XRP Futures Set Open Interest Record at CME, With $3.70 Eyed Next

[U.S. Crypto Policy Advancement May Face Resistance from Senator Warner] According to a report by Jinse Finance, U.S. Senator Mark Warner (Democrat, Virginia) may become a major obstacle for the crypto industry in its efforts to secure legal protections for software developers. Warner has expressed concerns about hacking and money laundering issues in the decentralized finance (DeFi) sector and opposes provisions in the "Digital Asset Market Structure Clarification Act" that grant developers legal immunity. Although Warner previously supported the Stablecoin Regulation Act and has been regarded by the industry as a crypto-friendly Democratic senator, his stance on the Senate Banking Committee could impact the progress of the market structure bill. The crypto industry is closely monitoring Warner's position in the latest legislative negotiations to push for the establishment of legal protection barriers for developers.

The current price of ETH is $4575.99, with a 4.76% increase in the past 24 hours. Among them, the total liquidation amount of contracts across the entire network in the past 24 hours was 174 million US dollars, with the main liquidation being short orders and ETH liquidation being 69.75 million US dollars (39.95%). The data is for reference only.

[Only Caroline Pham to Lead the U.S. CFTC Soon] According to a report by Jinse Finance, Kristin Johnson, a Democratic commissioner of the U.S. Commodity Futures Trading Commission (CFTC), will step down on September 3. After her departure, the CFTC's five-member commission will be reduced to just Acting Chair Caroline Pham. Brian Quintenz, nominated by Trump, is still awaiting Senate confirmation, and his start date remains uncertain. If Quintenz officially replaces Pham as chair, Pham plans to resign and return to the private sector. The CFTC is the regulatory body for the U.S. derivatives market and one of the primary regulators for cryptocurrencies. Having only one commissioner may expose regulatory policies to legal challenges and increase uncertainty in industry oversight.

Solana, dogecoin, and ether also rallied, while CME crypto futures hit $30B in open interest, signaling growing institutional demand.

[Trump Plans to Nominate Milan and Malpass as Federal Reserve Governors] According to the Wall Street Journal, sources familiar with the matter revealed that Trump plans to nominate his economic advisor Milan to replace Cook as a Federal Reserve Governor, while also considering nominating former World Bank President David Malpass to fill another vacancy. Malpass, who has criticized the Federal Reserve for not cutting interest rates, is a close ally of Trump.