Attorney Abbe Lowell to Represent Cook in Trump’s Fed Board Member Removal Case
Washington’s renowned attorney Abbe Lowell will defend Cook in US President Trump’s case to remove Fed Board Member Cook from office. Lowell has previously represented many high-profile figures such as Hunter Biden, Jared Kushner, Ivanka Trump, and New York Attorney General Letitia James. In an interview with MSNBC, he said, “I have challenged the overreach of federal agencies in every administration since Ronald Reagan. If the government oversteps its authority, it is the lawyer’s job to put it back on track.”
SEC and CFTC Take Joint Action on Spot Crypto Trading
According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint statement allowing certain crypto assets to be traded on the spot market. The statement indicated that platforms approved by both agencies could conduct this trading. SEC Chairman Paul Atkins emphasized investors’ freedom to choose trading platforms, while CFTC Chairman Caroline Pham stated that this initiative is the first step toward supporting market growth.
SEC Discusses Crypto Regulations with Robinhood
According to Cointelegraph, the SEC’s Crypto Asset Working Group held a meeting with Robinhood on September 2. The discussion covered topics such as crypto assets that qualify as securities and those that do not, as well as the tokenization of traditional securities.
Morgan Stanley Purchased $188 Million in Bitcoin ETFs in Q2
According to data from The Bitcoin Historian, Morgan Stanley, which holds $1.7 trillion in assets, purchased $188 million worth of Bitcoin ETFs in the second quarter of 2025.
Two Abraxas Capital Accounts Lost $100 Million on Crypto Short Positions
According to Arkham data, two accounts linked to Abraxas Capital shorted a total of $919.9 million worth of crypto, including BTC, ETH, HYPE, and WLFI, on Hyperliquid. However, these trades resulted in a loss of over $106.6 million. The company also holds $2.49 billion worth of BTC and $486 million worth of ETH long positions.
WLFI Burns 47 Million Tokens
According to data from on-chain analyst Ember, WLFI burned 47 million WLFI tokens (worth $11.34 million) from its treasury, reducing the supply. Additionally, the previous day, it repurchased 6.498 million WLFI at an average price of $0.308, using 2 million USD1.
Ethereum Foundation Prepares to Sell 10,000 ETH
According to CoinDesk, the Ethereum Foundation plans to sell 10,000 ETH in the coming weeks. The proceeds from the sale will be directed toward research and development, grants, and donations. ETH sales will be conducted in small batches. In its new treasury management policy announced in June, the Foundation capped annual spending at 15%.
Kite Raises $18 Million Led by PayPal and General Catalyst
According to Fortune, AI-focused blockchain startup Kite has completed an $18 million Series A funding round led by PayPal Ventures and General Catalyst. Total funding has reached $33 million. The company aims to develop blockchain-based identity verification and trust infrastructure for AI applications.
SharpLink’s ETH Holdings Reach 837,230
SharpLink acquired an additional 39,008 ETH at an average price of $4,531, bringing its total holdings to 837,230 ETH. This amount is worth approximately $3.6 billion. During the same period, the company raised $46.6 million in funding, earned 2,318 ETH in staking rewards, and held over $71.6 million in cash.
Ether Machine Secures $654 Million in Private Funding
According to Reuters, Ether Machine raised $654 million through a private sale of 150,000 ETH. Among the investors is Jeffrey Berns, a long-time supporter of the company, who will join the board of directors. The company currently holds 495,362 ETH (2.16 billion dollars).
SonicStrategy Secures $40 Million Investment from Sonic Labs
SonicStrategy announced that it has secured a $40 million investment from Sonic Labs. This funding will be used to expand the team, develop products, and expand the market.
Venus Protocol Users Lost $27 Million in Phishing Attack
According to Cyvers Alerts data, a Venus Protocol user on the BNB Chain lost approximately $27 million in digital assets by authorizing a malicious contract. PeckShieldAlert revealed that the loss included assets such as vUSDC and vETH.
Ethereum Staking Queue Hits Two-Year High
With interest from institutional investors, the Ethereum staking queue has reached its highest level since September 2023. According to on-chain data, approximately 860,369 ETH (worth $3.7 billion) is waiting to be staked.
$333 Million Net Inflow into Bitcoin ETFs
According to SoSoValue data, there was a total net inflow of $333 million into Bitcoin spot ETFs yesterday. The largest inflow was $133 million into Fidelity’s FBTC. BlackRock’s IBIT ETF recorded an inflow of $72.8 million.
135 Million Dollars in Outflows from Ethereum ETFs
According to SoSoValue data, there was a total net outflow of 135 million dollars from Ethereum spot ETFs yesterday. There was a 99.2 million dollar outflow from Fidelity’s FETH ETF. Bitwise’s ETHW ETF experienced a 24.2 million dollar outflow.
