Important information last night this morning (August 7-August 8)

Several crypto institutions including Paradigm, Multicoin, and Galaxy jointly support the Senate's crypto legislative draft

Dan Robinson, General Partner and Head of Research at Paradigm, stated on platform X that his team, together with Multicoin Capital, Chainlink, Electric Capital, Galaxy, Ribbit Capital, and Tribe Capital, sent a letter to express their opinions on the cryptocurrency market structure legislative draft released by the Senate Banking Committee this week. On the key issue of token securities regulation, the Senate draft differs from the approach of the *CLARITY Act* which has been passed by the House of Representatives. Paradigm believes that the Senate's "ancillary asset" proposal is more beneficial to the crypto industry. Although both bills are better than the inapplicable "Howey Test" system that would create perverse incentives, the Senate draft is more concise and avoids forcing decentralized tokens and protocols to adapt to a rigid framework. It includes an exclusion clause to prevent abuse, meaning that assets with specific legal rights to financial benefits are not considered ancillary assets.

A Pendle multi-signature wallet transfers 900,000 PENDLE to Binance, worth approximately $4.65 million

According to on-chain analyst Yu Jin, 25 minutes ago, a multi-signature wallet of Pendle transferred 900,000 PENDLE (worth approximately $4.65 million) to Binance.

A whale sold SOL worth $12.39 million yesterday and bought HYPE and ETH

According to Onchain Lens, yesterday, a whale deposited 70,558 SOL (worth $12.39 million) into HyperLiquid and sold it, then used the funds to buy: 130,737 HYPE, spending $5.335 million (at a unit price of $40.8); and 1,711.77 ETH, spending $6.655 million (at a unit price of $3,888).

Vitalik expresses support for "Ethereum Asset Reserve Companies" but warns against excessive leverage

According to Cointelegraph, Ethereum co-founder Vitalik Buterin expressed support for "Ethereum Asset Reserve Companies" in an interview on the Bankless podcast while issuing a risk warning. He pointed out that when listed companies purchase and hold Ethereum, it allows more investors to access the token. These companies, by investing in Ethereum Asset Reserve Companies rather than holding it directly, provide more options for people with different financial situations. However, Buterin reminded that Ethereum's future should not come at the cost of excessive leverage. He is concerned that a price drop could trigger a chain reaction of forced liquidations, leading to further price declines and damage to its reputation. But he also stated that he believes Ethereum investors have sufficient self-discipline to avoid such a collapse.

Whale @AguilaTrades increases its long position to $223 million again

According to on-chain analyst Yu Jin, after opening a long position yesterday afternoon, whale @AguilaTrades continued to add to the position via TWAP. Now, his long position is already worth $223 million. The trader had previously increased his position to $400 million five consecutive times but suffered losses. Currently, his position has a floating profit of $4.76 million: a 40x leveraged long on 1,277 BTC, worth $150 million, with an opening price of $115,968 and a liquidation price of $112,932; and a 25x leveraged long on 18,833 ETH, worth $73.64 million, with an opening price of $3,774 and a liquidation price of $3,600.

Listed company Sharplink Gaming increases its ETH holdings again, with positions rising to 568,000 ETH

According to on-chain analyst Yu Jin, as of now, the address of listed company Sharplink Gaming has received a total of 21,959 ETH (worth approximately $83.96 million) today. Since SharpLink (SBET) began reserving ETH using a MicroStrategy-style operation model in early June, it has accumulated 568,000 ETH, currently worth $2.215 billion, with a floating profit of $433 million.

Animoca Brands and ProvLabs jointly launch RWA trading platform NUVA

According to Cointelegraph, Animoca Brands and ProvLabs, the developer of Provenance Blockchain, jointly launched the RWA trading platform NUVA. The NUVA marketplace will utilize Provenance Blockchain's existing RWA ecosystem, which currently holds assets worth approximately $15.7 billion. The first two tokenized products from Figure Technologies will be launched: YLDS, a U.S. interest-bearing stablecoin security, and HELOC, a fixed-rate home equity credit pool. NUVA adopts a "vault" structure to simplify investor participation, where holding nuYLDS or nuHELOC tokens allows access to the returns of the underlying assets. The CEO of ProvLabs stated that this model enables on-chain trading of traditionally illiquid assets. The co-founder of Animoca pointed out that the current RWA market is constrained by cross-chain fragmentation, and NUVA aims to improve the accessibility of institutional-grade assets through a multi-chain unified ecosystem.

Pump.fun launches the Glass Full Foundation to inject liquidity into specific ecosystem tokens

Pump.fun announced on platform X the launch of the Glass Full Foundation to inject liquidity into specific ecosystem tokens. The team stated that multiple projects have already received support, and more projects are planned to be deployed, but specific allocation details have not yet been disclosed.

Trump nominates crypto-friendly Stephen Miran for a seat on the Federal Reserve Board

According to The Block, U.S. President Trump nominated crypto-friendly economist Stephen Miran to the Federal Reserve Board of Governors. Miran, currently Chairman of the Council of Economic Advisers, has proposed simplifying cryptocurrency regulations. Previously, the board seat was held by Adriana Kugler, who announced her resignation last week. Miran will fill this vacancy, with a term ending on January 31, 2026. Additionally, Miran was a senior strategist at investment firm Hudson Bay and has served at the U.S. Treasury Department and Fidelity Investments. Notably, Trump has publicly clashed with Federal Reserve Chairman Powell over interest rates in recent weeks, and Miran has also criticized Powell.

Fundamental Global plans to issue up to $5 billion in securities to purchase more Ethereum

According to Coincentral, Nasdaq-listed company Fundamental Global Inc. (FGF) has filed an S-3 registration with the U.S. SEC to issue up to $5 billion in securities. Most of the raised funds will be used to purchase Ethereum, and the remaining funds will support the company's operations. FGF plans to issue the securities in batches and flexibly adjust the scale, pricing, and terms based on future conditions. The prospectus filed includes a base prospectus and an At-The-Market (ATM) prospectus, proposing to issue common stock worth up to $4 billion. These issuances will be conducted under a new agreement with ThinkEquity, LLC. The company may sell shares in installments or batches based on market dynamics. If no shares are sold under the ATM agreement, the full $5 billion can be issued through other channels. All sales are subject to U.S. SEC guidelines and depend on the latest market capitalization thresholds.

Block increases its Bitcoin holdings by 108 in Q2, with positions rising to 8,692

According to HODL15Capital, Jack Dorsey's payment platform Block, Inc. (XYZ) increased its Bitcoin holdings by 108 in the second quarter, and the company currently holds 8,692 Bitcoins.

U.S. SEC and Ripple end legal disputes: Both sides drop appeals, XRP-related rulings remain unchanged

According to The Block, a significant legal dispute in the crypto industry appears to be drawing to a close. Lawyers for the U.S. Securities and Exchange Commission (SEC) and Ripple Labs jointly agreed to withdraw their appeal requests to the Second Circuit Court of Appeals. A joint withdrawal application filed on Thursday stated 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, saying it wanted to "turn the page and focus on building the Internet of Value." Now that both sides have dropped their appeals, Judge Analisa Torres' 2023 mixed ruling will be the final decision. The ruling found that Ripple Labs' sale of hundreds of millions of dollars worth of XRP to institutional investors was an illegal securities sale, but she sided with Ripple Labs on the issue of "dark pool" sales to retail investors.

Trump signs executive order to halt unfair denial of banking services to the crypto industry

According to The Block, on Thursday, U.S. President Trump signed an executive order aimed at preventing federal regulators from targeting financial institutions that do business with the cryptocurrency industry. A White House fact sheet stated that the digital asset industry has been targeted by unfair "debanking," a practice that undermines public trust in banks and regulators, affects livelihoods, freezes salaries, and imposes heavy economic burdens on law-abiding Americans. The order eliminates "reputational risk" as a reason for enhanced regulation, which, while not specifically referring to cryptocurrencies, has been alleged to target the industry. Previously, cryptocurrency companies and individuals complained about banks unfairly closing their accounts, and Trump promised to end "Operation Choke Point 2.0." Trump's signing of the order was supported by Republican lawmakers. House Financial Services Committee Chairman French Hill called it an important step, and Senator Cynthia Lummis also praised the order for bringing transparency and accountability to the industry.

USDC Treasury issues 100 million USDC on the Ethereum chain

According to Whale Alert, USDC Treasury has just issued 100 million USDC (worth approximately $99.98 million) on the Ethereum chain.

ProShares launches 2x leveraged Circle stock ETF

According to The Block, fund issuer ProShares officially launched the Ultra CRCL ETF (ticker: CRCA), which provides investors with 2x leveraged exposure to the daily price movements of Circle Internet Group's stock. Circle is the issuer of USDC, the world's second-largest stablecoin. Its stock price has risen nearly 400% since its IPO but has fallen more than 25% in the past month. CRCA began trading on NYSE Arca on August 6, with a net asset value of $25 per share and an expense ratio of 1.08%. ProShares stated that the product provides a new way for investors bullish on Circle to amplify their positions without margin.

Bitwise research director: If crypto assets are included in 401(k), it may attract up to $800 billion in capital inflows

Ryan Rasmussen, research director at Bitwise, wrote that if crypto assets account for 1% to 10% of the total assets in 401(k) retirement accounts, the corresponding potential capital inflows would reach $80 billion to $800 billion. Bitwise data shows that as of the second quarter of 2024, the total assets of U.S. 401(k) plans were nearly $8 trillion.

Binance launches Mastercard deposit and withdrawal services to support European users in converting crypto to fiat currency

Binance: European users can convert their cryptocurrencies to fiat currency and directly deposit/withdraw funds to eligible Mastercards.

Report: Waller emerges as a top candidate for the new Federal Reserve Chair

Informed sources revealed that as Trump's advisers search for a successor to Powell, Federal Reserve Governor Waller is gradually emerging as a top candidate for Federal Reserve Chair. These sources stated that Trump's advisers are impressed by Waller because he is willing to formulate policies based on forecasts rather than current data and has a deep understanding of the entire Federal Reserve system. They also said that Waller has met with the presidential 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 announced that it will collaborate with Aave to launch the first new global financial system on-chain fund designed specifically for institutions. The fund aims to leverage Aave's scalable real yield capabilities and the Plasma platform to jointly incentivize fintech companies and institutions to onboard their core services onto the chain, driving billions of users into on-chain finance.

New York Department of Financial Services fines Paxos $26.5 million and requires an additional $22 million in compliance investments

According to an official announcement on the New York Department of Financial Services (DFS) website, Paxos was fined $26.5 million for failing to conduct adequate due diligence on its former partner Binance and having significant flaws in its anti-money laundering compliance system. It is also required to invest an additional $22 million to rectify its compliance system. The investigation found that Paxos failed to effectively monitor suspicious transactions involving Binance, resulting in approximately $1.6 billion in funds related to illegal activities flowing into and out of Binance between 2017 and 2022. Additionally, Paxos' customer due diligence and transaction monitoring procedures were long-standing inadequate, failing to promptly identify and address high-risk accounts and behaviors.

Bio Protocol launches V2 and introduces the BioXP points system

Bio Protocol recently released version V2 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 are used to participate in new project Ignition sales. Version V2 introduces a small-scale, continuous financing mechanism, where all raised funds will be used for the project's liquidity pool. Old users will receive a one-time airdrop of BioXP points. The first BioAgent project will be launched on the Base chain in August, with subsequent expansions to Solana and the Ethereum mainnet.

JPMorgan launches on-chain repo solution based on Kinexys blockchain

According to The Block, JPMorgan launched an on-chain intraday repo solution based on its self-developed Kinexys blockchain network. The tool allows traders to exchange cash with securities on the HQLAx platform through JPMorgan's blockchain deposit account, enabling minute-level settlement. The product was developed with the assistance of HQLA-X and Ownera and has achieved a daily trading volume of up to $1 billion. The platform also supports multiple trading venues, collateral sources, and future expansion to digital cash tools such as stablecoins and central bank digital currencies.

Chainlink launches strategic LINK reserve, with over $1 million in LINK already deposited

According to a Chainlink official blog, Chainlink announced the launch of the "Chainlink Reserve" strategic LINK reserve pool, which is used to accumulate LINK tokens converted from enterprise integrations and on-chain service revenues. The reserve automatically converts various payment forms from enterprises and on-chain services into LINK through the Payment Abstraction mechanism, and has currently accumulated over $1 million in LINK. The official stated that the reserve will not make withdrawals in the short term and is expected to continue expanding as industry demand grows. A publicly accessible reserve analysis dashboard has also been launched.

Ripple announces $200 million acquisition of stablecoin payment platform Rail

According to Reuters, Ripple will acquire Toronto-based stablecoin payment platform Rail for $200 million. The transaction is expected to be completed in the fourth quarter of this year, subject to regulatory approval. Rail, invested in by Galaxy Ventures and others, handles 10% of global stablecoin payment activities, focusing on cross-border payments. This acquisition will enhance Ripple's and its stablecoin RLUSD's payment solution capabilities. Previously, Ripple also announced the acquisition of Hidden Road for $1.25 billion to enhance RLUSD's application scenarios.

Tether leads a €30 million funding round in Spanish crypto exchange Bit2Me

According to CoinDesk, Tether, through its subsidiary Tether Ventures, led a €30 million funding round in Spanish crypto exchange Bit2Me, acquiring a minority stake. Bit2Me has been authorized by Spain's securities regulator and became the first Spanish-speaking fintech company to obtain an EU MiCA license. It plans to use the funds to expand its presence in the Latin American market, with a focus on Argentina. Existing shareholders include large Spanish institutions such as Telefónica, BBVA, and Unicaja. The specific shareholding ratio and valuation of the transaction were not disclosed.

HashiCorp Vault exposed to multiple 0-Day vulnerabilities, involving authentication and remote code execution

According to Cyata, HashiCorp Vault, a widely used wallet and key management tool in the cryptocurrency industry, has recently been disclosed to have multiple 0-Day vulnerabilities covering core links such as authentication, identification, and authorization. Some of these vulnerabilities can bypass locking 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. 23pds, Chief Information Security Officer of SlowMist Technology, recommends that relevant institutions upgrade to the latest version as soon as possible to prevent potential risks.

Bank of England cuts interest rates by 25BP

The Bank of England lowered its policy rate from 4.25% to 4%, marking the fifth rate cut in this cycle, in line with market expectations.

Bit Digital subsidiary WhiteFiber raises $159.4 million in U.S. IPO, valuing it at $619 million

According to Bloomberg, AI infrastructure company WhiteFiber Inc. raised $159.4 million in its U.S. IPO, with an issue price of $17 per share, at the upper end of the range, corresponding to a valuation of $619 million. WhiteFiber is a subsidiary of Bit Digital Inc. (BTBT), specializing in high-performance computing data centers and cloud-based GPU services, with clients including AI and machine learning developers. According to the prospectus, WhiteFiber had a net profit of $1.4 million and revenue of $16.8 million in the first quarter of this year. After the IPO, Bit Digital will hold approximately 77.6% of the shares, with the stock ticker WYFI.

Trump to sign executive order to allow 401(k) to invest in alternative assets such as cryptocurrencies

According to Bloomberg, U.S. President Trump will sign an executive order on Thursday instructing the Department of Labor to re-evaluate investment guidelines for retirement plans under the Employee Retirement Income Security Act (ERISA) regarding alternative assets such as private equity, real estate, and cryptocurrencies, and clarify the fiduciary responsibilities of funds allocating to these assets. The order also requires the Department of Labor to collaborate with regulatory agencies such as the Treasury Department and the SEC to study whether relevant rules need to be adjusted, and the SEC will be required to assist self-directed retirement accounts such as 401(k) in investing in alternative assets. This move aims to open up the approximately $12.5 trillion pension market to industries such as private equity and crypto.

UAE's SCA and Dubai's VARA Reach Crypto Regulatory Cooperation to Promote License Mutual Recognition  

According to Cointelegraph, the UAE Securities and Commodities Authority (SCA) and the Dubai Virtual Assets Regulatory Authority (VARA) announced the establishment of a strategic cooperation to unify the national crypto regulatory framework. The two parties will realize mutual recognition of Virtual Asset Service Provider (VASP) licenses, but this does not mean automatic approval. Compliance reviews such as anti-money laundering (AML/CFT) still need to be fulfilled. The new mechanism includes unified registration, real-time data sharing, joint supervision, and a legislative review committee, aiming to simplify the approval process and enhance the UAE's competitiveness in the global crypto regulatory field.  

INFINIT: IN Airdrop Claim to Open at 18:00 Today for One Month  

According to an official announcement, users of the INFINIT ecosystem can now participate in the IN airdrop claim at claim.infinit.tech. The claim period is from 18:00 on August 7 to 18:00 on September 6 (UTC+8). Kaito Yappers users can claim directly on the Kaito platform within the same time frame. The $IN token launched by INFINIT this time will serve as the economic engine of Agentic DeFi, driving the platform's growth through three pillars: protocol fee sharing, governance rights, and priority access to functions. Holders of IN can obtain protocol revenue, governance rights, and priority experience of the platform's advanced functions. The platform emphasizes one-click execution of multi-step DeFi strategies. Protocol fees will reward IN stakers, who can empower top strategy creators, forming a positive growth flywheel.

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