Sudoswap Proposal to Distribute Fees Leads to 225% Surge in SUDO Token Value

Trish Turner, head of the IRS digital assets unit, is leaving for the private sector amid upcoming tax policy changes. The IRS faces a significant influx of crypto filings while experiencing budget cuts and staff reductions.

Following dovish remarks by Federal Reserve Chair Jerome Powell at Jackson Hole, crypto markets surged above $4 trillion. The Dow Jones Industrial Average rose 2%, with the S&P 500 up 1.68% and Nasdaq 2.1%. Powell's comments hinted at potential interest rate cuts, driving a risk-on rally in both traditional and digital assets.

The Instagram accounts of celebrities like Adele, Future, and Michael Jackson were hacked to promote an unaffiliated Solana meme coin, resulting in a significant market cap collapse. The hacker used the celebrities' pages to share posts featuring the coin, leading to a subsequent dump of tokens by the coin's creator.

Ethereum short traders faced significant losses as the cryptocurrency nearly reached its all-time high but failed to surpass it. Over $340 million worth of ETH positions were liquidated in the last 24 hours, comprising over half of all crypto market liquidations.

Following a more dovish speech from Federal Reserve Chairman Jerome Powell, crypto-focused company stocks, including Coinbase and Strategy, saw significant increases. Bitcoin miners CleanSpark and Riot Platforms also rose, along with crypto treasuries like SharpLink and BitMine Immersion.

Bitcoin has reached new all-time highs, but leading Bitcoin treasury companies like (Micro)Strategy have underperformed. These companies hold a significant amount of Bitcoin, with (Micro)Strategy dominating the group. Share prices have lagged due to slowing accumulation and share dilution.

House Republicans have included a provision in a defense bill to ban central bank digital currencies (CBDCs) in the U.S., citing concerns over privacy and control. The U.S. remains the only major economy halting retail CBDC development, though stablecoins are gaining traction amid fears of CBDCs centralized control and privacy issues.

Binance Australia must appoint an external auditor within 28 days following serious concerns raised by AUSTRAC about its AML and CTF controls. AUSTRAC highlighted issues with governance, staff turnover, and local resourcing at the crypto exchange.

Ripple and SBI Holdings plan to introduce the RLUSD stablecoin in Japan next year, following the country's new stablecoin laws. The partnership aims to enhance the reliability and convenience of stablecoins in the Japanese market, leveraging SBI VC Trade's licensed crypto exchange.

Bitcoin traders are closely watching two key price levels ahead of Federal Reserve Chairman Jerome Powell's address at Jackson Hole. The options market is showing mixed signals, with a slight decline in bullish bias. Traders are cautious due to high event risk and uncertainty surrounding potential rate cuts.