JH Kim

Executives at Visa and Mastercard expressed skepticism about using stablecoins for everyday consumer payments. According to CoinDesk, a digital-asset (cryptocurrency) news outlet, Visa Chief Executive Officer (CEO) Ryan McInerney said during an earnings call on the 30th (local time) that “the U.S. market already has sufficiently developed digital dollar payment methods based on checking and savings accounts,” adding that “in an environment where digital payment infrastructure is this mature, stablecoins are not particularly suitable for payments.” Mastercard CEO Michael Miebach also said the company continues to invest in stablecoins, but assessed their usefulness as a payment method as limited. “We are investing in new technologies such as stablecoins and AI agents, but the focus is more on building infrastructure than on driving innovation,” he said, explaining that “stablecoins are simply another currency that can be supported on the Mastercard network, and the primary use case is in transactions rather than payments.” Their remarks are interpreted as reflecting a view that stablecoins are more likely to be used in specific financial and transaction areas, rather than replacing existing payment networks.

International gold and silver prices are plunging. According to Walter Bloomberg, a breaking news account, spot gold at one point on the day fell more than 12%, putting it on track for its worst one-day decline since 1983. Spot silver also extended losses, sliding to $80.49 an ounce, with its one-day drop topping 30%. The selloff has sharply amplified volatility in the precious-metals market, which had recently notched fresh record highs. Both gold and silver are seen facing heavier correction pressure as profit-taking accelerated after a rapid run-up. Markets are watching whether reduced short-term speculative demand and position unwinding are adding to volatility in precious-metal prices.

As U.S. President Donald Trump nominated former Federal Reserve governor Kevin Warsh as the next chair of the Federal Reserve (Fed), he said, "Kevin Warsh would cut rates even without pressure from the White House." According to Walter Bloomberg, a breaking-news account, on the 30th (local time), President Trump stressed that Warsh is someone who can move to lower rates in setting monetary policy regardless of political pressure. Kevin Warsh previously served as a Fed governor and has recently been mentioned as a candidate for the next Fed chair. The remarks came amid an ongoing debate over the Fed’s independence and are interpreted as Trump signaling the possibility of a shift in the monetary policy stance.

Citibank: Final passage of US crypto market structure bill may be pushed back beyond 2026 Citibank said the final passage of the crypto-asset (cryptocurrency) market structure bill, the CLARITY Act, could be delayed until after next year. According to crypto-focused media outlet CoinDesk on the 30th (local time), Citibank said in a recent report that “the CLARITY Act is serving as a key catalyst in the process of legalizing crypto assets in the United States, but negotiations over major contentious provisions are slowing the pace of legislation.” Citibank added, “While there is a political objective to secure final passage within the coming months, it is increasingly likely that the actual passage will be pushed back beyond 2026.” The report said clarifying the definition of DeFi would be the biggest obstacle. Specifically, it explained that a key point of contention is the criteria for when decentralized protocols, software, and developers are deemed to be regulated service providers. By contrast, it said provisions related to stablecoin rewards are “an area where compromise is relatively more achievable.”

The three major U.S. stock indexes are trading lower. The Nasdaq Composite was down 0.30% from the previous session at 23,615.28 points as of 00:12 on the 31st. The Dow Jones Industrial Average was down 0.25% at 48,949.76, and the S&P 500 was down 0.22% at 6,953.77.

The three major U.S. stock indexes closed mixed. The Nasdaq Composite fell 0.72% from the previous session on the 30th to 23,685.12 points. The Dow Jones Industrial Average rose 0.11% to 49,071.56, while the S&P 500 ended down 0.20% at 6,963.76.

The US Commodity Futures Trading Commission (CFTC) is moving to put in place a clear regulatory framework for the prediction-market industry, which has grown into a multi-billion-dollar sector. According to Bloomberg on the 29th (local time), CFTC Chairman Michael Selig said regarding prediction markets, "It is now necessary to have rules and an understanding that clearly state the CFTC supports lawful innovation in prediction markets." He added, "In line with our commitment to foster responsible innovation in the virtual-asset (cryptocurrency) market, we will support the sound development of the event contract (Event Contract) market." The remarks are interpreted as formalizing the CFTC’s policy direction to manage the fast-growing prediction market within an institutional regulatory framework.

According to Walter Bloomberg, an economics breaking-news account, on the 29th (local time), the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) plan to sign a memorandum of understanding (MOU) to formalize cooperation on regulation of the virtual-asset (cryptocurrency) industry. SEC Chair Paul Atkins and CFTC Chair Michael Selick said in a joint interview with The Wall Street Journal that they are discussing ways to cooperate on how to design crypto-asset regulation and how to divide supervisory authority, adding that they are pushing to sign an MOU to formalize the effort. The two agencies are expected to announce specific details related to plans to oversee the crypto-asset market at a joint event on the theme of virtual assets scheduled for the 30th (local time). The criteria for determining whether crypto assets fall under the jurisdiction of the SEC or the CFTC may also be addressed as a key agenda item. The MOU is interpreted as a move to reduce overlapping regulation and jurisdictional confusion over the crypto-asset market and to establish a consistent federal-level regulatory framework.

Mike Selig, chair of the U.S. Commodity Futures Trading Commission (CFTC), said passage of the crypto (virtual asset) market structure bill, the CLARITY Act, would serve as a catalyst for industry growth. In an interview with CNBC on the 29th (local time), Selig said, “If Congress finalizes the crypto market structure bill, the industry will flourish,” adding that “once clear national standards are put in place, blockchain firms will flow back into the United States.” He continued, “Crypto can grow under U.S. regulation, and that will make the United States a key country in the crypto market.” He also said, “It has been about 15 years since blockchain technology emerged, and it has fundamentally changed how the markets under our jurisdiction evolve,” adding, “We have seen related technologies and assets move overseas many times, but we will now bring them back to the United States.”

According to Walter Bloomberg, an economics breaking-news account, on the 29th (local time), US President Donald Trump said he plans to announce a nominee for chair of the Federal Reserve (Fed) next week. In remarks on the economy, Trump said, "I will announce the Fed chair next week," adding that "interest rates should be 2–3% points lower than they are now." The comments are seen as reiterating Trump’s stance on the Fed’s monetary policy and the selection of its next chair. Markets are watching potential candidates for the next Fed chair and the possibility of a shift in the monetary policy stance.

The U.S. Senate Committee on Agriculture advanced, at the committee stage, the portions under its jurisdiction of the crypto-asset (cryptocurrency) market structure bill, the CLARITY Act. Eleanor Terrett, host of Crypto in America, reported the news on X (formerly Twitter) on the 29th (local time). The vote was 12 in favor and 11 against. The CLARITY Act sets out provisions to clearly define regulatory jurisdiction and market structure for crypto assets and digital assets. This vote was held only for the scope overseen by the Senate Agriculture Committee. Having cleared the committee hurdle, the bill will proceed with steps toward consideration on the Senate floor.

According to CoinDesk, a crypto-focused media outlet, crypto custody firm Copper has entered into discussions for an initial public offering (IPO) on the 29th (local time). The outlet reported that Copper is reviewing the possibility of a listing and is in contact with major investment banks. Goldman Sachs, Citibank and Deutsche Bank have been mentioned as potential IPO underwriters. Copper provides digital asset custody and settlement infrastructure for institutional investors. With institutional participation expanding in the crypto market recently, interest in the custody business is also said to be rising. Earlier, Copper competitor BitGo carried out an IPO worth about $2 billion. The industry believes BitGo’s listing case also influenced discussions over Copper’s IPO push.

The U.S. Senate Committee on Agriculture, Nutrition, and Forestry has begun markup consideration of a digital asset (cryptocurrency) market structure bill (the CLARITY Act). Eleanor Terrett, host of Crypto in America, reported on the 29th (local time) via X (formerly Twitter) that the committee has started reviewing specific provisions of the bill and discussing possible amendments. The CLARITY Act aims to clarify standards for distinguishing digital assets as securities or commodities and to establish regulatory jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Senate agriculture committee is the standing committee that oversees the CFTC and is responsible for reviewing legislation related to crypto market structure.

All three major U.S. stock indexes are trading lower. As of 00:03 on the 30th, the Nasdaq Composite is down 1.35% from the previous session at 23,534.64. The Dow Jones Industrial Average is down 0.12% at 48,954.97, while the S&P 500 is down 0.61% at 6,935.13.

The three major U.S. stock indexes closed mixed. The Nasdaq Composite Index on the 29th rose 0.17% from the previous session to 23,857.45 points. The Dow Jones Index gained 0.02% to 49,015.54 points, while the S&P 500 Index finished at 6,978.52.

Federal Reserve Chair Jerome Powell said on the 28th (local time) at a press conference after the Federal Open Market Committee (FOMC) meeting that "if the Fed loses its independence, it will lose its credibility." He added, "I do not think it will lose its independence." Previously, controversy emerged over a threat to the Fed’s independence after U.S. federal prosecutors opened an investigation into Fed Chair Jerome Powell.

Federal Reserve Chair Jerome Powell said on the 28th (local time) at a post-meeting press conference following the Federal Open Market Committee (FOMC) meeting that, regarding whether he would stay at the Fed after his term as chair ends, “nothing has been decided” about remaining in his role as a governor. Powell’s term as a member of the Fed’s Board of Governors runs through 2028. He did not offer a separate response to questions about a recently raised subpoena. Asked about the value of the dollar, he said “the dollar is a matter for the Treasury,” adding that it is “not something the Fed should comment on” and “a question the Treasury should answer.”

Federal Reserve Chair Jerome Powell on the 28th (local time) said the current monetary policy stance is "appropriate." Speaking at a press conference following the Federal Open Market Committee (FOMC) meeting that day, Powell said, "The Fed has two goals, and while inflation is lower than before, it has not yet reached the target level." Powell explained that the phrase "downside risks to employment have increased" was removed from this FOMC statement because "some signs of stability in employment have been confirmed." He added, however, that he "does not want to overinterpret those signals."

The Federal Open Market Committee (FOMC) of the U.S. Federal Reserve (Fed) said in a statement on the 28th (local time) that "U.S. economic activity has been expanding at a solid pace." The FOMC explained that "inflation remains somewhat elevated, but the unemployment rate is showing signs of stabilizing." In this statement, the previously included phrase that "downside risks to employment have increased" was removed. The FOMC said that "uncertainty around the economic outlook remains elevated," adding that "the extent and timing of additional policy adjustments will be determined by incoming economic data and the outlook." Meanwhile, the FOMC left the policy rate unchanged at this meeting. It was the first hold since July last year.

The Federal Open Market Committee (FOMC) of the US Federal Reserve (Fed) said in an official statement on the 28th (local time) that it would hold its benchmark interest rate steady. The decision was in line with market expectations. As a result, the US benchmark rate was maintained at 3.50%–3.75%.

According to CME FedWatch on the 28th (local time), traders see a 97.2% probability that the U.S. Federal Reserve (Fed) will keep its policy rate unchanged at the January FOMC meeting. The probability of a 0.25%p cut stands at 2.8%.

Vlad Tenev, co-founder and chief executive officer (CEO) of U.S. stock and digital asset (cryptocurrency) trading app Robinhood, pointed to limitations in financial infrastructure as the root cause of the 2021 GameStop trading halt episode and proposed stock tokenization as a solution. According to cryptocurrency news outlet CoinDesk on the 28th (local time), Tenev said, "The GameStop episode was not caused by any particular malicious actor, but stemmed from slow and outdated financial infrastructure." He explained that "unprecedented trading volume and volatility concentrated in a handful of names, and the existing system could not handle it." He went on to stress that "while the stock settlement cycle has been shortened from the previous 2 business days (T+2) to 1 business day (T+1), it is still not enough," adding that "the fundamental solution is to trade stocks on a blockchain." Tenev said that if blockchain-based stock trading is introduced, settlement delays would disappear and both systemic risk and the burden on brokerages could be reduced at the same time. He also added that "if stocks are traded on-chain, customers will be able to trade whenever they want, in the way they want." Robinhood has previously been reported to be planning to launch tokenized stock trading and decentralized finance (DeFi) features in the coming months.

HSBC said it believes the US digital asset (cryptocurrency) market structure bill, the CLARITY Act, is likely to pass despite opposition from Coinbase. According to crypto-focused media outlet CoinDesk on the 28th (local time), HSBC said in a recent report that “although Coinbase has withdrawn its support for the bill, it may prefer a compromise to a scenario in which no legislation passes at all.” HSBC stressed that at least minimum legal standards are needed to bring the digital asset industry into the regulatory mainstream. HSBC assessed that “while the currently disclosed draft market structure bill is not perfect, the bill as it stands may be more favorable to the industry than a prolonged regulatory vacuum or the emergence of more unfavorable revisions under a future administration.” Earlier, Coinbase had withdrawn its support for the market structure bill, citing reasons such as the possibility of a ban on stablecoin interest payments, restrictions on tokenized stocks, and concerns over DeFi-related regulation.