1. Federal Reserve Governor Kugler to Resign Next Week, Trump Seizes Appointment Opportunity
The Federal Reserve stated in a release that Governor Kugler will resign next week, providing Trump with an opportunity to appoint a favored candidate to a position in the central bank's leadership. Kugler's position was not expected to become vacant until January next year, and the seven-member Federal Reserve Board currently has no other vacancies. Now, Trump will have the chance to immediately appoint a governor to pressure Chairman Powell—and this governor could potentially succeed Powell. The statement noted that Kugler has submitted his resignation to President Trump and will step down next Friday (August 8) to return to Georgetown University as a professor. Kugler did not attend this week's Federal Reserve policy meeting, with the board stating he was absent due to personal matters. Kugler previously served as the Chief Economist at the U.S. Department of Labor and was appointed to the Federal Reserve Board by President Biden in 2023. -Original
2. U.S. Non-Farm Payroll Data Significantly Revised Down by 258,000, Second Largest Revision in History
On August 1, the U.S. Bureau of Labor Statistics reported that the non-farm payrolls for May were revised down from 144,000 to 19,000; June's non-farm payrolls were revised down from 147,000 to 14,000. After revisions, the total number of new jobs added in May and June was 258,000 lower than before the revisions. -Original
3. Trump Signs New Tariff Executive Order, Paving the Way for Higher Tariffs
On Thursday local time, President Trump signed an executive order adjusting reciprocal tariffs on dozens of countries. Experts warn that more tariff increases may be forthcoming. Wendy Cutler, former Deputy U.S. Trade Representative and current Senior Vice President at the Asia Society Policy Institute, noted, "What is particularly concerning is that trade partners will face ongoing uncertainty—dealing with new industry tariffs while also being wary of potential additional tariffs if the U.S. government determines that the relevant countries are not sincerely implementing agreements." Cutler emphasized, "There is no doubt that this executive order, along with related agreements reached in recent months, has completely torn up the international trade rulebook established after World War II. Whether our partners can maintain this system without U.S. participation remains unknown." Stephen Olson, a Senior Fellow at the ISEAS-Yusof Ishak Institute and former U.S. trade negotiator, shares the same view: "Don't think this is the end… It is almost certain that more agreements and higher tariffs will follow." -Original
4. U.S. SEC to Host Crypto Roundtable to Promote Policy Inclusivity
On August 2, the U.S. Securities and Exchange Commission (SEC) announced that its Crypto Task Force will visit multiple cities across the U.S. in the coming months to hold a series of roundtable discussions aimed at providing more stakeholders in the crypto space the opportunity to engage directly with SEC Commissioner Hester Peirce. This event particularly welcomes representatives from startup crypto projects with fewer than 10 employees and established for less than two years, ensuring that regulatory policy-making is more comprehensive and diverse. Commissioner Peirce expressed a desire to hear from those who could not attend the spring roundtable in Washington, emphasizing that the regulatory framework will have a profound impact on the industry, and the SEC hopes to achieve broader outreach through extensive communication. Interested project representatives can submit applications via email, detailing their team composition and project overview, and indicating the cities they wish to participate in. The SEC plans to publicly disclose the list of participating projects to facilitate open and transparent dialogue and public engagement. This series of roundtables is seen as a key initiative by the SEC to promote openness and inclusivity in crypto regulatory policy. -Original
5. Subzero Labs Completes $20 Million Financing, Led by Pantera
Blockchain startup Subzero Labs has completed a $20 million seed round of financing, led by Pantera Capital, with follow-on investments from Variant, Coinbase Ventures, and Susquehanna's crypto division. The company is developing the Rialo blockchain for real-world applications, aiming to break through the current limitations of crypto technology primarily serving financial speculation. Co-founder Ade Adepoju, a former engineer at Mysten Labs (involved in Sui blockchain development), stated that Rialo aims to provide native solutions for on-chain integration of external data (such as FICO credit scores) for non-crypto developers without relying on oracle services. The team currently consists of 20 members, and the financing includes equity and token subscription rights, with specific valuation undisclosed. -Original
6. Hong Kong Stablecoin Rules Take Effect, Requiring Issuers to Apply for Licenses
The new rules stipulate that stablecoin issuers must apply for licenses in the region. -Original
7. Indonesia Raises Overseas Platform Tax Rate to 1% to Reduce Capital Outflow
Indonesia's annual tax revenue from cryptocurrency ranges between 50 billion to 60 billion Indonesian Rupiah (approximately $3.125 million to $3.64 million). When first implemented in 2022, the tax revenue was 24.6 billion Indonesian Rupiah (approximately $1.5 million), which decreased to 22 billion Indonesian Rupiah (approximately $1.342 million) in 2023, but is expected to significantly increase to 62 billion Indonesian Rupiah (approximately $3.798 million) in 2024. As of 2025, 11.5 billion Indonesian Rupiah (approximately $697,000) has been collected year-to-date. The tax department indicated that fluctuations in cryptocurrency prices could lead to instability in future tax revenues. Meanwhile, Indonesia's crypto user base has exceeded 20 million, far surpassing stock market investors, becoming an important source of tax revenue for the government. Additionally, Indonesia will implement tax reforms in August 2025, raising the overseas platform tax rate to 1%, while the domestic platform tax rate will only increase to 0.21%, to reduce capital outflow and encourage domestic trading. The government has also eliminated the value-added tax on cryptocurrency buyers and reclassified crypto assets from commodities to financial assets, which will be regulated by the Financial Services Authority. -Original
8. Coinbase Sues FDIC, Accusing It of Obstructing Regulatory Document Disclosure
According to Decrypt, Coinbase's Chief Legal Officer Paul Grewal submitted federal court documents on Tuesday, accusing the Federal Deposit Insurance Corporation (FDIC) of deliberately obstructing requests for the disclosure of documents related to "Operation Chokepoint 2.0." Despite a court order requiring the release of these documents, the FDIC has not fully complied. -Original
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