Headlines: Federal Reserve Governor Bowman: Supports Fed Staff Holding Small Amounts of Cryptocurrency. Federal Reserve Governor Bowman stated that Fed staff should be allowed to hold small amounts of crypto products, believing that experience would help them better conduct regulatory oversight of these financial markets. Bowman said that relaxing restrictions on employee investments could also help recruit and retain professional bank examiners, while "minimum" holdings of cryptocurrencies and other digital assets would help staff gain a practical understanding of these products. "Nothing can replace hands-on experience and understanding the process of holding and transferring crypto assets," she said in prepared remarks delivered at a cryptocurrency conference in Wyoming. Bowman did not disclose specific information, such as the specific amount or type of holdings she was considering, but her comments once again indicate that Trump administration regulators are adopting a friendlier attitude toward the cryptocurrency sector. Figure Technology, a cryptocurrency lending platform, has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its Class A common stock. Figure Technology plans to list on the Nasdaq under the ticker symbol "FIGR," with Goldman Sachs, Bank of America, and Jefferies serving as underwriters. The IPO aims to raise between $500 million and $1 billion.
Market
As of press time, according to Coingecko data:
BTC price is $112,908, up or down -3.0% in the past 24 hours;
ETH price is $4,107.91, up or down -5.2% in the past 24 hours;
BNB price is $830.93, up or down -2.6% in the past 24 hours;
-3.5%; the price of DOGE is $0.211, with a 24-hour increase or decrease of -5.7%; the price of XRP is $2.87, with a 24-hour increase or decrease of -6.4%. The price of TRX is $0.3492, with a 24-hour increase or decrease of -0.5%.
Policy
▌Federal Reserve Governor Bowman: Fed's view on artificial intelligence and cryptocurrency is "about to change"
Federal Reserve Governor Bowman said that banks and regulators must accept the benefits of new technologies such as artificial intelligence and cryptocurrency, otherwise their role in the economy may be weakened. "Change is coming," she said in her speech. Ideally, she said, regulators would allow new uses to "proliferate in a way that benefits the banking system." "If this is not our approach, then we may face the risk of a decline in the relevance of the banking system to consumers, businesses, and the overall economy." Bowman called on the industry to help regulators better understand blockchain and digital assets, as well as the potential of new technologies to solve problems such as fraud. She also said that she would seek to reduce regulatory scrutiny related to reputational risks, hinting that new rules may be formulated.
▌US President Trump: Ukraine Will Not Become a NATO Member
US President Trump: Ukraine will not be a NATO member, saying that when Russia occupied Crimea in 2014, Ukraine lost its "heart and soul."
Blockchain Applications
▌Franklin Templeton CEO: Crypto Investment Should Focus on Infrastructure, Not Bitcoin
Jenny Johnson, CEO of Franklin Templeton, which manages $1.6 trillion in assets, stated at the SALT Conference in Jackson Hole, Wyoming, that Bitcoin is a "fear currency" that, in her view, distracts from the true potential of blockchain. She believes the most worthy investment in the crypto sector is blockchain infrastructure, including blockchain networks, consumer applications, and node validators. Johnson predicts that mutual funds and ETFs will gradually operate on blockchain in the future, but regulatory risks remain the biggest obstacle to this transition. She emphasized that the transparency provided by validators could be a "game changer" for active investment managers. Coinbase DEX already supports all assets on the Base chain, with support for Solana coming next. Coinbase's DEX function already supports all assets on the Base chain, and support for the Solana ecosystem is also planned and will be launched soon. Bullish: Receives $1.15 Billion in IPO Proceeds in Stablecoins Bullish, a digital asset exchange listed on the New York Stock Exchange, officially announced that it has received $1.15 billion in proceeds from its recently completed coin offering, paid out in stablecoins. Bullish stated that the vast majority of stablecoins were minted on the Solana network. Investment bank Jefferies, acting as the settlement and delivery agent for the IPO, coordinated the minting, conversion, and delivery of the stablecoins, working closely with numerous issuers and platforms in the US, Europe, and Asia. The majority of the IPO proceeds were settled in USDC, with a portion settled in EURC, exclusively custodied by Coinbase. Polkadot Launches Institutional Division to Connect Wall Street and Web3 According to CoinDesk, the Polkadot network has officially launched Polkadot Capital Group, a new institutional division designed to connect traditional finance with blockchain technology. Led by David Sedacca, the team will provide data-driven education and ecosystem resources to asset managers, banks, and exchanges. The division's work covers real asset tokenization, staking, DeFi, and trading infrastructure, and is dedicated to helping institutional investors understand and participate in the Polkadot network.
▌Tether Appoints Former White House Crypto Council Executive Director Bo Hines as Strategic Advisor
According to market news: USDT issuer Tether has appointed former White House Crypto Council Executive Director Bo Hines as Strategic Advisor for Digital Assets and US Strategy.
Cryptocurrency
▌SkyBridge Capital Founder: Maintain Bitcoin's Target Price of $180,000-200,000 by the End of 2025
In an interview with CNBC's financial program "Squawk Box," Anthony Scaramucci, founder and managing partner of SkyBridge Capital, discussed the Wyoming Blockchain Seminar, the next Federal Reserve Chairman candidate, the current status of Bitcoin, and his views on stablecoins. He said that the agency still maintains its target price of Bitcoin of $180,000-200,000 by the end of 2025.
▌Bernstein: The cryptocurrency bull market may continue until 2027
According to The Block, Bernstein analysts released a latest research report pointing out that driven by US policy support and increased participation of institutional investors, the current cryptocurrency bull market cycle may continue until 2027. Analysts predict that the price of Bitcoin will reach the range of US$150,000-200,000 in the next year. The research report raised the target prices of several cryptocurrency-related listed companies: Robinhood's target price was raised to US$160, optimistic about the institutional user base brought by its acquisition of BitEra; the target price of Bitcoin stock Coinbase was set at US$510, expecting its derivatives business expansion to drive growth; and Circle's target price was maintained at US$230, predicting that its USDC stablecoin supply will reach US$173 billion in 2027. SharpLink: Total ETH holdings increased to 740,760 as of August 17th. SharpLink Gaming, a Nasdaq-listed Ethereum treasury company, disclosed that it had increased its holdings by 143,593 ETH in the week ending August 17, 2025, with an average purchase price of $4,648. As of August 17th, its total ETH holdings increased to 740,760. In addition, since the company launched its Ethereum treasury strategy on June 2, 2025, its total staking rewards have increased to 1,388 ETH. KindlyMD purchased 5,744 Bitcoins at an average price of $118,204.88. According to market news, KindlyMD, Inc. (NASDAQ: NAKA) announced the acquisition of 5,743.91 Bitcoins through its wholly-owned subsidiary, Nakamoto Holdings. This was its first Bitcoin purchase since the completion of the merger, bringing its total holdings to 5,764.91 BTC. The company invested approximately $679 million at an average price of $118,204.88 per Bitcoin, funded through a PIPE financing. LM US Financing plans to raise $23 million to advance its Bitcoin reserve strategy. LM US Financing announced plans to raise $23 million in direct investment funds to accelerate the implementation of its Bitcoin reserve strategy. (ZhiTong Finance) Thumzup Acquires Dogecoin Mining Company Dogehash Technologies. Thumzup Media Corporation, the social media company in which Donald Trump Jr., the eldest son of President Donald Trump, holds cryptocurrency reserves, announced it has acquired DOGE mining company Dogehash Technologies. The specific purchase price has not been disclosed. Dogehash will trade on the Nasdaq stock market under the new ticker symbol "XDOG." The company reportedly currently owns approximately 2,500 Scrypt ASIC mining machines in North America and also mines Scrypt-based assets such as Litecoin. The company expects to deploy additional equipment later this year following the acquisition. Coinbase will add support for Useless Coin (USELESS) on the Solana network (SPL token). Trading will begin on or after 9:00 AM Pacific Time on August 20, 2025, subject to liquidity conditions. The USELESS-USD trading pair will be rolled out in phases once sufficient supply of the asset is available. Support for USELESS may be restricted in some jurisdictions.
Important Economic Dynamics
▌Trump criticizes Powell again and demands the Fed cut interest rates
Trump said on social media: "Can anyone tell 'Mr. Too Late' Jerome Powell that he is seriously hurting the real estate industry? People can't get mortgages because of him. There is no inflation and all signs point to a big rate cut. 'Mr. Too Late' is a disaster!"
▌The probability of the Fed cutting interest rates in September is 86.1%
According to CME's "Federal Reserve Watch": The probability of the Federal Reserve keeping interest rates unchanged in September is 13.9%, and the probability of a 25 basis point rate cut is 86.1%. The probability of the Federal Reserve keeping interest rates unchanged in October is 6.5%, the probability of a cumulative 25 basis point rate cut is 47.5%, and the probability of a cumulative 50 basis point rate cut is 46%. The Federal Reserve may accelerate interest rate cuts after Powell's term ends, and tariff costs may be passed on to consumers. Monex USA stated that the Federal Reserve may accelerate interest rate cuts after Powell's term ends. At the same time, American companies are likely to pass on tariff costs to consumers. (Golden Ten) U.S. Treasury Secretary: Tariff revenue will be used to repay U.S. debt and reduce the deficit as a percentage of GDP. U.S. Treasury Secretary Benson: Tariff revenue will increase significantly from $300 billion this year, and tariff revenue will be used to repay U.S. debt and reduce the deficit as a percentage of GDP. What are tokenized commodities? Tokenized commodities represent fractional ownership of real-world assets using digital tokens on a blockchain, while retaining their tangible value. Tokenized commodities are digital versions of real-world items (such as gold, oil, or agricultural products) recorded on a blockchain. Each token represents a portion or the entire commodity, making them easier to divide and trade. This simplifies the buying and selling of small portions of commodities, provides greater liquidity, and offers access to markets that are typically difficult to trade. Instead of purchasing the entire commodity (which can be very expensive and impractical), you divide it into small pieces called tokens. Each token represents a small portion of the commodity. Blockchain technology can help tokenize a variety of commodities, including energy resources, real estate, precious metals, and agricultural products. Commodity-backed cryptocurrencies are digital assets designed to be more stable than volatile cryptocurrencies. This stability is achieved by pegging their value to a tangible commodity such as real estate, gold, or oil. Commodity tokenization clarifies ownership, enables fractional ownership, simplifies transactions, and facilitates market activity. While promising, tokenized commodities also face challenges. Regulations are not always clear, and existing rules may not fully cover them. The technology behind tokenized commodities must be properly tested to handle the complexities of creating and trading these tokens.
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