CBS: U.S. Treasury Secretary and Trump Once Had Heated Debate on Tariff Policy

Spokesperson for Iran’s Ministry of Foreign Affairs announced that Iran and Oman have reached an agreement on the geographic routing of shipping lanes in the Strait of Hormuz. The Iran-Oman deal alone does not mean safe passage through the Strait of Hormuz is guaranteed. A joint statement is in the final drafting phase. No plans have been made for Iran’s foreign minister or speaker to visit Pakistan or Qatar. Per Bitget market data, U.S. and Brent crude oil continue to fall, with latest prices at $73.85 per barrel and $77.98 per barrel respectively. Spot gold has climbed to $4,250 per ounce, marking a 4.24% intraday gain.

Peter Diamandis, an early investor in SpaceX and founder of the XPRIZE Foundation, told CNBC that SpaceX has the potential to become the world’s first company valued at $10 trillion in the future. The market has not yet found the right way to value SpaceX, as its space transportation, satellite internet, and future space economy initiatives could deliver far greater long-term growth potential than traditional enterprises. SpaceX’s core value stems not only from its reusable rocket business, but also from its Starlink satellite internet, upcoming lunar and Mars exploration programs, and the new economic system being built around space infrastructure. SpaceX is already one of the world’s most valuable private tech companies. As the firm expands its business from rocket launches to satellite communications and deep space exploration, investors are seeking to reassess its long-term commercial potential. Diamandis argues that traditional valuation models struggle to measure the worth of a platform company like SpaceX, which operates across aerospace, communications, and future infrastructure, meaning the market may be underestimating its future growth potential.

The U.S. Southern District of New York Attorney’s Office and the Federal Bureau of Investigation (FBI) announced that Taj Tarsha, founder of NFT project Few and Far Limited, has been formally indicted by the U.S. Department of Justice on charges including securities fraud and wire fraud. Tarsha was arrested on June 6. The indictment alleges that since February 2022, he sold 95 million FAR tokens to at least 67 investors via Simple Agreements for Future Tokens (SAFTs), raising over $10 million, with promises that the funds would be used to develop a decentralized NFT marketplace and the FAR token. However, almost from the start of fundraising, Tarsha diverted investor funds to online casino gambling and speculative cryptocurrency purchases, and siphoned nearly $1 million in bonuses and high salaries—he himself admitted the compensation was unreasonable given the company had zero revenue and no product. After a 2023 audit exposed the fund misappropriation, Tarsha lied to investors, claiming the bonuses were tied to preset FAR token presale targets, all transactions served the company’s interests, and all investor funds remained dedicated to fulfilling the company’s mission. In reality, he had fired nearly all employees, only instructing remaining contractors to create an illusion of ongoing development. For at least a year afterward, he continued to use investor funds for personal expenses, including cryptocurrency purchases, a Miami apartment mortgage, interior design, and his DJ hobby. When the FAR token finally launched in May 2024, it was worthless and quickly stopped trading.

Jeremy Allaire, founder and CEO of USDC issuer Circle, stated during tonight's earnings call: "We have renewed our agreement with Coinbase on existing terms, ensuring USDC remains central to all of Coinbase's product lines. We also look forward to expanding our USDC network via distribution agreements with strategically aligned partners." The two firms signed the "Collaboration Agreement" on August 18, 2023. As the sole issuer of USDC, Circle splits interest income generated from USDC reserve assets with Coinbase: Coinbase receives 100% of the reserve interest from USDC held on its platform, and 50% of the remaining reserve interest from USDC held off its platform. The agreement has an initial three-year term with an automatic renewal mechanism. Per market data from BIT (bit.com), US-listed CRCL was down 2.8% intraday, trading at $61.5.

Bank of America CEO Brian Moynihan reiterated his firm’s forecast that the Federal Reserve will implement three interest rate hikes in September, October, and December, stating that the labor market remains strong while inflation still needs to decline further. He also noted that spending patterns of high-income and low-income consumers are converging, which he views as a positive signal for the economy.

According to Fox News, the U.S. Department of the Treasury has removed some Iran-related sanctions from its website. A Treasury official stated: "This does not represent any shift in U.S. policy toward the Iranian government, the Islamic Revolutionary Guard Corps-Quds Force, any designated terrorist organization, or their supporters or proxies. Today’s removal is part of normal administrative procedures, carried out after a review of specific circumstances related to Baghdad Aviation." Earlier, the Office of Foreign Assets Control (OFAC) under the U.S. Treasury Department released an "Update on Revoking Counterterrorism Designations," lifting some Iran-related sanctions, including removing Fly Baghdad (Baghdad Aviation) from the sanctions list. The airline had previously been added to the counterterrorism sanctions list due to its ties to the Islamic Revolutionary Guard Corps-Quds Force.