AI News & Funding

Adriana D. Kugler, a member of the Federal Reserve Board of Governors, has announced her resignation, effective August 8, during a critical period for the US central bank. Her departure comes as President Trump challenges the Fed's independence. Although Kugler did not specify her reasons for leaving, she plans to return to her academic role at Georgetown University, with her term originally set to conclude in January. Kugler expressed her honor in serving on the Board, particularly during a time focused on managing inflation and maintaining a robust labor market. Her exit is notable as she was a voting member of the Federal Open Market Committee (FOMC), which recently decided to keep interest rates unchanged. This resignation opens the door for Trump to appoint a new member, as he has been vocal about his dissatisfaction with Fed Chair Jerome Powell, criticizing him for not lowering rates. Trump's interventions represent a shift from the traditional independence of the central bank, impacting financial markets and investor sentiment.

Stablecoin companies in Hong Kong experienced significant losses on Friday due to regulatory changes and a market downturn. Bright Smart Securities saw a nearly 20% drop, while Yunfeng Financial Group fell over 16%. Other firms like Guotai Junan International and OSL Group also faced declines. These companies, linked to stablecoin activities, are viewed by some experts as undergoing a necessary market correction. Allen Huang from the Hong Kong University of Science and Technology described it as a healthy adjustment, indicating that the stablecoin excitement has affected broader financial markets. The Hang Seng Index also fell over 1% amid a transition to new stablecoin regulations, which include stricter licensing requirements. Experts believe this sell-off reflects a rational market response to previous speculative behavior. The transition period may lead to fewer licenses being issued, favoring well-capitalized firms. While immediate growth in Hong Kong dollar-backed stablecoins is unlikely, the region's financial hub status may provide future advantages in cross-border payments and decentralized finance.

In today's crypto news, Gate exchange has introduced spot trading services in the U.S., marking its first offering to American customers. Founded in 2013 by Lin Han, Gate attributed its U.S. launch to enhanced regulatory clarity. Initially, it will provide various crypto trading pairs, with plans for fiat on- and off-ramps and custodial wallet support. Recently, Gate reported a spot trading volume of $6.8 billion in just 24 hours. Meanwhile, venture capital firm Andreessen Horowitz (a16z) urged U.S. senators to amend a draft crypto regulation bill, warning it could create loopholes that jeopardize investor protections. Their open letter highlighted concerns over the definition of ancillary assets, which could undermine the Howey test for securities. Additionally, crypto treasury firms are set to invest over $7.8 billion in crypto this week, with significant interest in altcoins. Notable investments include Tron Inc. aiming to raise $1 billion for its token and Strategy acquiring $2.5 billion in Bitcoin.

Establishing a crypto inheritance plan is crucial, as losing private keys or seed phrases can render assets like Bitcoin and NFTs permanently inaccessible. A comprehensive plan should include an inventory of assets, secure access instructions, and a reliable executor to ensure heirs can legally access holdings. Privacy is paramount; sensitive information should be stored in encrypted files or sealed documents instead of public wills. Balancing custodial and non-custodial solutions can enhance security while simplifying asset transfers. Each year, millions in cryptocurrency are lost due to forgotten passwords or heirs lacking knowledge about digital assets. Traditional wills often overlook these needs, leading to potential legal issues. A well-structured crypto inheritance plan addresses these challenges, ensuring your assets are passed on as intended. Key management is a significant hurdle; using multisignature wallets or distributing key parts among trusted individuals can mitigate risks. Regularly updating your plan is essential to reflect changes in assets and personal circumstances, ensuring your legacy is preserved in the evolving digital landscape.

Gemini is increasingly utilized by crypto traders for real-time market insights and news tracking. The Pro version enhances its functionality with a longer context window and web access, making it valuable for macro and sentiment analysis. However, it lacks built-in charting, portfolio management, and backtesting features, necessitating the use of external tools. While Gemini serves as a robust signal tool, traders must validate its insights with real-time data, as AI cannot replace human judgment in execution. By 2025, AI tools like Gemini are pivotal for traders to interpret rapidly evolving narratives. Its integration with Google Search allows users to fetch news updates and verify signals without additional plugins. Despite its advantages, Gemini has limitations, such as the absence of price charts and execution capabilities. It does not predict crypto prices but helps assess the validity of narratives. For effective trading, Gemini should be paired with other tools and human oversight, ensuring a comprehensive approach to market analysis.

The DeFi Education Fund (DEF) has urged the US Senate Banking Committee to reconsider its approach to regulating the decentralized finance sector following the release of a discussion draft for a significant crypto market-structure bill. In a letter signed by DEF members, including a16z Crypto and Uniswap Labs, the group emphasized that the Responsible Financial Innovation Act of 2025 should adopt a tech-neutral stance, protect crypto developers from inappropriate regulations, and uphold self-custody rights for Americans. The DEF argued that while legislation should address illicit finance, it must not hinder DeFi innovation. They also called for updates to FinCEN guidance to clarify that non-custodial software should not be classified as financial institutions. Additionally, the DEF requested federal preemption of state laws to ensure uniform protections for crypto developers, warning that traditional financial institutions might exploit regulatory inconsistencies to stifle competition. A16z Crypto separately criticized the draft for potentially undermining investor protections through loopholes related to 'ancillary assets.'

The Philippine government has announced its decision to notarize documents using the Polygon blockchain, coinciding with a temporary outage of the network’s Heimdall v2 mainnet. Maria Francesca Montes Del Rosario, undersecretary at the Department of Budget and Management, shared this news via a Facebook post, highlighting the launch of a blockchain transparency initiative. She emphasized that blockchain technology can combat issues like AI-generated deepfakes and prevent document forgery. Paul Soliman, CEO of Bayanichain, the company facilitating this project, noted that the blockchain will enhance tracking of government budget documents, promoting transparency in public finance. The system will serve as a tamper-proof database for notary purposes, with budget documents being inscribed on the Polygon blockchain. Users can validate documents through a government website by searching or scanning QR codes linked to specific document codes. Meanwhile, the Polygon network's outage was attributed to a consensus bug but was resolved within a few hours, allowing operations to continue.

Investor-led class-action lawsuits in the US concerning crypto and artificial intelligence are rapidly approaching the total number filed throughout 2024. A report from Cornerstone revealed that in the first half of 2025, there were 12 AI-related and six crypto-related lawsuits, nearly matching last year's totals. Despite a stable number of overall securities class actions, with 114 new cases in early 2025 compared to 115 in late 2024, investors continue to pursue legal action against crypto firms. This trend persists even as US regulatory agencies have reduced their enforcement efforts under President Trump. Notably, half of the six crypto lawsuits this year were initiated by Burwick Law, which has filed significant cases against entities like Pump.fun and the LIBRA memecoin creators. The report also highlighted that the rise in AI-related lawsuits is largely attributed to 'AI washing,' where companies misrepresent their AI capabilities, leading to investor losses when the truth emerges.

A CoinDCX employee, Rahul Agarwal, was arrested in India following a $44 million hack of the cryptocurrency exchange in July. Bengaluru police detained Agarwal after discovering that hackers had compromised his login credentials through his work laptop, allowing unauthorized access to the company's servers. Despite denying involvement in the theft, Agarwal admitted to working part-time for other clients while employed at CoinDCX. The exchange's operator, Neblio Technologies, initiated an internal investigation after the breach. CoinDCX's CEO, Sumit Gupta, stated that the incident appeared to be a sophisticated social engineering attack, urging the public to refrain from speculation that could hinder the investigation. Reports indicate that hackers tricked Agarwal into installing malware on his laptop, leading to the breach. The attack occurred on July 19, with hackers transferring $44 million to multiple wallets. Agarwal had been with CoinDCX for over two years, recently promoted to staff engineer, and was working remotely from Bengaluru.

Coinbase has released a satirical video targeting the UK's financial landscape, coinciding with reports of rising financial distress in the nation. Titled "Everything is fine," the video contrasts upbeat music and lyrics about the UK’s financial health with stark visuals of inflation, poverty, and debt, highlighting the disparity between official narratives and reality. It opens with lines like, "We ain’t got no troubles," while showcasing scenes of dilapidated homes and struggling individuals. The video humorously addresses soaring prices, noting that fish fingers now cost an exorbitant £100 per meal. Recent data from Fair4All Finance reveals that 20.3 million people, or 44% of UK adults, are in financially precarious situations, a 16% increase since 2022. Contributing factors include unstable incomes and rising debt, with food insecurity also on the rise. The UK’s crypto policy has faced criticism, as analysts argue it has squandered its early advantages in the sector, falling behind the EU and the US.