US Department of Labor Proposes Rule Offering Safe for Crypto Investing in 401(k)s

Bo Hines, President Trump's former crypto adviser, has been replaced by his deputy, Patrick Witt, who will now oversee the industry's political interests in Washington. Witt, a former football player like Hines, lacks a significant background in crypto but is tasked with advancing industry regulations.

Metaplanet and Smarter Web Company have significantly increased their Bitcoin treasury holdings, with Metaplanet acquiring 518 BTC and Smarter Web Company buying 295 BTC. This reflects a growing trend of institutional Bitcoin adoption among public companies.

Solana meme coins, including Chill House and Fartcoin, have dropped by double digits, underperforming the wider meme coin market. Meanwhile, Ethereum and other quality-focused assets are seeing gains, with Provenance Blockchain jumping 10.2%.

The price of Bitcoin and other cryptocurrencies increased after the U.S. Consumer Price Index (CPI) rose less than expected in July. Core CPI, excluding food and energy, slightly exceeded economists' predictions, indicating underlying price pressures.

The percentage of Ethereum held in ETFs and strategic reserves has increased to 7.98% of the total supply, with companies like BitMine Immersion Tech and The Ether Machine acquiring significant amounts. The total value of all Ethereum funds now stands at $31.9 billion, showing a rapid growth in AUM within a month.

Two bills, Senate Bill 386 and Assembly Bill 384, aim to regulate crypto kiosks in Wisconsin, following a surge in fraud that resulted in $247 million in losses last year. The bills require operators to obtain money transmitter licenses and implement consumer protections like fraud alerts and identity verification protocols.

Bitcoin's weekend rally was partially reversed on Monday, influenced by profit-taking as indicated by a decrease in open interest and cumulative volumes delta. Traders are closing positions and taking profits from long positions, with a focus on upcoming CPI data.

Kakao is developing a Korean won stablecoin on the Kaia blockchain, registering trademarks like "KRWGlobal" and "KRWKaia." The stablecoin aims to facilitate faster payments and on-chain settlement within Kakao's ecosystem, serving over 49 million monthly active users in South Korea.

SharpLink Gaming plans to raise an additional $400 million to expand its Ethereum treasury, aiming to surpass $3 billion in total ETH holdings. The company intends to sell shares to global institutional investors, with the sale expected to close soon.

Court documents reveal that Do Kwon, the alleged mastermind behind the failed crypto project Terra, is anticipated to change his plea to guilty. Kwon faces U.S. criminal charges, including fraud, over the project's collapse in 2022.