Trump signs executive order allowing 401(k) retirement plans to invest in cryptocurrencies. US President Trump signed an executive order on Thursday directing the Department of Labor to pave the way for 401(k) retirement plans to include alternative assets such as cryptocurrencies and private equity. The order also requires federal agencies such as the Securities and Exchange Commission (SEC) and the Treasury Department to cooperate in implementation and consider adjusting the definition of "accredited investors" to expand investment channels. This is one of several crypto-related executive orders signed by Trump since taking office, following his previous push for the establishment of a strategic Bitcoin reserve. Market analysts say this move is expected to provide more asset allocation options for retirees, signaling the Trump administration's continued push to mainstream digital assets.
▌OpenAI officially releases GPT-5
OpenAI announced on Thursday the launch of its most advanced artificial intelligence model to date, GPT-5, which is the result of more than two years of development, multiple setbacks and delays. CEO Sam Altman said in a conference call with reporters on Wednesday that using this new technology "is really like talking to a doctoral-level expert in a certain field." He emphasized that the model enables anyone to create software applications using only simple English prompts - a process often referred to as "vibe coding."
Market
As of press time, according to Coingecko data:
BTC price is $117,350, up or down 24 hours by 2.1%;
ETH price is $3,897.61, up or down 24 hours by 5.9%;
BNB price is $785.38, up or down 24 hours by 2.1%;
Policy
▌Trump Signs Executive Order to Halt Crypto Industry Banking Disconnections
US President Trump signed an executive order on Thursday prohibiting federal regulators from blocking banks from serving the crypto industry due to "reputational risk." The White House stated that past unfair practices have undermined public trust in the financial system and caused economic harm to law-abiding citizens. The move is seen as a major step towards ending the "Chokepoint 2.0" campaign, which led to the mass closure of crypto companies' bank accounts. The Federal Reserve and other regulators have pledged to stop using "reputational risk" as a criterion for evaluating customer relationships. Several Republican lawmakers have expressed support for this move, saying it will help curb financial discrimination and restore regulatory transparency.
▌US Treasury Secretary: The Fed's interest rate decisions lack logic
US Treasury Secretary Benson: Manufacturers are bearing the cost of tariffs themselves. The Federal Reserve's interest rate decision lacks logic. Trump is using tariffs as a foreign policy tool. The Bank of England cut interest rates by 25 basis points, but four members voted to keep rates unchanged. The Bank of England announced an interest rate cut on Thursday, but four of its nine policymakers voted to keep borrowing costs unchanged due to concerns about high inflation. The difficulty in reaching a consensus forced the Monetary Policy Committee to hold two interest rate votes for the first time in its history. Due to disagreements within the Monetary Policy Committee on how to address inflation, which the Bank of England predicts will soon double its 2% target, and the recent worsening of unemployment, Governor Bailey and four of his colleagues voted to cut the bank rate from 4.25% to 4%. The four members who voted to keep rates unchanged included Deputy Governor Lombardelli, who broke with the majority for the first time, and Chief Economist Peel, who also voted to keep rates at 4.25%. Paxos reaches $48.5 million settlement with New York financial regulators. According to an announcement on the New York Department of Financial Services (DFS) website, Paxos was fined $26.5 million and ordered to invest an additional $22 million to rectify its compliance system for failing to conduct adequate due diligence on its former partner Binance and for significant deficiencies in its anti-money laundering compliance system. The investigation found that Paxos failed to effectively monitor suspicious transactions involving Binance, resulting in approximately $1.6 billion in funds suspected of illicit activities flowing into and out of Binance between 2017 and 2022. Furthermore, Paxos's customer due diligence and transaction monitoring procedures were chronically inadequate, failing to promptly identify and address high-risk accounts and activities.
▌Ripple to acquire stablecoin platform Rail for $200 million
Market News: Ripple will acquire stablecoin platform Rail for $200 million.
▌Ant Digit: Jovay, its self-developed public blockchain, is expected to launch on its mainnet at the end of September but will not issue any tokens
▌Ant Digit: Jovay, its self-developed public blockchain, is expected to launch at the end of September 2025 and will be capable of processing real transactions. On April 30th of this year, Ant Digit unveiled its Layer 2 blockchain, Jovay, and explicitly stated that it is a compliant, institutional-grade blockchain and will not issue any tokens. Bian Zhuoqun stated that Ant Digit is committed to becoming a gateway connecting Web2 and Web3, providing more trusted assets for Web3 while also attracting more compliant capital to Web2. She cited data predicting that the global tokenization market is expected to reach $16 trillion by 2030. Ant Digits is currently expanding its RWA asset portfolio into new energy, computing power, finance, and other sectors. Scenius Capital Raises $20 Million for Cryptocurrency Venture Capital Fund Scenius Capital has completed an oversubscribed $20 million round of financing to invest in emerging cryptocurrency venture capital funds. Additionally, ParaFi is strategically investing in Scenius. The RWA Registration Platform Officially Launches in Hong Kong. Initiated by the Hong Kong Web3.0 Standardization Association, the RWA Registration Platform will integrate the entire process of RWA asset tokenization, from digitization to assetization and financialization. On the same day, three Web 3.0 standards were established: the "RWA Tokenization Business Guidelines," the "RWA Tokenization Technical Specifications," and the "Blockchain-Based Stablecoin Cross-Border Payment Technical Specifications." The SEC and Ripple's legal dispute has officially concluded, with the ruling that XRP is not a security taking effect. The U.S. Securities and Exchange Commission (SEC) and Ripple have reached an agreement to jointly withdraw their appeals from the Second Circuit Court of Appeal, marking the official conclusion of one of the most closely watched legal battles in the crypto industry. According to the dismissal document, each party will bear its own legal costs. The ruling issued by Judge Analisa Torres in 2023 will be final: XRP trading in the secondary market does not constitute a security, but large-scale sales to institutional investors constitute an illegal securities offering. Following the announcement, the price of XRP rose over 7%, from $3.04 to $3.27. Ripple CEO Brad Garlinghouse said the company will completely end this legal dispute and focus on more important things - building the "Internet of Value."
▌Bitwise Research Director: If 1% of total 401(k) assets are included in crypto assets, the corresponding capital inflow will reach US$80 billion
Bitwise Research Director Ryan Rasmussen wrote, "If 1% to 10% of the total assets of 401(k) retirement accounts are included in crypto assets, the corresponding potential capital inflow will reach US$80 billion to US$800 billion. Data shows that as of the second quarter of 2024, the total assets of US 401(k) plans will be close to US$8 trillion."
▌JPMorgan Chase: DeFi's total TVL is still lower than its 2021 high
JPMorgan Chase's latest research report points out that the development of decentralized finance (DeFi) and asset tokenization has not yet reached expected levels. A report shows that the total value locked (TVL) in the DeFi ecosystem remains below its 2021 high, with primary activity still concentrated among crypto-native users and retail investors. Head of Research Nikolaos Panigirtzoglou stated that despite growing interest and use cases in repos, bonds, and money markets, asset tokenization has yet to scale. Cipher Mining: Holds Bitcoin Worth Approximately $112 Million Cipher Mining Inc. (NASDAQ: CIFR) released its Q2 2025 financial report, which showed that the company held approximately $112 million in Bitcoin at the end of the quarter. Chainlink to Use Protocol Revenue to Build a LINK Reserve The Chainlink Foundation today announced the launch of the Chainlink Reserve Program, which aims to build a strategic reserve of LINK tokens through on-chain and off-chain revenue. The reserve has already accumulated over $1 million worth of LINK tokens in its initial stages and will automatically convert enterprise service revenue and on-chain service fees into LINK tokens through a payment abstraction mechanism. The Foundation stated that the reserve is not planned to be withdrawn for several years. SharpLink Raised $200 Million Through a Direct Offering to Expand its Ethereum Treasury. SharpLink raised $200 million through a direct offering led by four global institutional investors at a price of $19.50 per share. This capital will be used to expand the Ethereum reserve, which is expected to exceed $2 billion upon full deployment. Robinhood to Launch Spot Trading for ONDO According to an official announcement, Robinhood will launch spot trading for ONDO.
▌USDC Treasury minted an additional 350 million USDC
According to Whale Alert, USDC Treasury minted a total of 350 million USDC in two batches in the past five hours.
Important Economic Dynamics
▌Trump Announces Nomination of Stephen Milan as Federal Reserve Board Governor
US President Trump: I am very honored to announce that I have selected Stephen Milan, current Chairman of the Council of Economic Advisors, to serve on the recently vacated seat on the Federal Reserve Board of Governors, to serve until January 31, 2026. At the same time, we will continue our search for a long-term replacement for the Federal Reserve position. Stephen holds a Ph.D. in Economics from Harvard University and served with distinction in my first administration. He has been with me since the beginning of my second term, and his expertise in the economics field is unparalleled—he will do an excellent job. Congratulations, Stephen.
▌Trump: Intel CEO must resign immediately
US President Trump: Intel (INTC.O) CEO has a serious conflict of interest and must resign immediately. There is no other solution to this problem.
▌Federal Reserve Chairman Bostic: I still think there will be an interest rate cut this year
Federal Reserve Chairman Bostic said I still think there will be an interest rate cut this year.
▌People familiar with the matter: Waller becomes the favorite candidate for the new Federal Reserve Chairman
People familiar with the matter revealed that as Trump's advisers are looking for Powell's successor, Federal Reserve Board member Waller is gradually becoming a favorite candidate for Federal Reserve Chairman. These people said Trump's advisers were impressed by Waller's willingness to base policy on forecasts rather than current data and his deep understanding of the Federal Reserve System. They also said Waller had met with the president's team about the position but had not yet met with Trump himself. U.S. Treasury Secretary: Tariff revenue could exceed $300 billion in 2026. U.S. Treasury Secretary Bensont: The trade deal is essentially done, and U.S. tariff revenue could exceed $300 billion in 2026. (Golden Ten) What is a cryptocurrency ETP? What is its future? Cryptocurrency ETPs provide investment in digital assets through traditional financial instruments. Cryptocurrency exchange-traded products (ETPs) use crypto assets as their underlying commodities. Their goal is to provide exchange-traded investments for investors who want exposure to cryptocurrencies without purchasing digital assets directly. Many investors, especially institutional investors, prefer this approach because it opens up cryptocurrency investment within traditional financial instruments. There's no need to venture into unregulated markets or be responsible for the security of crypto assets. Several types of cryptocurrency ETPs are available, including exchange-traded funds (ETFs), exchange-traded commodities (ETCs), and exchange-traded notes (ETNs). These cryptocurrency ETPs are widely traded and often account for the majority of trading volume—both inflows and outflows. What are crypto ETP outflows? These outflows occur when funds flow out of these investment products, signaling a rush to sell positions. This can occur for a variety of reasons, including profit-taking, negative market sentiment, or risk adjustments. ETP outflows are driven by a variety of factors, including economic conditions, industry concerns, regulation, and market cycles, which can be used to predict upcoming market movements. Crypto ETP outflows signal a significant shift in sentiment, which in turn can continue to exert downward price pressure on the cryptocurrency market. The continued growth of new ETPs entering the market indicates continued investor interest in the sector. Especially considering the long-term growth trend in cryptocurrency AUM, the future of cryptocurrency ETPs as powerful investment tools and market drivers is bright. As the cryptocurrency market continues to evolve, the launch of new ETPs is likely to drive further innovation and attract a wider range of investors. With increasing regulatory clarity and growing institutional interest, future products may expand to include other promising cryptocurrencies.
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