1. Fed's rate cut expectations rise for September, Powell's speech may be key
Traders are heavily betting on the Fed cutting rates by more than 25 basis points next month, with a surge in demand for related SOFR options, and a significant increase in open contracts for a 50 basis point cut. Although recent inflation data exceeded expectations, causing some adjustments in rate cut predictions, the market remains generally optimistic about rate cut prospects. Fed Chair Powell will speak at the Jackson Hole conference, which may bring changes to market expectations. U.S. Treasury yields fell on Tuesday, ending a three-day sell-off. - Original
2. Goldman Sachs Chief Strategist optimistic about five-year U.S. Treasury bonds, expects a 25 basis points rate cut by the Fed
Goldman Sachs Global Chief Strategist Josh Schiffman stated that in the context of the Fed nearly certain to cut rates in September, five-year U.S. Treasuries are his 'favorite trade.' He noted that the current yield range of 3% to 4% for five-year Treasuries is not only attractive in terms of valuation but also has protective characteristics when risk markets weaken. As of August 19, the five-year U.S. Treasury yield was 3.85%, significantly down from the beginning of the year, reflecting market expectations for easing policies. Schiffman expects the Fed to cut rates by 25 basis points at next month's meeting and possibly initiate an easing cycle extending to 2026. - Original
3. Franklin Templeton CEO proposes 'pick and shovel' investment philosophy for the crypto industry
Jenny Johnson said she loves the industry's 'pick and shovel.' - Original
4. Japan's Lib Work plans to purchase $3.3 million in Bitcoin to combat inflation risks
Japanese 3D printing construction company Lib Work announces the inclusion of Bitcoin in its corporate reserve assets, planning to purchase $3.3 million worth of BTC to hedge against inflation risks. - Original
5. Spain's $10.5 million tax on DeFi investors sparks controversy
A Spanish DeFi investor has been asked by tax authorities to pay approximately $10.5 million in back taxes for using crypto assets as collateral for loans. The Spanish Tax Agency classified this action as capital gains, even though the investor did not sell the assets or realize profits. Reports state that the investor had previously declared all cryptocurrency transactions and paid $5.84 million in taxes, but three years later, the tax authority taxed the act of using collateral for loans through DeFi protocols. Tax consultants argue that this interpretation lacks economic and legal basis, contradicting the definition of capital gains under Spanish and EU law. The Spanish Tax Agency views stablecoin loans and the transfer of tokens to DeFi protocols (like Beefy or Tarot) as taxable events, sparking controversy. According to Article 33 of the Spanish Personal Income Tax Law, capital gains must reflect actual economic benefits and changes in net assets. - Original
6. Ripple's Global Policy Director shares best practices for digital asset custody
Ripple distilled four best practices for custody from a Singapore workshop: design compliance, customized models, operational resilience, and governance. - Original
7. Wyoming launches dollar-backed stablecoin, covering seven major blockchain networks
Frontier stablecoins have been deployed on Arbitrum (ARB), Avalanche (AVAX), Base, Ethereum (ETH), Optimism (OP), Polygon (POL), and Solana (SOL) networks. - Original
8. Cardone Capital buys an additional 130 Bitcoins, continuing to increase its crypto assets
According to market news from @BitcoinMagazine: A real estate investment company managing over $5 billion, Cardone Capital, has purchased another 130 Bitcoins. - Original
The above are the highlights from the past 24 hours. For faster news, please download AiCoin (aicoin.com)
