Summary
gm, South Korea temporarily suspended new crypto lending services following a major liquidation event at Bithumb exchange that affected thousands of users. In the U.S., Senator Tim Scott indicated that a comprehensive crypto market structure bill could gain support from 12-18 Democrats in the Senate, signaling potential bipartisan momentum for regulatory clarity. Meanwhile, institutional integration continues to advance as Polkadot launched its Capital Markets Group to bridge traditional finance with blockchain, SoFi announced plans to become the first U.S. bank to integrate Bitcoin Lightning Network for remittances, and Bullish made history by receiving $1.15 billion in IPO proceeds entirely in stablecoins. These developments underscore the increasing institutional adoption of crypto despite current market volatility, which has seen Bitcoin fluctuate around $113,000 as investors await Federal Reserve Chair Jerome Powell's upcoming Jackson Hole speech.

News Headlines
🔥 Helium Eyes a Potential Path to Deflationary Tokenomics

  • Helium is implementing a major tokenomics shift by redirecting 100% of its mobile subscriber revenues (approximately $2.3 million monthly) to burn HNT tokens, effectively returning value to token holders.
  • Combined with a recent halving that reduced annual HNT emissions from 15 million to 7.5 million, these measures could create net deflationary pressure on HNT, potentially accelerating its timeline to becoming deflationary.

📉 Bitcoin Treasury KindlyMD Stock Dives Following $679 Million BTC Buy

  • Healthcare company KindlyMD's stock dropped over 13% after announcing a $679 million Bitcoin purchase (approximately 5,743 BTC) through its subsidiary Nakamoto Holdings at an average price of about $118,205 per Bitcoin.
  • The firm has also completed a $200 million convertible note offering to further expand its Bitcoin treasury, adding to its prior $540 million fundraising through a private placement concurrent with its merger with Nakamoto Holdings.

🤝 Ripple's Policy Team on Best Practices for Digital Asset Custody

  • Ripple's policy team outlined four key principles for digital asset custody: compliance by design, tailored custody models, operational resilience, and robust governance, emphasizing the importance of segregating assets and ensuring recovery protocols.
  • With projections of $18.9 trillion in tokenized assets by 2033, Ripple is introducing custody solutions to help institutions meet compliance and operational standards as the landscape for digital finance continues to evolve.

🏛️ Wyoming FRNT Stablecoin on Solana to Go Live on Kraken

  • Wyoming is launching its yield-bearing state stablecoin, FRNT, across seven blockchains including Ethereum and Solana using LayerZero's technology, with plans to direct some profits to the Wyoming School Foundation for education funding.
  • The stablecoin, backed by U.S. dollars and short-term Treasuries, will be available on Kraken exchange and can also be used via a Rain-issued Visa, with Wyoming's pro-crypto regulation potentially attracting emerging markets seeking access to the U.S. economy.

🏗️ Scaramucci's SkyBridge Capital to Tokenize $300 Million on Avalanche

  • SkyBridge Capital, led by Anthony Scaramucci, plans to tokenize $300 million in assets on the Avalanche blockchain, which would nearly double Avalanche's tokenized assets amid significant growth in the real-world asset (RWA) tokenization market.
  • The firm will tokenize two funds: one focused solely on cryptocurrencies including Bitcoin, and another comprising venture and crypto assets, partnering with tokenization specialist Tokeny for implementation.

Market Metrics

Fundraising & VC
1. Cointel (Strategic, $7.4M) - AI-native crypto intelligence platform
2. OVERTAKE (Strategic, $7M) - Peer-to-peer marketplace on Sui blockchain
3. Legion (Seed, $5M) - Crypto fundraising platform

Regulatory
💼 Senator Lummis: Crypto Market Structure Bill on Trump's Desk by Thanksgiving

  • Senator Cynthia Lummis announced that a final draft of the crypto market structure legislation will reach President Trump before Thanksgiving.
  • The bill will define regulatory roles between the SEC and CFTC regarding digital assets, with review expected by the Senate Banking Committee by September and Agriculture Committee by October.

🏛️ Fed Governor: "Nothing To Be Afraid Of" Regarding Crypto Technology

  • Federal Reserve Governor Chris Waller stated that innovations like smart contracts, tokenization, and distributed ledgers should not be feared, as they can create more effective payment services.
  • Waller noted the Federal Reserve is exploring potential applications of blockchain technologies, even if they don't ultimately adopt them.

💰 Winklevoss Twins Donate $21M in Bitcoin to Pro-Trump PAC for Midterms

  • Cameron and Tyler Winklevoss donated over $21 million worth of Bitcoin (188 BTC) to the Digital Freedom Fund PAC to support Trump's crypto agenda ahead of the 2026 midterm elections.
  • Unlike most crypto PACs that remain nonpartisan, the twins openly declared their intention to defeat Democrats and advocate for less regulated crypto markets.

🕵️ Crypto Firms Launch "Beacon Network" to Track and Freeze Stolen Assets

  • A coalition of crypto and traditional finance firms has launched the Beacon Network to identify and freeze illicit funds on blockchain networks.
  • Members, including major exchanges like Coinbase and Binance, can flag suspicious addresses, trace funds, and communicate with law enforcement to prevent money laundering.

🌐 China Considering Yuan-Backed Stablecoins to Boost Global Currency Usage

  • China's State Council is reportedly reviewing a roadmap that includes plans to allow yuan-backed stablecoins as part of a strategy to internationalize its currency.
  • This marks a significant shift from China's previously strict stance against cryptocurrencies following its 2021 regulatory crackdown.

Technical Analysis
Bitcoin - Bitcoin has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The currency has met the objective at 116746 after a break of the inverse head and shoulders formation. The price has now fallen, but the formation indicates further rise. The currency is testing support at points 113500. This could give a positive reaction, but a downward breakthrough of points 113500 means a negative signal. The currency is overall assessed as technically slightly positive for the short term.

Ethereum - Ethereum is in a rising trend channel in the short term. This shows that investors over time have bought the currency at higher prices and indicates good development for the currency. The currency has support at points 3870 and resistance at points 4770. The currency is assessed as technically positive for the short term.