1. Trump Plans to Nominate Milan and Malpass as Federal Reserve Governors, Potentially Impacting Future Monetary Policy
According to the Wall Street Journal, sources reveal that Trump plans to nominate his economic advisor Milan to replace Cook as a Federal Reserve governor, while also considering nominating former World Bank President David Malpass to fill another vacancy. Malpass, a close ally of Trump, has criticized the Federal Reserve for not lowering interest rates. -Original
2. Former Federal Reserve Vice Chair Warns Regional Fed Presidents May Face Replacement Risks Due to Political Interference
Former Federal Reserve Vice Chair Lael Brainard stated that political interference from President Donald Trump could pose a threat to the independence of the Federal Reserve. She pointed out that several regional Federal Reserve bank presidents may face substantial risks of being removed due to political manipulation next year. This statement has raised concerns in the market about the internal stability of the Federal Reserve and its policy-making independence. -Original
3. U.S. Senator Warner May Hinder Progress of Legal Protection Bill for Crypto Developers
U.S. Senator Mark Warner (Democrat, Virginia) may become a major obstacle for the crypto industry in pushing for legal protections for software developers. Warner is concerned about hacking and money laundering issues in the decentralized finance (DeFi) space and opposes the provisions in the "Digital Asset Market Clarification Act" that grant legal exemptions to developers. Although Warner has previously supported stablecoin regulation legislation and has been rated as a pro-crypto Democrat by the industry, his stance on the Senate Banking Committee may affect the progress of the market structure bill. The crypto industry is closely monitoring Warner's position in the latest legislative negotiations to establish legal protections for developers. -Original
4. U.S. CFTC to Be Left with Only One Commissioner, Increasing Regulatory Uncertainty in the Industry
Kristin Johnson, a Democratic commissioner of the U.S. Commodity Futures Trading Commission (CFTC), will leave her position on September 3, leaving only acting chair Caroline Pham in charge of the five-member CFTC. Trump's nominee Brian Quintenz is still awaiting Senate confirmation, and his start date is uncertain. If Quintenz officially replaces Pham as chair, Pham plans to leave and return to the private sector. The CFTC is the regulatory body for the U.S. derivatives market and one of the main regulators for cryptocurrencies. With only one commissioner remaining, regulatory policies may face legal challenges, increasing uncertainty in industry regulation. -Original
5. Japan's Monex Considers Acquiring European Crypto Company, Announcement Expected Soon
Matsumoto, chairman of Japanese financial services company Monex, stated that the company is considering acquiring a European crypto company and expects to announce news "within a few days." -Original
6. Aave's Total Locked Value Hits All-Time High, Approaching the Size of the 54th Largest Bank in the U.S.
Data from DefiLlama shows that the total locked value (TVL) of the decentralized lending protocol Aave reached an all-time high of $41.1 billion on August 24. According to the Federal Reserve's commercial bank deposit data as of June 30, this size would rank as the 54th largest commercial bank in the U.S., surpassing Prosperity Bank with $38.4 billion in deposits, and just $300 million short of surpassing Bank OZK. If including the $28.9 billion in outstanding loans on that day, Aave's total size reaches $71.1 billion, placing it among the top 37 commercial banks in the U.S. (top 1.7%). Founder Stani Kulechov stated that the protocol is not a bank but an open network for financial institutions to access, providing sources of income unrelated to the Federal Reserve. As of August 24, Aave controls about 50% of the total TVL in the DeFi lending market, dominating the $81.5 billion lending space, nearly six times that of its largest competitor, Morpho ($7 billion). -Original
7. South Korea's Financial Services Commission Plans to Complete Virtual Asset Legislation Preparation by September
Kim Byung-hwan, chairman of South Korea's Financial Services Commission, stated that preparations for the second phase of virtual asset-related legislation (the "Basic Law") are planned to be completed before the regular National Assembly session in September. In response to inquiries from Democratic Party member Min Byung-deok regarding the submission plan for the legislation during the second political affairs committee meeting, Chairman Kim responded, "We will prepare to ensure that the bill can be discussed during the regular National Assembly session." -Original
8. Hut 8 Secures $330 Million Financing for U.S. Expansion Plans
Cryptocurrency mining company Hut 8 has secured a total of $330 million in credit financing, including a $200 million revolving credit facility from digital asset investment firm Two Prime and a $130 million credit line from Coinbase. The new funds are intended for a 1.5 gigawatt capacity expansion plan in the U.S., with plans to develop four large-scale infrastructures in Louisiana, Texas, and Illinois. -Original
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