Kelvo Crypto Update

⚡️ ETH UPDATE: Ethereum Foundation researcher Justin Drake says the Foundation is moving away from Poseidon for Ethereum L1, favoring established hashes such as SHA and BLAKE. The shift is tied to advances in zero-knowledge proving and is aimed at strengthening Ethereum’s long-term post-quantum security. Importantly, this is a roadmap direction, not an immediate removal of Poseidon from existing rollups or applications.

🇯🇵 RWA UPDATE: MUFG is launching a proof-of-concept to bring Japanese government bond (JGB) repo transactions onchain using the Canton Network. The trial will explore automated processing and near-real-time, 24/7 settlement, potentially improving capital efficiency and reducing settlement risk in Japan’s massive repo market.

🚨 METAPLANET UPDATE: Metaplanet CEO Simon Gerovich says the company’s recent transfer of 5,014 BTC, worth roughly $322 million, was simply a routine move between custodial addresses. 🔴 No Bitcoin was sold, and Metaplanet’s holdings remain at 43,000 BTC.

🇷🇺 CRYPTO UPDATE: Russia’s central bank has proposed allowing Bitcoin, Ethereum, and USDT to trade on regulated domestic exchanges. The draft rules would cap purchases by non-qualified investors at 300,000 rubles per year per intermediary, while qualified investors would face no such limit. The framework is expected to take effect September 1, if approved.

🇺🇸 CLARITY ACT UPDATE: White House crypto adviser Patrick Witt says the administration remains “fully committed” to getting the CLARITY Act across the finish line in September. The Senate has scheduled a September 15 vote, making the next month a critical window for the bill.

🇬🇧 COINBASE UPDATE: Coinbase is launching futures, perpetuals, and crypto options for UK professional investors, expanding its regulated derivatives offering in the UK. Eligible users will gain access to 170+ contracts across crypto and other asset classes, with trading available 24/7 and leverage of up to 50x.

⚡ MACRO UPDATE: Arthur Hayes’ new “Yen-quake” essay argues that a coordinated U.S.-Japan push to strengthen the yen could expand dollar liquidity through mechanisms such as the Fed’s FIMA repo facility. Hayes believes that surge in liquidity would create a major bullish catalyst for Bitcoin and crypto.

⚡️ ETH UPDATE: Vitalik Buterin has unveiled an updated Ethereum roadmap, focusing on quantum resistance, privacy, native rollups, greater scalability, and a leaner protocol. The update highlights Ethereum’s push toward a more secure, private, and scalable network.

🔥 BTC UPDATE: Strategy sold 1,690 BTC for approximately $108.6 million, reducing its Bitcoin holdings to 840,447 BTC. The sale marks a notable reduction in the company’s massive Bitcoin position.