Kevin Warsh speaks at Jackson Hole in Wyoming this morning. Bloomberg is billing it as the first Jackson Hole of the Warsh era at the Federal Reserve, and nobody has heard him give this speech before.

Three things happened in the day before he got there and they all lean the same way. Susan Collins, who runs the Boston Fed and is nobody's idea of a hawk, said she could support raising rates at an upcoming meeting.

The European Central Bank published the account of its July meeting, and inside it a minority of members argued that the incoming numbers made the case for tightening further. The Bank of Korea raised its policy rate to 3% and lifted its growth forecast at the same time. That was its second hike in a row.

A speech in a Wyoming valley leads a crypto newsletter for one reason. Cheap money is the biggest thing pushing your coins around that has nothing to do with crypto. When money is expensive, people hold cash and get paid for holding it.

When it is cheap they go looking for something riskier. The crowd now puts the odds of the Fed making no cuts at all this year at 89%.

Crypto holders are already there. The words "rate cut" ran at 6.26% of everything said in crypto social feeds yesterday. Bitcoin's own share was 2.93%.

Warsh has said he does not like telling markets in advance what the Fed will do, and that higher bond yields do some of the Fed's tightening for it. So do not sit down expecting a promise in either direction.

Watch whether the September meeting starts getting talked about as a rate rise rather than a hold.

Bitcoin got a quantum answer this week. A transaction built to survive a quantum computer was mined on the main chain for the first time, using rules bitcoin already has.

The scheme is called Quantum-Safe Bitcoin and it buries a second lock inside the spending script, built out of hashes rather than a private key that has to stay secret. No fork, no vote, no upgrade. The finished transaction was too odd to travel the normal path, so MARA's Slipstream service handed it straight to a miner, and grinding out the right numbers cost about $75 to $150 of GPU time.

Avihu Levy, whose April paper it came from, called it "a research quirk and not the straightforward way for Bitcoin to become" quantum-safe. Nobody has to move a coin today. It ran on the real chain, four months after the paper that described it.

Solana's validators have reached quorum on a proposal called SGP-0002 and it looks set to pass, if narrowly. It doubles the speed at which new SOL issuance falls, from 15% a year to 30%, and shortens the road to Solana's 1.5% end point from about six years to roughly 2.8. A second proposal would burn a fee priced on how much computing a transaction asks for, lifting daily burns from around 650 SOL toward 7,500 to 9,000.

Why bother? Solana is grown up now, and paying validators like a young network buys less safety than it used to.

Nothing changes for about four and a half months. The vote is only the mandate. The spec still has to be accepted, built into the clients and switched on.

SOL had the best day of any major coin this week and this vote had nothing to do with it.