 4.25% to 4%, the fifth rate cut in this round of rate cuts, in line with market expectations.
Bit Digital's subsidiary WhiteFiber raised $159.4 million in its US IPO, valued at $619 million.
According to Bloomberg, AI infrastructure company WhiteFiber Inc. raised $159.4 million in its US IPO, priced at $17 per share, at the upper end of its range, valuing the company at $619 million. WhiteFiber, a subsidiary of Bit Digital Inc. (BTBT), provides high-performance computing data center and cloud GPU services, serving AI and machine learning developers. According to the prospectus, WhiteFiber reported net profit of $1.4 million in the first quarter of this year on revenue of $16.8 million. Following the IPO, Bit Digital will hold approximately 77.6% of the company's shares under the ticker symbol WYFI.
According to Bloomberg, US President Trump will sign an executive order on Thursday directing the Department of Labor to review the Employee Retirement Income Security Act (ERISA) retirement plan investment guidelines for alternative assets such as private equity, real estate, and cryptocurrencies, and to clarify the fiduciary responsibilities of funds allocating these assets. The order also requires the Department of Labor to collaborate with regulatory agencies, including the Treasury Department and the SEC, to examine whether relevant rules need to be adjusted. The SEC will be asked to assist voluntary retirement accounts, such as 401(k)s, in investing in alternative assets. This move aims to open up the approximately $12.5 trillion retirement fund market to industries such as private equity and cryptocurrencies.
UAE SCA and Dubai VARA reach crypto regulatory cooperation to promote mutual recognition of licenses
According to Cointelegraph, the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE) and the Dubai Virtual Asset Regulatory Authority (VARA) have announced a strategic partnership to unify the national crypto regulatory framework. The two sides will mutually recognize Virtual Asset Service Provider (VASP) licenses, but this does not automatically translate into automatic approval, as VARA will still be subject to compliance reviews, including those related to anti-money laundering (AML/CFT). The new mechanism, which includes unified registration, real-time data sharing, and a joint supervisory and legislative review committee, aims to streamline the approval process and enhance the UAE's global competitiveness in crypto regulation.
INFINIT: IN airdrop claims will open today at 18:00 for a period of one month
According to an official announcement, INFINIT ecosystem users can now claim the IN airdrop at claim.infinit.tech from 6:00 PM on August 7th to 6:00 PM on September 6th (UTC+8). Kaito Yappers can claim directly on the Kaito platform during the same period. The $IN token launched by INFINIT serves as the economic engine of Agentic DeFi, driving platform growth through three pillars: protocol fee sharing, governance rights, and priority access to advanced features. IN holders receive protocol revenue, governance rights, and priority access to advanced platform features. The platform emphasizes one-click, multi-step DeFi strategy execution, rewarding IN stakers with protocol fees. Stakers empower top strategy creators, creating a virtuous growth flywheel.
