SEC Updates Accounting Rules for USD Stablecoins
The U.S. Securities and Exchange Commission (SEC) has announced new staff guidance regarding the accounting rules for USD stablecoins. The new guidance states that stablecoins pegged to the U.S. dollar can be classified as cash equivalents if they have a certain degree of value stability and guaranteed redemption mechanisms.
While the SEC is developing broader rules to regulate cryptocurrency markets, this interim guidance comes as part of Chairman Paul Atkins’ efforts to create more flexible regulations. The SEC had previously stated that stablecoins are not classified as securities and that activities related to their issuance will not be required to be registered. The move is part of Project Crypto, which supports efforts to make America’s financial markets on-chain.
CFTC Launches ‘Crypto Sprint’ That Accelerates Trump’s Crypto Regulation Roadmap
The United States Commodity Futures Trading Commission (CFTC) has launched an initiative called “Crypto Sprint” to implement President Trump’s proposed regulations for digital assets. This initiative aims to provide clear regulatory frameworks for digital asset markets. CFTC Chairwoman Caroline Pham emphasized that this initiative is a key step toward making the United States the world’s crypto hub.
The CFTC, in collaboration with the SEC, will provide clarity on the trading and registration processes for crypto assets and enhance regulations for digital asset users. This move, in contrast to the more ambiguous stance of its previous management, makes its approach to the crypto sector more open and harmonious.
BitMine Ranks Third with $3 Billion Ethereum Treasury
Bitcoin miner BitMine Immersion has amassed $3 billion in Ethereum in just 35 days, making it the world’s third-largest public cryptocurrency holding. The company accumulated Ethereum at an average price of $3,491.86 and currently ranks third behind Strategy and Mara Blockchain. BitMine is notable for its rapid growth, particularly its high liquidity and rapid share price appreciation.
The man behind BitMine’s ETH accumulation strategy is Tom Lee, a long-time Bitcoin believer. Lee noted that Ethereum has sparked interest on Wall Street and that institutional investors are rapidly gaining interest in Ethereum. Ethereum has surged 46% in the last 30 days, making it attractive to investors.
Trump’s Bitcoin Advisor David Bailey Aims to Form $200 Million PAC
David Bailey, a Bitcoin advisor to US President Donald Trump and the founder of Bitcoin Magazine, is seeking to raise $200 million for a political action committee (PAC) to advocate for Bitcoin. Bailey aims to drive the price of Bitcoin to $10 million and develop long-term strategies. The PAC also plans to lobby on issues such as Bitcoin regulation, education, and tax policy.
Bailey’s proposed PAC, along with other crypto-focused PACs, would support politicians with pro-crypto stances. However, some critics note that Bailey’s ties to publicly traded companies could potentially lead to legal problems. Bailey, however, is taking this feedback with a grain of salt and aims to increase the crypto industry’s political influence.
CFTC Considers Spot Bitcoin and Cryptocurrency Trading on Futures Exchanges
The United States Commodity Futures Trading Commission (CFTC) has launched a new regulation that would allow spot trading of Bitcoin and other crypto assets on futures exchanges. This step aims to implement recommendations from the Presidential Digital Assets Working Group. Offering spot trading on futures platforms could provide investors with a more efficient and integrated trading experience, increasing access to the spot crypto market.
Currently, spot and futures trading operate under different regulatory frameworks; the SEC oversees most spot trading, while the CFTC regulates futures contracts. With this new initiative, the CFTC will allow spot crypto contracts to be listed on select exchanges under the Commodity Exchange Act. This regulation aims to create a more cohesive oversight structure by combining spot and futures trading under a single regulatory framework. The CFTC will collect public comments on the matter until August 18th.
Ethena’s USDe Could Challenge USDC’s Second Rank by 2027
Ethena’s USDe stablecoin increased its market capitalization by nearly 75% between July 17th and August 4th, reaching $9.3 billion. While this puts USDe in third place among stablecoins, it also calls into question the sustainability of USDe, a delta-neutral, crypto-native asset, in a market historically dominated by fiat-backed stablecoins. The printing of $3.1 billion in new USDe in just 30 days was a key driver of this growth.
USDe’s rapid growth has driven a similar momentum to USDC’s surge in 2021. However, USDe’s fully on-chain synthetic structure presents a different model than fiat-backed USDC and USDT. While investors are attracted by a model that offers high returns, especially in volatile markets, the sustainability of these returns is uncertain. Ethena states that if USDe’s potential growth rate continues, it could surpass USDC within the next two years. However, short-term growth trends and systemic risks also bring uncertainty about USDe’s future.
Verb Tech to Establish TON Treasury Strategy with $558 Million
Verb Technology Company will conduct a $558 million private placement to establish a treasury strategy company focused on Toncoin (TON). Upon completion, the company will rebrand as TON Strategy Co. and will use the majority of the proceeds to purchase TON and collect staking rewards. This aims to make it one of the largest holders of TON in the world.
Approximately 58.7 million shares will be sold under a private investment agreement (PIPE), and the round involves more than 110 investors, including big names like Blockchain.com, Ribbit Capital, and Vy Capital. Verb Technology’s plan to hold TON, the blockchain behind Telegram’s web3 infrastructure, as a reserve asset will significantly alter the company’s growth strategy.
France’s Party Backs Nuclear-Powered Bitcoin Mining
France’s right-wing Rassemblement National (RN) party is advocating for the use of surplus energy from nuclear power plants to mine Bitcoin. The party says the initiative would turn wasted electricity into “safe and highly profitable” digital assets. RN leader Marine Le Pen raised the proposal during a visit to the Flamanville nuclear power plant and announced that the party has begun supporting the use of Bitcoin as a tool for economic independence.
The party’s proposal to install mining infrastructure at power plants operated by French energy giant Électricité de France (EDF) is reportedly marking a major change in cryptocurrency laws in France. In 2016, Le Pen argued that cryptocurrencies should be banned in France, but her stance on crypto has shifted recently. In contrast, the party’s finance chairman, Jean-Philippe Tanguy, opposes Bitcoin’s decentralized structure and advocates for centralized monetary policies.
Sharplink Gaming Acquires 18,680 ETH to Reach 498,884 ETH Reserves
Sharplink Gaming increased its Ethereum (ETH) reserves to 498,884 ETH with the acquisition of 18,680 ETH. This new acquisition brings the company’s total ETH portfolio to approximately $1.8 billion. These investments in Ethereum demonstrate the company’s confidence in the long-term value of DeFi and Web3 technologies.
This move reinforces Sharplink’s strategic move to become one of the largest ETH holders in the gaming industry. The increase in Ethereum reserves increases opportunities for gaming platforms to more effectively utilize blockchain technologies and create new revenue streams.
The Ether Machine and GameSquare Strengthen Their Ethereum Reserve Strategies
The Ether Machine strengthened its Ethereum reserves by acquiring 10,605 ETH for $40 million, moving it to third place in the strategic ETH reserve ranking. This move reinforces the company’s confidence in Ethereum and embraces a strategy of staking and re-staking ETH. The company plans to go public on Nasdaq with the ETHM ticker.
GameSquare acquired an additional 2,717 ETH for $10 million, reaching a total of 15,630 ETH. The company is pursuing an Ethereum-focused strategy, targeting 8-14% annual returns through its on-chain yield platform Dialectic, and plans to initiate a share buyback program with the proceeds. GameSquare aims to achieve long-term growth with this strategy.
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BITCOIN (BTC)
Bitcoin is trading at $114,471 as of this morning, down 0.51%. The price continues to move within a narrow channel. As of yesterday, BTC, which was rejected at $115,817, will likely support the 113,827-113,586 area if the pullback continues. A breakout from here could see the 111,924-110,507 support zone working. In the event of a positive trend, the 115,817 level could serve as the first resistance level. If it persists above this level, the level 118.175 can be targeted.
ETHEREUM(ETH)
ETH is priced at $3,671 with a 1.33% loss in value as of the morning hours. ETH, which is testing the resistance level, could expect a rise to 3,756 if it can hold above 3,671. The $3,867 area then remains the next resistance level.
In the event of a downside move, $3,544 could serve as a significant support level. A close below this level could trigger a price pullback to $3,452 and then $3,323.
RIPPLE(XRP)
XRP is priced at $ 3.05 as of the morning hours with a 0.63% loss in value. Although the price is trying to hold on above the $ 3.05 level in the short term, it is trying to hold above the $ 3.05 level. In a positive trend, $ 3.15 and then $ 3.28 levels can be targeted.
In downward movements, the $ 2.95 level will be followed as a critical support. A permanent close below this level could cause the price to decline towards $2.83 and then $2.74.
AVALANCHE(AVAX)
AVAX is traded at $ 22.77 with a 1.47% loss as of the morning hours. If the pullback continues for AVAX, which could not maintain its stability above the 22.98 resistance after the increases, it can be expected that 22.45 and then 21.98 levels will work as support.
In a possible positive trend, first breaking 22.98 and maintaining its stability above it will be important. Then, there may be levels of $23.89 and $24.75.
SOLANA(SOL)
SOL is trading at $ 168.64 as of the morning hours with a 0.54% loss in value. The $ 167.40 level below the current price stands out as a strong support point. If it breaks below this level, a pullback to $ 162.00 is possible.
On the other hand, the $ 169.55 level is currently watched as the critical resistance point. If it stays above this level, the rise may continue towards $ 173.71 and then $ 177.70.
