JH Kim

On the 20th (local time), according to the cryptocurrency-focused media outlet CoinDesk, it was revealed that US regulators are accelerating efforts to erase regulatory traces from the Biden administration before the enactment of the congressional cryptocurrency regulation law. The media stated, "There is growing expectation that legislative progress in Congress will finally bring clarity to cryptocurrency regulation in the US," and "financial supervisory agencies are moving quickly to make meaningful changes." It continued, "In particular, interim heads (acting directors) of banking and securities regulatory agencies are erasing traces of policies and enforcement actions used to suppress the digital asset industry during the previous administration," adding, "Many experts are watching the US Securities and Exchange Commission (SEC) cryptocurrency task force roundtable meeting scheduled for the 22nd."

U.S. President Donald Trump stated on the 20th (local time) in a video speech at the Blockworks Digital Asset Summit (DAS) that "dollar-based stablecoins will help expand the dominance of the U.S. dollar." He urged Congress to pass a bill that creates simple but common-sense rules for stablecoins and market structure, adding, "With the right legal framework, both large and small institutions can invest, innovate, and participate in one of the most exciting technological revolutions in modern history."

The three major indices of the U.S. stock market are showing an upward trend. The Nasdaq Composite Index is trading at 17,838.82 points, up 0.50% from the previous day as of 00:02 on the 21st. The Dow Jones Index is up 0.58% at 42,208.96 points, and the S&P 500 Index is up 0.39% at 5,697.32 points.

Former Fox Business reporter Eleanor Terrett reported on the 19th (local time) via X (formerly Twitter) that U.S. President Donald Trump plans to deliver a speech via live streaming at the Blockworks Digital Asset Summit (blockworksDAS) on either that day or the 20th (local time). She added, "There is also a possibility that a recorded video will be released instead of live streaming," and noted that "timing and plans for such events are always very fluid, just like the presidential schedule."

Jerome Powell, Chair of the U.S. Federal Reserve, said on the 19th (local time) during a press conference after the FOMC meeting, "The baseline inflation before the tariff policy was at 2.5%," adding, "Inflation has risen due to tariffs. However, it still remains in the 2% range." He continued, "The Fed is running prediction simulations on the impact of tariffs," adding, "This is being conducted under the assumption that the U.S. will fully implement retaliatory tariffs."

Jerome Powell, Chair of the Federal Reserve (Fed), stated on the 19th (local time) during a press conference after the FOMC meeting, "While market sentiment has weakened, the economy appears healthy," adding that "the decline in market sentiment is attributed to policy changes by the Trump administration." He continued, "One of the reasons for the Fed's core inflation forecast decline this year is tariffs," and noted, "We don't know how significantly or in what ways tariffs will impact the economy." Furthermore, he added, "Tariffs generally tend to increase inflation and slow economic growth," but emphasized, "We are looking at the long term."

Jerome Powell, Chair of the Federal Reserve (Fed), stated on the 19th (local time) during a press conference after the FOMC meeting that "we will know within the next few months whether the high inflation rates in the first two months of this year were due to tariffs." He added, "We are looking for direct evidence to determine if inflation has been caused by tariffs," and "people are dissatisfied with the rapid price increases. It's not wrong to feel this way."

Jerome Powell, Chair of the Federal Reserve (Fed), stated on the 19th (local time) during a press conference after the FOMC that while some experts have raised the possibility of a recession, the likelihood is not high. Earlier, the Fed announced through an official statement that it would hold interest rates steady. This aligns with market expectations. As a result, the U.S. benchmark interest rate remains at 4.25%~4.50%.

In response to a reporter's question about maintaining the forecast of two interest rate cuts within this year during the press conference after the FOMC on the 19th (local time), Jerome Powell, Chairman of the Federal Reserve (Fed), said, "We have maintained a neutral stance for now, but we cannot predict how things will unfold in the future." He continued, "Both employment and layoff rates are showing low levels. If the layoff rate rises, it is likely to lead to an increase in the unemployment rate," adding that "there are also items whose prices have risen despite not being subject to tariffs." Furthermore, he added, "If inflation eases on its own, there is no reason to raise interest rates, and it would not be right to do so."

Jerome Powell, Chair of the Federal Reserve (Fed), stated on the 19th (local time) during a press conference after the FOMC that "the US economy remains strong." He explained, "While inflation is still slightly high, the labor market is solid," adding that "uncertainty regarding policy and international economic outlook is increasing." He continued, "We don't yet know how these uncertainties will affect the economic outlook," and noted that "according to surveys, tariffs are driving inflation expectations." Finally, he added, "We are focused on distinguishing between signals and noise."

On the 19th (local time), the Federal Open Market Committee (FOMC) of the Federal Reserve System (Fed) announced that it will slow down the pace of tapering from April due to increased uncertainty in economic outlook. The Fed explained, "We support maintaining the target range for the federal funds rate, but it is desirable to continue tapering at the current pace." Furthermore, they adjusted some of their economic forecasts for 2025. Meanwhile, they lowered the GDP growth forecast from 2.1% to 1.7%, raised the unemployment rate forecast from 4.3% to 4.4%, and raised the Personal Consumption Expenditure (PCE) forecast from 2.5% to 2.7%.

Former Fox Business reporter Eleanor Terrett shared on X (formerly Twitter) on the 19th (local time) that she "heard that a major announcement for the next phase of President Donald Trump's cryptocurrency policy could be revealed at the Blockworks Digital Asset Summit (blockworksDAS)." The summit is taking place in New York from March 18-20 (local time).

On the 19th (local time), the Federal Open Market Committee (FOMC) of the US Federal Reserve (Fed) announced through an official statement that it would freeze the benchmark interest rate. This is in line with market forecasts. As a result, the US benchmark interest rate maintained 4.25%~4.50%.

Pascal Gauthier, CEO of hardware wallet manufacturer Ledger, revealed that "institutions have begun to show more interest in cryptocurrency security following the Bybit hacking incident." According to cryptocurrency media Blockworks on the 19th (local time), he said, "I received calls from various institutions after the Bybit hack," explaining that "they are looking for liquidity management solutions through not just simple asset storage, but also self-custody or regulated custodians." He added, "Ultimately, institutions want to minimize risk, and Ledger can provide the optimal solution for this."

The three major U.S. stock market indices are showing an upward trend. As of 00:36 on the 20th, the Nasdaq Composite Index is trading at 17,673.29 points, up 0.97% from the previous day. The Dow Jones Index is up 0.58% at 41,823.28 points, and the S&P 500 Index is recording 5,653.53 points, up 0.69%.

US Representative Ro Khanna from California emphasized that "Congress must pass both stablecoin and digital asset (cryptocurrency) market structure bills within this year." According to cryptocurrency media Cointelegraph on the 18th (local time), he stated, "Currently, about 70-80 Democratic representatives understand the importance of stablecoin legislation as a means to enhance dollar accessibility and American influence," adding that "we recognize that the Financial Innovation and Technology for the 21st Century Act (FIT21) needs some modifications." He further explained, "However, regardless of that, the basic market structure bill must absolutely be established." Referring to Donald Trump's memecoin, he said, "I support blockchain technology, but I criticize the President's memecoin," emphasizing that "it is inappropriate for an elected official to issue a memecoin, and this does not help inform the American people about the related technology at all."

The three major U.S. stock market indices closed lower. The Nasdaq Composite Index fell 1.71% from the previous day to 17,504.12 points on the 19th. The Dow Jones Index closed at 41,581.31 points, down 0.62%, while the S&P 500 Index finished trading at 5,616.36 points, down 1.04%.

According to a survey report jointly released by global virtual asset (cryptocurrency) exchange Coinbase and EY-Parthenon, the strategic consulting division of international consulting firm E&Y, 83% of institutions responded that they plan to expand their virtual asset allocation this year. According to cryptocurrency specialist media Cointelegraph on the 18th (local time), a significant number of respondents said they plan to allocate more than 5% of their portfolios to virtual assets. They evaluated virtual assets as the most attractive opportunity to generate risk-adjusted returns over the next 3 years. This survey report was conducted with more than 350 institutional investors.

According to The Block, a cryptocurrency-focused media outlet, on the 18th (local time), as the U.S. government's interest in digital assets (cryptocurrencies) increases, a16z Crypto has appointed its in-house legal counsel, Miles Jennings, as head of policy. Previously, President Donald Trump nominated Brian Quintenz, a16z's cryptocurrency policy head, as chairman of the Commodity Futures Trading Commission (CFTC). Miles Jennings will continue negotiations on legislation related to stablecoins and market structure, one of the key tasks of his predecessor, Brian Quintenz.

According to Decrypt, a cryptocurrency specialized media, on the 18th (local time), a US court dismissed a lawsuit filed by the Securities and Exchange Commission (SEC) in 2024 against the founder of decentralized social media BitClout. Previously, the SEC had indicted BitClout founder Nader Al-Naji on charges of wire fraud amounting to $3 million last year.