Daily Market Wrap | Aug. 08

Hot Topics

• Trump signed an order allowing crypto into 401(k) plans.
• Trump nominated crypto-friendly economist Stephen Miran to be new Federal Reserve Board of Governors.
• The Federal Reserve explores Bitcoin reserves backed by gold gains.
• The dollar dropped to a nine-day low after Minneapolis Fed President Neel Kashkari hinted at a near-term Fed rate cut.
• Bank of Japan policymakers discussed resuming interest rate hikes, with one member suggesting a possible increase by year-end.

Market Updates

• NYDFS fined Paxos $26.5M for compliance failures tied to its Binance partnership.
• ProShares launched the Ultra CRCL ETF, offering 2x daily exposure to Circle’s stock.
• Ripple is acquiring Rail, a stablecoin payments platform, for $200 million to strengthen its RLUSD stablecoin ecosystem.