Trump's Cryptocurrency Bill Rejected... Stablecoin Stocks Weaken Together

Korea Economic Daily

Summary

It was reported that the cryptocurrency bills promoted by President Trump were rejected in the House of Representatives.
It was stated that after this news, Korean won stablecoin theme stocks in the domestic market are showing collective weakness.
It was also reported that cryptocurrency-related stocks plummeted in the New York Stock Exchange.

After news that cryptocurrency-related bills promoted by President Donald Trump were rejected in the House of Representatives, Korean won stablecoin theme stocks are collectively weak in the domestic stock market early on the 16th.

As of 9:30 a.m. today, Kakao Pay is trading at 64,500₩, down 2,800₩ (4.16%) from the previous trading day. This marks a fourth consecutive session of decline.

Additionally, Me2on (-4.76%), Aton (-3.99%), ITCEN Global (-3.62%), Hecto Financial (-3.61%), DeepMind (-3.46%), Kukon (-2.37%), and Nexxus (-1.29%) are also falling simultaneously.

According to Reuters on the 15th (local time), the United States House of Representatives rejected the three cryptocurrency bills with 196 votes in favor and 223 votes against in a procedural vote.

Key bills included the 'Genius Act (Stablecoin Regulation),' which passed the Senate with support from some Democrats, as well as the 'Clarity Act' that establishes rules on whether cryptocurrencies are regulated as securities by the SEC or as commodities overseen by the CFTC, and the 'CBDC Anti-Surveillance State Act' that prohibits the issuance of Central Bank Digital Currencies (CBDCs) by the Central Bank (Fed).

In the early hours of the morning, U.S. cryptocurrency-related stocks also plummeted on the New York Stock Exchange. Bitcoin mining companies such as Riot Platforms (-3.28%) and Marathon Holdings (-2.34%), as well as cryptocurrency trading platform Coinbase (-1.52%), all declined.

Gojung Sam, Hankyung.com Reporter jsk@hankyung.com