Kugler's surprise resignation could speed up Trump's selection of the next Fed chairman
PANews reported on August 2nd that according to Jinshi, Federal Reserve Board Governor Kugler's sudden resignation on Friday presents US President Trump with an opportunity to fill the Fed vacancy earlier than expected, potentially forcing him to finalize his next chairmanship months in advance. Derek Tang, an economist at the monetary policy analysis firm LH Meyer, said, "The ball is now in Trump's court. He has been pressuring the Fed to install his own candidate. Now is his chance." While Powell's term as chairman ends in May of next year, his term as a Fed board member runs until 2028. If Powell doesn't voluntarily resign as a board member, Trump won't have another opportunity to fill the vacancy before 2028. In this scenario, Trump might be forced to replace Kugler's seat with a candidate he might promote as chairman. Tobin Marcus, head of US policy and political strategy at Wolfe Research, noted, "The key is that this is the only vacancy Trump can fill. If he wants to find the next Fed chair from outside, the nomination could be announced earlier."
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BitGo’s move creates further competition in a burgeoning European crypto market that is expected to generate $26 billion revenue this year, according to one estimate. BitGo, a digital asset infrastructure company with more than $100 billion in assets under custody, has received an extension of its license from Germany’s Federal Financial Supervisory Authority (BaFin), enabling it to offer crypto services to European investors. The company said its local subsidiary, BitGo Europe, can now provide custody, staking, transfer, and trading services. Institutional clients will also have access to an over-the-counter (OTC) trading desk and multiple liquidity venues.The extension builds on BitGo’s previous Markets-in-Crypto-Assets (MiCA) license, also issued by BaFIN, and adds trading to the existing custody, transfer and staking services. BitGo acquired its initial MiCA license in May 2025, which allowed it to offer certain services to traditional institutions and crypto native companies in the European Union.Read more
