Doohyun Hwang

Michelle Bowman, a governor at the US Federal Reserve (Fed), said the decision to hold the policy rate steady in January was “a close call.” According to Walter Bloomberg on the 30th (local time), Bowman said the rate hold was a choice made to review more economic data, but “it was by no means an easy decision.” She explained that while “the current monetary policy stance is moderately restrictive,” the Fed “has room to watch conditions for the time being because it already implemented 0.75 percentage point (75 bp) of rate cuts last year.” This aligns with the rationale Chair Jerome Powell presented on the 28th for holding rates. At a press conference following the January Federal Open Market Committee (FOMC) meeting, Powell said he judged “the current stance of monetary policy to be appropriate to achieve maximum employment and the 2% inflation goal.” Powell noted that while the unemployment rate in December was steady at 4.4% with no major change in recent months, inflation has eased from its 2022 peak but remains somewhat above the target (2%). He said the Fed opted to maintain the status quo in a situation where it is difficult either to cut rates quickly to protect employment or to tighten further to rein in inflation. Bowman also pointed to uncertainty in the labor market as a key policy variable, reinforcing Powell’s cautious approach. She said that although initial jobless claims are low, the labor market remains fragile, with layoffs increasing, and emphasized that “if labor market conditions deteriorate, we are prepared to adjust policy.” However, she maintained an optimistic view on the inflation outlook. Bowman added that she remains confident inflation is falling toward the 2% target.

Paul Atkins, chair of the U.S. Securities and Exchange Commission (SEC), and Selig, chair of the Commodity Futures Trading Commission (CFTC), announced the official launch of “Project Crypto” through a joint op-ed outlining the Donald Trump administration’s policy vision for virtual assets (cryptocurrencies). In a joint statement on the 29th (local time), the two chairs said, “The reason U.S. financial markets are the best in the world is clear rules and fair enforcement. But the previous administration impeded innovation with enforcement-first actions chasing flashy headlines and opaque regulation.” They added, “Under President Trump’s leadership, financial regulators are returning to the core principles that once made our markets the envy of the world.” Unveiled the same day, “Project Crypto” is a joint policy initiative by the two top regulators to overhaul U.S. markets for the digital age. It is designed to support digital-asset legislation being advanced on a bipartisan basis in Congress, while also filling in the granular regulatory clarity that legislation alone cannot address through disciplined enforcement. “The goal of financial regulation should not be punitive, but precise,” the two said, adding, “Rather than forcing outdated frameworks that do not fit new technological realities, we will adapt flexibly to technological change and focus on addressing real risks.” To that end, they set out key tasks including: ▲developing a regulatory implementation roadmap ▲creating clear entry pathways for compliance participants ▲modernizing supervisory tools to reflect on-chain activity. They also strongly signaled an end to siloed regulation between agencies. “Fragmentation—where economically similar activities are treated differently due to jurisdictional issues—limits innovation and undermines investment opportunities,” they said. “In on-chain markets where trading, clearing, settlement and custody are integrated, we will remove duplicative or conflicting requirements to strengthen market resilience.” They also underscored concern about global competition. “If we fail to provide clarity, innovation will move offshore,” they said, warning that “excessive regulation does not reduce risk—it increases it.” They added, “The future of finance will be built somewhere, and through Project Crypto we will ensure that future is built right here in the United States, under rules that protect investors and promote innovation.”

Wavebridge said on the 30th that it will begin a full-scale upgrade of its institutions- and corporate-only digital-asset infrastructure starting this year. Centered on prime brokerage infrastructure that integrates trading, clearing, and liquidity connectivity into a single system, the company plans to build a digital-asset trading environment that institutions can use in practice. Wavebridge presented a strategy to strengthen its role as an institutions-only prime broker that connects multiple exchanges and liquidity providers through a single access point, unlike the existing exchange-centric structure of the virtual-asset market. Just as prime brokers in securities markets support access to multiple venues and integrated clearing via a single interface, the company aims to implement intermediary infrastructure in the digital-asset market that offers the stability and control institutions require. The company is focusing on building infrastructure that meets banking-sector-level requirements, including anti-money laundering (AML), security, and operational stability. Based on last year’s experience clearing live trades with domestic virtual-asset exchanges, it said it is designing, at the infrastructure level, the clearing structure, liquidity connectivity, and risk-management components that institutions actually demand. It also plans to enable institutions to access multiple markets through a single interface. In addition, it will pursue two ISMS certifications and target system availability of at least 99.5% to secure banking-sector-level continuity and stability. The company also plans to continuously strengthen its AML and compliance framework so it can be executed in connectivity environments with financial institutions and large platforms. Wavebridge also plans to conduct technical validation in parallel for expansion scenarios such as automated payments and settlements among AI agents. In collaboration with partners, it will also pursue proof-of-concept (PoC) projects that combine AI and blockchain. Wavebridge already uses its AI-based article curation system, 'LEX', to automatically select and summarize digital-asset news, and it is building a foundation to expand functions to include market data analysis, trading insights, and portfolio management automation. Oh Jong-wook, CEO of Wavebridge, said, "We expect Wavebridge will be able to quickly implement AI-based financial services that the financial sector envisions over the long term in the digital-asset trading domain," adding, "By integrating AI into prime brokerage infrastructure, we will create a new standard for the institutions-only digital-asset market."

U.S. President Donald Trump said he will make an official announcement on the nominee for the next chair of the Federal Reserve (Fed) on the morning of the 30th (local time). The final shortlist has reportedly been narrowed to two: Kevin Warsh, a former Fed governor, and Rick Rieder, BlackRock’s chief investment officer (CIO). According to major overseas media reports, President Trump met in succession at the White House with former governor Warsh and CIO Rieder and completed final vetting. Sources said Trump is leaning toward selecting Warsh over the other candidate. Kevin Hassett, former chair of the White House Council of Economic Advisers (CEA) who had been mentioned as one of the leading contenders, was reportedly left off the final shortlist. Warsh, who served as a Fed governor during the 2008 financial crisis and built crisis-response experience, is receiving broad support from Wall Street and the Republican establishment. CIO Rieder is a market specialist who oversees global bond investing at BlackRock, the world’s largest asset manager.

US President Donald Trump and Democrats have struck a dramatic agreement on a budget package to avert a federal government shutdown. With tensions peaking over funding for the Department of Homeland Security (DHS) and its Immigration and Customs Enforcement (ICE) agency following the deaths of two US citizens in Minneapolis, the two sides opted for a compromise: lock in funding for the rest of the government while temporarily extending only the contested DHS budget. According to NBC News on the 29th (local time), President Trump and the Senate Democratic leadership agreed to fund most federal government agencies through September 30 (the end of the fiscal year). However, for DHS—at the center of the standoff between the parties—they decided to apply a two-week continuing resolution (CR) that would fund the department only through the 13th of next month. Earlier, after the deaths of two US citizens in Minneapolis, Democrats had blocked passage of the bill while sharply criticizing what they described as excessive enforcement by ICE. Senate Minority Leader Chuck Schumer said, “What was witnessed on the streets of Minneapolis is morally abhorrent,” adding that “ICE’s actions are state-sanctioned violence outside the law.” Immediately after the agreement, President Trump wrote on his social media platform Truth Social that “the only thing that can slow the nation’s progress is a long and harmful shutdown,” urging Congress to deliver bipartisan votes in favor. He stressed that “Republicans and Democrats worked together to secure funding for most of the government while agreeing to extend DHS funding.” The deal is expected to go to a Senate vote later tonight. The House is set to return to Washington on the 2nd of next month to take up the legislation. As a result, a technical shutdown would begin at 12:01 a.m. on the 31st as funding for major departments such as the Pentagon and the State Department lapses, but because it falls over the weekend, any actual disruption or confusion is expected to be minimal. Previously, the Senate voted down a $1.2 trillion omnibus spending bill passed by the House last week, 45–55. House Democratic Leader Hakeem Jeffries said “short-term funding for DHS cannot go on indefinitely,” signaling that Democrats will continue to press for measures such as ICE reform in future negotiations.

OpenAI has reportedly begun full-scale preparations for an initial public offering (IPO), targeting the fourth quarter of this year. According to The Wall Street Journal (WSJ) on the 30th (local time), OpenAI—valued at $500 billion (about 715 trillion won)—has recently held informal meetings with major Wall Street investment banks to gauge the feasibility of a listing. To that end, it has significantly strengthened its finance and investor relations (IR) functions, including the hires of newly appointed Chief Accounting Officer (CAO) Aszmer Dale and Cynthia Gaylor, head of corporate business finance. Analysts say a key driver behind OpenAI accelerating its IPO timetable is the rapid growth of rival Anthropic. OpenAI’s leadership is reportedly concerned internally that Anthropic could list first, capturing market liquidity and investor attention. Anthropic, founded by former OpenAI employees, has seen revenue surge on the back of the popularity of its coding agent “Claude Code,” and is in talks with financial partners with an eye toward an IPO by year-end. Anthropic in particular expects to turn profitable in 2028—two years earlier than OpenAI’s projected timeline. The enormous burden of artificial intelligence (AI) infrastructure investment is also cited as a factor pushing the company to move faster. OpenAI faces the need to secure AI semiconductors and build data centers on the scale of hundreds of billions of dollars in the years ahead. It must raise massive funding backed by market confidence. OpenAI is currently said to be in negotiations to attract $30 billion from SoftBank and as much as $50 billion from Amazon. The process reportedly includes direct discussions with Amazon CEO Andy Jassy. Still, there are plenty of variables to clear before a listing within the year. With Google stepping up its push in the consumer AI market, some observers say a “code red” has been issued inside OpenAI. In addition, a $134 billion damages lawsuit filed by co-founder Elon Musk, CEO of Tesla, is also acting as a potential risk. OpenAI CEO Sam Altman recently said, “I’m not interested in being a public company CEO, but there are aspects where going public may be necessary,” signaling mixed feelings. On Wall Street, this year is being viewed as the biggest “IPO supercycle” since 2026. Beyond OpenAI and Anthropic, SpaceX led by Musk is also reportedly pursuing an IPO as early as this summer, aiming for a valuation of at least $1 trillion.

The Donald Trump administration has once again designated South Korea as a ‘currency monitoring list’ country. In its semiannual report to Congress on “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States,” submitted on the 29th (local time), the U.S. Treasury classified 10 economies—including South Korea—on its monitoring list: China, Japan, Germany, Taiwan, Thailand, Singapore, Vietnam, Ireland and Switzerland. South Korea had remained on the monitoring list for more than seven years since April 2016 before being removed in November 2023. However, it was put back on the list in November 2024, a year later, and has now remained designated for three consecutive reports, including the latest. Under the Trade Facilitation and Trade Enforcement Act, the U.S. assesses the macroeconomic policies of the top 20 trading partners by trade volume with the United States on a semiannual basis. The three criteria are: a bilateral trade surplus with the U.S. of at least $15 billion; a current account surplus exceeding 3% of gross domestic product (GDP); and net purchases of dollars for at least eight out of 12 months (at least 2% of GDP). Economies meeting two of the three are placed on the monitoring list, while those meeting all three are designated for enhanced analysis. No economy was designated for enhanced analysis in this review. The report, in particular, was seen as underscoring the Trump administration’s intention to apply strong trade pressure. In a statement, U.S. Treasury Secretary Scott Bessent stressed that “the Treasury is increasing the intensity of its analysis of trading partners’ currency practices to support President Trump’s ‘America First trade agenda.’” He added a warning that the Treasury “will closely monitor whether trading partners are artificially adjusting currency values through foreign-exchange market intervention or non-market practices to gain unfair trade advantages.”

Paul Atkins, chair of the US Securities and Exchange Commission (SEC), suggested he may delay the timing of an announcement on sweeping regulatory exemptions for virtual asset (cryptocurrency) firms. According to Decrypt on the 29th (local time), when asked at a crypto-related event jointly hosted with leadership of the Commodity Futures Trading Commission (CFTC) about when the exemption plan would be finalized, Atkins avoided giving a definitive answer, saying, "I can’t guarantee it will come out by the end of this month or next month." Atkins said, "We’re still working on it (the exemption plan)," but stressed that "a cautious approach is necessary." This contrasts with his stance last month, when he pledged, "I will roll out the exemption plan in January," vowing to push it through quickly regardless of congressional legislative delays or a government shutdown. The proposal centers on assurances that the SEC will not take enforcement action against certain areas of crypto activity, such as tokenized securities and decentralized finance (DeFi). The crypto industry had expected this to ease regulatory uncertainty. Markets view Atkins’ sudden change in tone as the result of pressure from Wall Street. Recently, major Wall Street figures including JPMorgan, Citadel, and the Securities Industry and Financial Markets Association (SIFMA) reportedly met with officials from the SEC’s crypto task force (TF) to convey concerns about the broader impact that wide-ranging regulatory exemptions could have across the financial system. In meeting materials, SIFMA made its opposition clear, saying, "A broad exemption for tokenized trading activity could weaken investor protection and cause market disruption." The status of legislation in Congress has also emerged as a variable. Atkins referenced the 'Crypto Market Structure Bill' currently pending in the Senate, saying, "It would be good to have direction from Congress." However, when asked whether he would simply wait for the bill’s passage, he replied, "Not necessarily," adding, "There are many variables in the situation," leaving room for flexibility.

Proprietary mainnet ‘StableNet’ testnet to be opened on the 30th Designed on the premise of regulatory compliance...“Even the Bank of Korea will be reassured” Dunamu and Hashed also join...mainnet race heats up “We’re the only one to move beyond a PoC to actual implementation” As discussions to institutionalize Korea’s won-pegged stablecoins gain momentum, Wemade has fired the opening shot in the domestic stablecoin infrastructure race by becoming the first to launch a dedicated mainnet for won stablecoins. On the 29th, ahead of the launch of the testnet for its won stablecoin mainnet ‘StableNet,’ Wemade unveiled related technology and business plans at a won stablecoin tech seminar, stressing that it has “the capabilities to respond most quickly and flexibly to Korea’s regulatory environment.” Kim Seok-hwan, Vice President at Wemade, who attended the seminar, said, “StableNet is a blockchain designed on the premise of complying with South Korean regulations,” adding, “We built the structure so it can meet requirements no matter what form the regulations take.” He added, “Wemade is, without question, the only listed company that has directly operated the full spectrum of blockchain—from a mainnet to platforms, decentralized finance (DeFi), and non-fungible tokens (NFTs),” and said that “the trial and error and pain we experienced have become nourishment for the stablecoin business.” Wemade said it chose a proprietary mainnet for the “finality of financial transactions.” Kim explained, “Existing public blockchains struggle to earn the trust of financial institutions due to delayed settlement finality or the possibility of reversals,” adding, “This is also why JPMorgan and Circle build their own chains.” He continued, “What the Bank of Korea worries about with stablecoins is also the opacity of fund flows,” and added that “to address this, dedicated infrastructure capable of regulatory compliance is essential.” Wemade will officially open the StableNet testnet on the 30th and plans to roll out a dedicated wallet next month. The wallet will include an ‘auditable confidential transfer’ feature. Using ERC-5564, transaction details are protected under normal circumstances, but the system is designed to respond transparently when regulators conduct audits or request submissions. Kim emphasized, “Following K-pop and K-culture, we will build financial infrastructure for K-finance.” Competition over won stablecoin infrastructure in Korea is already intensifying. Earlier, Hashed Open Finance, an affiliate of venture capital firm Hashed, released a litepaper for ‘Maroo,’ a sovereign Layer 1 blockchain designed for Korea’s won-based economy. Maroo aims for an architecture that maintains the openness and scalability of public blockchains while also factoring in regulatory compliance frameworks, auditability, and privacy protection. Hashed Open Finance plans to first apply Maroo with a won-centric focus with an eye toward stablecoins, real-world asset tokenization (RWA), and security token (STO) commercialization, and then expand to other fiat currencies. Dunamu, operator of Upbit, Korea’s largest digital-asset exchange, is also seen as a key pillar in the won stablecoin race. Dunamu said it would build a finance-friendly blockchain environment, unveiling last September ‘Giha Chain,’ an Ethereum Layer 2 blockchain based on the OP Stack. Upbit is Korea’s No. 1 exchange, with spot trading volume totaling KRW 1,740 trillion as of two years ago, and is considered to have the most favorable environment for issuing and distributing won stablecoins given that it already has massive won liquidity and a user base. Dunamu is also accelerating preparations, including for the launch of a dedicated ‘Giha Wallet’ and joint development of blockchain-based financial services with Hana Financial Group. Against this backdrop, Kim expressed strong confidence in the maturity of Wemade’s technology and its execution speed. He said, “In Korea right now, I believe Wemade is the only one that has moved beyond proof of concept (PoC) to launch an actual testnet and concretely implement even RWA, entering the execution phase,” adding, “Since we have already opened the testnet and will soon introduce a dedicated wallet, we believe we are in the best position in terms of technology and infrastructure.” He added, “We are positioned to respond the fastest the moment the regulatory outline becomes concrete, and we will likely be able to secure the most advantageous footing in the licensing process as well.”

Official Ultraman NFT ‘Archive-78’ launches Limited to 888 pieces…100 are rare ‘1-of-1’ editions Adopts the ‘Abstract’ blockchain to lower barriers to entry Japan’s legendary tokusatsu hero ‘Ultraman’ is entering the Web3 market. The strategy is to reinterpret the franchise’s nearly 60-year intellectual property (IP) legacy as digital assets and target a global fandom. On the 28th, Ultraman producer Tsuburaya Productions said it will partner with content platform company Bythen to launch the official non-fungible token (NFT) collection ‘Ultraman: Archive-78’. The collection consists of 888 digital artworks that capture the Ultraman franchise’s legacy. Notably, 100 of them will be created as one-of-a-kind legendary designs, enhancing their collectible value. Bythen is an agent-based content platform equipped with an IP launchpad function, and through this collaboration it will serve as a bridge connecting traditional entertainment brands to the blockchain ecosystem. The Ultraman NFTs will be issued on the ‘Abstract’ network, which positions itself as a user-friendly blockchain. Abstract supports simple authentication methods such as email login and passkeys, allowing the general public to access it easily without the complicated process of creating a wallet. Sales will begin at 12:00 a.m. KST on the 29th via the Bythen Treasure campaign site. Users will be able to purchase NFTs in a ‘blind box’ format, and the full collection’s designs are scheduled to be revealed within the first quarter of this year. Bythen CEO Kevin Mintara said, “This NFT launch will be an example of Ultraman—an inspiration worldwide for more than 60 years—expanding into Web3 without losing its cultural essence,” adding, “We will open a new internet era in which fans can directly own the IP they love and contribute to ecosystem growth.” He continued, “Lowering barriers to entry is key to embracing both existing fans and Web3 newcomers,” and explained, “Abstract’s intuitive user experience (UX) is an optimal choice for the Ultraman IP, which has a diverse global fandom.”

The US banking industry has launched a broad offensive to prevent stablecoins from paying interest. The move reflects fears that if crypto assets (cryptocurrencies) replace bank deposits, regional banks’ lending function could be crippled. On the 20th (local time), the American Bankers Association (ABA) said in a statement that "we must prevent payment stablecoins from becoming substitutes for bank deposits," adding that "the payment of interest or rewards for holding stablecoins should be comprehensively prohibited not only by issuers but on any platform." The push is seen as an effort to close loopholes in the GENIUS Act passed last year. Under current law, stablecoin issuers are barred from paying interest directly. However, the banking industry argues that regulatory gaps remain that allow returns to be provided indirectly through third-party platforms or decentralized finance (DeFi). ABA President Rob Nichols said, "This priority is the result of incorporating the views of banks and companies of all sizes and types." Banks are reacting sensitively to interest-bearing stablecoins because of concerns over massive outflows of funds. If bank deposits move en masse into stablecoins in pursuit of interest income, banks’ funding costs would rise, inevitably reducing their capacity to extend loans to households and businesses. Bank of America (BoA) Chief Executive Officer (CEO) Brian Moynihan previously warned that "as much as $6 trillion could move from banks into interest-paying stablecoins." The ABA said, "If stablecoins encroach on deposits, the competitiveness of community banks that supply funds to local communities will weaken, and banks’ role in the financial system will shrink," adding that "strong additional regulation is needed."

Laser Digital, Nomura Securities’ digital-assets subsidiary, has rolled out a new Bitcoin fund aimed at institutional investors, with a focus on enhancing returns. According to Cointelegraph on the 22nd (local time), Laser Digital officially announced the launch of the “Bitcoin Diversified Yield Fund (BDYF).” The fund is differentiated from existing products that only track gains in Bitcoin’s spot price. Laser Digital said it was “designed to maintain exposure to Bitcoin while generating additional income by incorporating a range of management strategies.” Jez Mohideen, CEO of Laser Digital, said “recent market volatility shows that yield-oriented funds based on calculated decentralized finance (DeFi) strategies are a natural evolution in digital-asset management,” adding that “there is strong demand for strategies that seek returns regardless of price swings.” Tokenization of the fund will be handled by platform company KAIKO, while custody will be provided by Komainu, a joint venture established by Nomura, Ledger and CoinShares.

Capital One (Capital One) is acquiring fintech firm Brex (Brex), stepping up its push into the corporate payments and spend management market. Capital One said on the 22nd (local time) that it has signed a definitive agreement to acquire Brex in a mixed stock-and-cash deal valued at $5.15 billion (about $7 trillion). The transaction is expected to close in mid-2026, subject to customary closing conditions. Brex is an AI-native financial software company that offers corporate card issuance, automated spend management, and real-time payment capabilities on a single platform. A key strength is its use of AI agents to automate complex finance workflows such as spend approvals, expense reviews, and anomalous transaction detection. In particular, it drew attention after announcing in September last year that it would introduce USDC-based stablecoin payment features. This is designed to let customers handle corporate card payments, remittances, and fund collections on a single platform that integrates stablecoin and dollar-based payments. An automated FX conversion feature is intended to lower the friction of using stablecoins. Richard Fairbank, Capital One's founder, chairman and chief executive officer (CEO), said, "Since our founding, we have had the goal of building a payments company at the forefront of technological innovation," adding that "the Brex acquisition will serve as a catalyst to accelerate that journey, particularly in the corporate payments market."

Kara Calvert, Coinbase’s vice president for U.S. policy, said she had “found fatal flaws in the draft market structure bill for virtual assets (cryptocurrencies) (the Clarity bill)” and “concluded that, on the eve of the vote, we can no longer maintain our support.” Calvert made the remarks in an interview with CoinDesk on the 22nd (local time). She noted that “it included a provision that effectively bans reward programs offered to customers who hold virtual asset balances,” adding that “blocking this ultimately leads to reduced access for ordinary U.S. consumers.” She also took issue with the fact that less than 24 hours were given between the release of the amended bill and the vote. Calvert said there was “absolutely insufficient time to review and respond to the six amendments that materially worsen the bill.” The dispute once again underscores the structural clash between the traditional financial sector and the virtual-asset industry. While traditional banks have called for regulation, arguing that stablecoin rewards compete with deposits, Calvert countered that “the premise itself is wrong.” She added that “a flawed bill can make things worse not only for the virtual-asset industry but also for ordinary consumers.” Separately, she offered a positive assessment of a bill moving through the Senate Agriculture Committee. The draft includes provisions granting the Commodity Futures Trading Commission (CFTC) clear authority over the virtual-asset spot market.

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will hold a public joint event to overhaul the regulatory framework for virtual assets (cryptocurrencies). The SEC said SEC Chair Paul S. Atkins and CFTC Chair Michael S. Selig will co-host the event at the CFTC headquarters in Washington, D.C., at 12:00 a.m. KST on the 28th. The event will be open to the public and livestreamed on the SEC’s official website. The central theme will be strengthening alignment between the SEC and the CFTC on jurisdiction over virtual-asset regulation. The two agencies have faced criticism that longstanding disputes over jurisdiction—particularly around security tokens and commodity-like digital assets—have added to market confusion. In a joint statement, SEC Chair Atkins and CFTC Chair Selig said, “For a long time, market participants have had to operate within unclear and structurally misaligned regulatory boundaries based on outdated jurisdictional distinctions,” adding that “this event is an extension of coordination efforts to ensure that innovation can take root within the U.S. legal system—for U.S. investors and consumers and for America’s economic leadership.” The two leaders in particular made clear that the discussions are a concrete step toward delivering on President Donald Trump’s stated goal of “making the United States the world’s crypto capital.” The agenda begins with opening remarks by Chair Atkins, followed by keynote remarks from Chair Selig, and then a fireside chat featuring both chairs. The conversation will be moderated by Eleanor Terrett, a veteran crypto journalist and co-founder of “Crypto in America.” Meanwhile, on the 21st (local time), the U.S. Senate Committee on Agriculture, Nutrition, and Forestry released an amended version of a digital-asset market structure bill centered on granting the CFTC regulatory authority over stablecoins and related areas. However, a final agreement with Democrats has not been reached, leaving political differences unresolved. As a result, there is growing speculation that consideration of the bill could be further delayed until late next month or March.