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🪙 ｜ Cryptocurrency Trends (2025-07-30)
1. The next catalyst for cryptocurrencies is about to arrive.
2. Hong Kong Monetary Authority: A 6-month transition arrangement will be established after the enactment of the "Stablecoin Regulation."
3. Hong Kong Monetary Authority has released multiple documents regarding the regulatory system for stablecoin issuers effective from August 1.
4. Hong Kong Securities and Futures Commission: Beware of suspicious investment products such as "FoFund," "Fo Coin," and "Peach Blossom Source NFT."
5. Hong Kong Monetary Authority: Applications for a bundled fiat-linked stablecoin are welcome, with the first license expected to be issued early next year.
6. U.S. SEC approves Bitcoin and Ethereum ETF “physical subscription and redemption” and relaxes options position limits.
7. AML Bitcoin founder sentenced to 7 years in prison for millions of dollars in cryptocurrency fraud and money laundering.
8. BTCS plans to raise $2 billion to increase cryptocurrency investments.
9. CITIC Securities: Continuing to monitor issuers that may obtain the first batch of stablecoin licenses.
10. Algeria bans all cryptocurrency activities, with violators facing imprisonment and fines.
11. JPMorgan: Coinbase earns substantial profits from its partnership with Circle and the USDC economy.
12. South Korean central bank establishes a new virtual asset group under the Financial Payment Bureau.
13. Bitmain plans to open its first factory in the U.S. by the end of the third quarter, initially hiring 250 local employees.

For the first time in 30 years, two Federal Reserve governors voted against
#降息倒计时
Governor Waller:
1. Interest Rate Levels: Interest rates should be lowered by the end of this month; if a rate cut occurs in July, further cuts may follow, as the Federal Reserve no longer needs to maintain a restrictive monetary policy stance; taking action in September or later may risk falling behind the situation.
2. Economic Levels: The risks facing the economy are increasingly rising; inflation driven by tariffs is unlikely to create sustained price pressures; data shows the job market is in a 'marginal state'.
3. Tariff Impact: Tariffs only temporarily raise price levels and do not lead to sustained inflation; if a 10% tariff persists, it will only increase inflation by 0.75% to 1%; the costs from import taxes will be shared among three parties: consumers will bear one-third, while the remainder will be split between foreign goods producers and importers.
4. Central Bank Independence: He stated, 'I have never seen a central bank official in my lifetime who does not value this principle.'
5. Trump-related Statements: Waller expressed willingness to serve as Federal Reserve Chair, but has not yet engaged with Trump administration officials regarding the position; the interest rate stance is 'not politically motivated'.

Governor Bowman:
1. Interest Rate Levels: The timing for a rate cut seems to be approaching; it is time to consider adjusting the policy rate.
2. Inflation Levels: Inflation appears to be steadily returning to the 2% target level; the underlying trend of core PCE inflation is closer to the 2% target than current data suggests.
3. Job Market: Current performance remains robust, but there are growing concerns about future trends; considering some signs of weakness in the labor market, the downside risks to fulfilling employment mandates may soon become more pronounced.
4. Tariff Impact: The impact of trade policy on inflation is expected to be 'minimal'; the upward pressure on goods prices from higher tariffs is being offset by other factors.
5. Central Bank Independence: The ability of the central bank to formulate monetary policy free from political interference is 'crucial'.
6. Trump-related Statements: Trump's policy mix may have a positive impact on economic prospects; deregulation, reduced corporate tax burdens, and a more business-friendly environment could enhance supply, essentially offsetting negative effects on economic activity and prices.