1. Federal Reserve Board member Kogler will resign next week, presenting Trump with an appointment opportunity
The Federal Reserve stated in a statement that Federal Reserve Board member Kogler will resign next week, providing Trump with an opportunity to appoint a favored candidate who could take a leadership position in the central bank. Kogler's position was not expected to become vacant until January of next year, and the seven-member Federal Reserve Board currently has no other vacant positions. Now, Trump will have the chance to immediately appoint a board member to apply pressure on Chair Powell — and this member could potentially succeed Powell. The statement noted that Kogler has submitted his resignation to President Trump and will step down next Friday (August 8), returning to Georgetown University as a professor. Kogler did not attend the Federal Reserve policy meeting this week, with the board stating his absence was due to personal matters. Kogler previously served as the chief economist at the U.S. Department of Labor and was appointed to the Federal Reserve Board by President Biden in 2023. - Original
2. U.S. non-farm data revised down significantly by 258,000, the second-largest revision in history
On August 1, the U.S. Bureau of Labor Statistics reported that non-farm job additions for May were revised down from 144,000 to 19,000; June's non-farm job additions were revised down from 147,000 to 14,000. After revision, the total job additions for May and June were 258,000 lower than prior estimates. - Original
3. Trump signs new tariff executive order, possibly paving the way for higher tariffs
On Thursday local time, U.S. President Trump signed an executive order to adjust reciprocal tariffs with dozens of countries. Experts warn that more tariff hikes may be forthcoming. Wendy Cutler, former U.S. Deputy Trade Representative and now a senior vice president at the Asia Society Policy Institute, pointed out, 'What is particularly concerning is that trade partners will face ongoing uncertainty — having to deal with new industry tariffs while also being wary of additional tariffs that may be imposed if the U.S. government determines that the relevant countries are not sincerely implementing agreements.' Cutler emphasized, 'There is no doubt that this executive order, along with related agreements reached over the past months, completely tears up the international trade rulebook established after World War II. Whether our partners can maintain this system without U.S. participation remains uncertain.' Stephen Olson, a senior visiting scholar at the Yusof Ishak Institute in Singapore and former U.S. trade negotiator, shares the same view: 'Don’t think this is the end... It is almost certain that more agreements and higher tariffs will follow.' - Original
4. U.S. SEC to hold crypto roundtable meetings to promote policy inclusivity
On August 2, according to official news, the U.S. Securities and Exchange Commission (SEC) announced that its Crypto Task Force will visit multiple cities in the U.S. over the coming months to hold a series of roundtable discussions, aimed at providing more stakeholders in the crypto space with direct communication opportunities with SEC Commissioner Hester Peirce. This event particularly welcomes representatives from startup crypto projects with fewer than 10 employees and established for less than two years, to ensure that regulatory policy-making is more comprehensive and diverse. Commissioner Peirce stated that she hopes to hear from those who were unable to attend the roundtable discussions in Washington this spring, emphasizing that the regulatory framework will have far-reaching effects on the industry, and the SEC hopes to achieve a more comprehensive outreach effect through extensive communication. Interested project representatives can apply via email, detailing their team composition and project overview, and indicating the cities they wish to participate in. The SEC plans to publicly disclose the list of participating projects to promote open and transparent dialogue and public engagement. This series of roundtable discussions is seen as a key initiative for the SEC to promote openness and inclusivity in crypto regulatory policy. - Original
5. Subzero Labs completes $20 million funding, led by Pantera
Blockchain startup Subzero Labs has completed a $20 million seed round, led by Pantera Capital, with follow-on investments from Variant, Coinbase Ventures, and Susquehanna's crypto division. The company is developing the Rialo blockchain for real-world applications, aiming to overcome the limitations of current crypto technology primarily serving financial speculation. Co-founder Ade Adepoju, a former engineer at Mysten Labs (involved in Sui blockchain development), stated that Rialo aims to provide on-chain integration of external data (such as FICO scores) for non-crypto developers without relying on oracles. The team currently comprises 20 members, and the funding includes equity and token subscription rights, with specific valuation undisclosed. - Original
6. Hong Kong's stablecoin regulations take effect, requiring issuers to apply for licenses
The new rules require stablecoin issuers to apply for licenses in the region. - Original
7. Indonesia raises overseas platform tax rate to 1% to reduce capital outflow
Indonesia's annual tax revenue from cryptocurrencies ranges between 50 billion and 60 billion Indonesian rupiah (approximately $3.125 million to $3.64 million). When first implemented in 2022, the tax revenue was 24.6 billion Indonesian rupiah (approximately $1.5 million), which decreased to 22 billion Indonesian rupiah (approximately $1.342 million) in 2023 but is expected to see significant growth to 62 billion Indonesian rupiah (approximately $3.798 million) in 2024. As of 2025, 11.5 billion Indonesian rupiah (approximately $697,000) has been collected year-to-date. The tax authority stated that the volatility of cryptocurrency prices may lead to instability in future tax revenues. Meanwhile, Indonesia's crypto users have exceeded 20 million, far surpassing stock market investors, becoming an important source of tax revenue for the government. Additionally, Indonesia will implement tax reforms in August 2025, raising the overseas platform tax rate to 1%, while the domestic platform tax rate will only increase to 0.21%, in a bid to reduce capital outflow and encourage domestic trading. The government also abolished the value-added tax on cryptocurrency buyers and reclassified crypto assets from commodities to financial assets, to be regulated by the Financial Services Authority. - Original
8. Coinbase sues FDIC, accusing it of obstructing the disclosure of regulatory documents
According to Decrypt, Paul Grewal, Chief Legal Officer of American cryptocurrency exchange Coinbase, submitted documents to federal court on Tuesday, accusing the Federal Deposit Insurance Corporation (FDIC) of intentionally obstructing requests for the disclosure of documents related to 'Operation Chokepoint 2.0.' Despite a court order requiring the release of these documents, the FDIC has not fully complied. - Original
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