Today in crypto, US President Donald Trump said he will nominate Stephen Miran to temporarily fill the Federal Reserve seat vacated by Adriana Kugler; the White House disclosed plans for an executive order directing agencies to open 401(k) plans to crypto assets; and shares of Bitcoin miner IREN rose about 11% after it reported mining 728 BTC in July.
Trump picks top economic adviser to temporarily fill crucial US Fed seat
US President Donald Trump said he would nominate Stephen Miran, chair of the Council of Economic Advisors, to temporarily replace Federal Reserve Board of Governors member Adriana Kugler after her resignation becomes effective on Friday.
In a Friday social media post, Trump said Miran would serve at the Fed until Jan. 31, 2026, as the White House will “continue to search for a permanent replacement.” The president had reportedly been weighing economic adviser Kevin Hassett, former Fed governor Kevin Warsh and two other people to replace Kugler by the end of the week.
The next Fed board member will have significant influence over the country’s monetary policy, including federal interest rates. The incoming nomination, which must be approved by the Senate, follows Kugler’s resignation on Aug. 1. No reason was given for her departure.
Hassett, also director of the National Economic Council under Trump, disclosed holding a stake in Coinbase Global worth between $1 million and $5 million as of June. Warsh, who served as a Fed governor from 2006 to 2011, reportedly said that blockchain technology could benefit the US central bank with its payment systems.
Trump to allow crypto in 401(k) plans for US workers: White House
US President Donald Trump will sign an executive order opening the door for cryptocurrencies to be included in 401(k) retirement plans, potentially reshaping how Americans invest their savings.
The White House Press Office confirmed to Cointelegraph on Thursday that the order directs the US Labor Department to reevaluate restrictions around alternative assets in defined-contribution plans, including digital assets, private equity and real estate.
A senior White House official said the order instructs the labor secretary to clarify the department’s stance on alternative assets and provide guidance on fiduciary processes for offering these types of investments in retirement portfolios.
Once implemented, the order will grant Americans access to digital assets through their 401(k) plans, part of a $12.5 trillion retirement market and a sought-after opportunity for crypto firms aiming to reach more retail investors.
The move would be a significant step forward for the crypto industry, which has long sought broader retail exposure and financial system legitimacy.
Despite institutional investors increasing crypto allocations, everyday savers have been restricted due to fiduciary risk, regulatory uncertainty and volatility concerns.
The White House official said that Trump’s directive would call for inter-agency coordination with the Treasury and the Securities and Exchange Commission (SEC) to explore rule changes that may support the adoption of alternative investments like crypto in retirement products.
IREN up 11% on Wednesday after mining more than MARA in July
Shares in IREN Ltd closed trading on Wednesday up 11.4% after the Bitcoin miner outperformed MARA Holdings in Bitcoin (BTC) production in July, mining 728 BTC to MARA’s 703 BTC.
IREN, formerly Iris Energy, beat out the sector’s top miner despite having a smaller deployed hashrate of 50 exahashes per second (EH/s) compared to MARA’s 58.9 EH/s. IREN’s average hashrate in July was 45.4 EH/s, signalling that most of its machines stayed online and productive throughout the month.
MARA underperformed in July compared to June, but posted solid second-quarter earnings that saw its revenue jump 64% year-on-year to $238 million even with an increase in mining difficulty that’s putting pressure on miners’ profitability.
IREN’s share price rise pushed its market cap to $4.11 billion, the second-highest among public Bitcoin miners behind MARA.
