Bitcoin Slides After Kevin Warsh's First Jackson Hole Speech | CoinDesk Daily

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Kevin Warsh takes the Jackson Hole stage for the first time. Its circle just took over Chelsea's jersey. This is CoinDesk Daily.
RealFi, a smarter stablecoin backed by real world assets. Join the testnet now at realfi.co. Federal Reserve Chair Kevin Warsh delivers his first Jackson Hole keynote this morning, his biggest speech since taking office in May. The crypto market is watching for one thing, whether the Fed will back the Treasury's plan to cap long-term borrowing costs. Treasury Secretary Scott Besson said the government will at least double its buybacks of longer-dated bonds starting September 9th, with the 30-year yield at its highest since 2007 Markets read it as a step toward yield curve control, and Bitcoin jumped from 64,000 to 80,000 in a week. Circle, the issuer of USCC, is the new main shirt sponsor of Premier League club Chelsea. Terms weren't disclosed, but reports earlier this year said Chelsea was targeting 65 million pounds a year, about 88 million dollars for the front of shirt slot, which had sat empty for three years. It's the first time a crypto financial services firm's branding will lead the front of a Premier League shirt. Exchanges like OKX and Kraken have been sleeve sponsors, but never the main slot. The Senate pushed the Clarity Act into September, but banks aren't waiting. They're already issuing tokenized deposits and testing on chain settlement. JP Morgan has moved more than three trillion dollars through its Kinexis platform and now offers a deposit token for institutional clients. In June, 17 major banks, including JP Morgan, Bank of America, Citi and Wells Fargo agreed to clear and settle tokenized deposits on chain by 2027
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