U.S. Senator: If Powell Is Fired by Trump, It Will Trigger a Market Collapse

Robinhood Wallet and the Fomo app now allow users to directly purchase meme coins via Visa or Mastercard credit cards through Apple Pay or Google Pay, with no identity verification required, and transactions still earn credit card points or cashback. This feature has sparked controversy. The service is provided by crypto infrastructure firm Crossmint, whose Token Checkout product classifies meme coin transactions under Merchant Category Code (MCC) 5815 "Digital Goods – Media" instead of labeling them as cryptocurrency purchases. This category was originally designed for goods such as e-books and digital films. Chase, the card issuer under JPMorgan, said after an investigation that the Visa transactions were not flagged as cryptocurrency purchases. The bank argues the MCC code was used incorrectly, meaning the transactions should not qualify for points, and has filed a case against Visa over the issue. Separately, the New York State Attorney General’s Office is aware of the matter and is reviewing it. Crossmint maintains the classification is valid, citing the U.S. Securities and Exchange Commission (SEC)’s prior statement that certain meme coins can be deemed "digital collectibles" in a securities context, and referencing an example in the joint guidance from the SEC and Commodity Futures Trading Commission (CFTC) that lists WIF as a digital collectible. Payment experts point out that card network rules and SEC guidelines are "two completely independent systems". Visa and Mastercard have explicit requirements for MCC codes (6051/6012) and special labeling for direct cryptocurrency transactions, and these requirements do not get waived due to a token’s "collectible" status.

According to EmberCN’s monitoring, as of two hours ago, a single entity has transferred 109,806 ETH (worth $266 million) to centralized exchanges (CEX) over three days, at an average entry price of $2,430. The address currently holds 58,048 ETH (valued at $140 million). The entity plans to sell a total of 167,854 ETH (valued at $406 million). If fully sold, based on its average accumulation cost of $1,700 two years ago, it would net a profit of $122 million.

Coinbase announced that its wrapped tokens cbHYPE and cbZEC have launched on Base, enabling activities including trading, liquidity provision, and lending within the Base DeFi ecosystem. The tokens are 1:1 backed by Coinbase-custodied Hyperliquid (HYPE) and Zcash (ZEC), and are categorized as B20-type tokens.

According to foreign media reports citing insiders, Nvidia (NVDA.O) is in advanced negotiations with AI startup Hugging Face to acquire the latter in a deal valued at approximately $14 billion. One insider stated that Nvidia could finalize an agreement as early as this week, with the acquisition price set at $12.9 billion, and the deal may include a $1 billion employee retention program. The two parties have not yet reached a final agreement, and the transaction timeline and specific terms remain subject to change.

According to HTX market data, escalating US-Iran tensions have pushed the crypto market into another downturn. Bitcoin fell below $77,000 this morning, currently trading at $77,300. Ethereum dropped below $2,400, SOL slipped below $100, and BNB is now at $683. The total cryptocurrency market cap has shed 1.5% in 24 hours, standing at $2.7 trillion. Top gainers include SC and ACE, surging over 30% in 24 hours; ONG, FF, FIL, and CHIP rising more than 10%. UNI extended its strong run, climbing 10.37% to $5.9. The primary catalyst for UNI’s rally is the explosion in real trading volume on Robinhood Chain, which has made Uniswap the leading DEX for tokenized stock RWAs on Robinhood. Daily tokenized stock trading volume once hit roughly $130 million, nearly a 10-fold increase in a month. Furthermore, since Uniswap’s v4 version fee switch launched on Robinhood on July 27, the chain has become a key contributor to its fee revenue. Meanwhile, altcoins including CRDOB, HEMI, PROM, MITO, and ZKC have dropped over 10%.

Sui ecosystem DeFi protocol Full Sail announced it will gradually cease operations due to the Switchboard oracle security incident. Affected protocols include Virtue Money, which reported roughly $455,000 in losses and 45 users being liquidated. Switchboard has issued a statement on the incident, but as of September 1, it has not provided the technical details Full Sail requested nor committed to compensation. Mysten Labs rejected Full Sail’s request for financial support. Full Sail said all remaining liquidity held by the protocols will be prioritized for distribution to users; the team will cover any shortfall to ensure community depositors receive compensation first.