1. UBS Group: Chinese Family Offices Plan to Invest 5% of Funds in Bitcoin

According to @peterizzo, UBS Group, a banking giant managing $6 trillion in assets, stated that Chinese family offices plan to invest 5% of their funds in Bitcoin. -Original

2. Federal Reserve's Bostic: Possible Rate Cut This Year

On August 21, Federal Reserve's Bostic indicated that there might be another rate cut this year. -Original

3. New Anti-CBDC Clause Added to U.S. House Defense Bill

The latest version of the National Defense Authorization Act (NDAA) in the U.S. House of Representatives has added a clause titled "Anti-CBDC Surveillance State Act." This clause was previously proposed by House Majority Whip Tom Emmer as an independent bill, aiming to prohibit the Federal Reserve from directly issuing central bank digital currency (CBDC) to individuals. -Original

4. U.S. CFTC Launches New Initiative to Advance Digital Asset Regulation

Caroline D. Pham, acting chair of the U.S. CFTC, announced the launch of a new round of crypto sprint initiatives aimed at implementing the recommendations from the digital asset market working group report, promoting federal-level regulation of digital asset spot trading. This initiative will be coordinated with the SEC and will widely solicit public opinions, focusing on topics such as leverage, margin, and financing transactions, with the comment period ending on October 20. -Original

5. U.S. Justice Department States Writing Non-Malicious Code Is Not a Crime

Matthew Galeotti, an official from the U.S. Justice Department, stated that merely writing non-malicious code does not constitute a crime. The department will focus on combating fraud, money laundering, and other offenses, rather than enforcing regulation on the crypto industry through criminal law. This statement came after the conviction of Tornado Cash founder Roman Storm, raising concerns within the industry. -Original

6. Bank of America Report: Stablecoins Will Intensify Competition with Money Market Funds

A report from Bank of America states that demand for stablecoins for U.S. Treasury securities is expected to grow by $25 billion to $75 billion over the next year, which will create greater competitive pressure on money market funds (MMFs). Some MMF clients are exploring tokenization to respond to competition; in July, BNY Mellon and Goldman Sachs successfully transferred tokenized MMF shares. The report notes that MMFs need to complete tokenization within a limited time and offer competitive yields to address potential innovations and regulatory changes in the stablecoin industry. -Original

7. Pennsylvania Lawmaker Proposes Ban on Cryptocurrency Trading by Public Officials

Pennsylvania lawmaker Ben Waxman has proposed a bill to prohibit public officials and their immediate family members from profiting from cryptocurrency during their term, including trading, issuing, or promoting related assets. The bill requires that transactions during the term and within one year after leaving office must not exceed $1,000, and assets must be liquidated within 90 days of the bill's enactment. Violators could face up to 5 years in prison or a $50,000 fine. Waxman stated that this move aims to address controversies regarding public officials profiting from their positions. -Original

8. Harvard Professor Reflects on Underestimating Bitcoin's Value and Criticizes Regulatory Conflicts of Interest

Kenneth Rogoff, a Harvard University economics professor and former chief economist at the International Monetary Fund, reflects on his prediction error from 2018. At that time, he predicted that Bitcoin was more likely to be worth $100 rather than $100,000 in ten years, while Bitcoin's actual price has now surpassed $113,000, growing more than tenfold since 2018. Rogoff stated that he was "overly optimistic about the U.S. establishing reasonable cryptocurrency regulation," underestimating Bitcoin's role in the $20 trillion global underground economy, which supports its price. He also criticized the "clear conflicts of interest" between regulators and cryptocurrencies, stating that regulators hold hundreds of millions or even billions of dollars in cryptocurrencies without facing any consequences. -Original

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