JH Kim

Benjamin Netanyahu, Israel's prime minister, announced that he plans to directly discuss the issue of Iran's nuclear activities with U.S. President Donald Trump. On the 22nd (local time), according to overseas business breaking news channel Walter Bloomberg, Netanyahu reaffirmed his position that Iran's nuclear development trends have a significant impact on Middle East regional security and that coordination with the United States is essential. Diplomatic and security response measures surrounding Iran's nuclear program are expected to be the core of the discussions. In related remarks, Netanyahu said, "Iran's nuclear activities are a serious matter facing not only Israel but the entire international community," and added, "I will discuss this matter in depth with the U.S. President." Israel has warned that Iran has continued activities that could lead to the development of nuclear weapons, and has advocated strengthening international sanctions and diplomatic pressure. President Trump also withdrew from the Iran nuclear agreement (JCPOA) during his term and maintained a hardline stance. Markets and diplomatic circles see the discussions as potentially affecting geopolitical tensions in the Middle East and future policy direction toward Iran.

The White House said it has finished assembling key personnel to overhaul the regulatory framework for virtual assets centered on the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). On the 22nd (local time), according to virtual asset (cryptocurrency) specialist media Cointelegraph, David Sacks (David Sacks), the White House AI and virtual assets official, said the SEC and CFTC have formed a 'dream team' to devise clear regulations for virtual assets. Sacks said, "This is a very special time," and explained, "Various new technologies, products, and platforms are emerging, and individual investor participation in commodity markets has reached record highs." He added, "Congress is also preparing to submit to the president a digital asset market structure bill to firmly make the United States the world's center for virtual assets." The market structure bill is centered on distinguishing virtual assets as securities and commodities and clearly dividing supervisory authority between the SEC and CFTC. The goal is to resolve overlapping regulation and uncertainty and to lay the groundwork for the virtual asset industry to grow within the regulatory framework. Markets say that, given the White House's putting regulatory overhaul at the forefront, discussions on virtual asset policy are likely to accelerate. In particular, if the cooperation structure between the SEC and CFTC becomes clear, regulatory predictability for both virtual asset firms and investors is expected to increase.

A statement was made that the U.S. Congress is ready to deliver a market-structure bill for virtual assets (cryptocurrency) to President Donald Trump. On the 22nd (local time), according to crypto-focused media WatcherGuru, Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said that Congress is prepared to complete the procedures to send a market-structure bill for virtual assets to the president. Selig began his official term that day, and indicated that reorganizing the virtual-asset regulatory framework will be a major policy task. He emphasized that the market-structure bill is a key piece of legislation that would resolve regulatory uncertainty for the virtual-asset industry. The bill aims to clearly delineate regulatory authority over virtual assets between the Securities and Exchange Commission (SEC) and the CFTC. The core is to classify virtual assets as securities or commodities depending on their nature and to establish corresponding supervisory frameworks. Market participants say that if the bill is sent to President Trump, whether he signs it and the administration's subsequent regulatory stance would have a significant impact on the overall virtual-asset market.

Donald Trump, the U.S. president, may nominate the next chair of the Federal Reserve (Fed) as early as the first week of January next year. On the 22nd (local time), overseas economic breaking-news channel Walter Bloomberg reported that President Trump is considering an early announcement of a new Fed chair candidate. This is an unusually fast timeline given that current Fed Chair Jerome Powell's term ends in May next year. According to the outlet, President Trump appears to intend to proactively shape the market's expectations about the future direction of monetary policy through the next Fed chair appointment. In particular, it has been suggested that the candidate pool could include individuals more inclined toward cutting interest rates. Earlier, President Trump repeatedly criticized Powell's interest-rate policies, and controversy over the Fed's independence has continued. Accordingly, there is growing attention to the potential impact of the next chair selection process on financial markets. Markets are watching related news because the timing of the next Fed chair nomination and the nominee's stance on monetary policy could affect the future path of interest rates, Treasury yields, and risk assets more broadly.

Global digital asset (cryptocurrency) exchange Coinbase is pursuing the acquisition of a related startup to expand its prediction market business. On the 22nd (local time), according to crypto-focused media The Block, Coinbase has agreed to acquire prediction market startup The Clearing Company. The deal is expected to be completed in January next year. Specific terms, including the acquisition price, were not disclosed. The Clearing Company is a startup that has developed prediction market-related technology and infrastructure, and after the acquisition is completed, the team will join Coinbase. They plan to support Coinbase's expansion of prediction market services and related product development. Coinbase has recently been expanding its business areas beyond spot trading of digital assets to include derivatives, payments, and prediction markets. Industry sources view this acquisition as part of a strategy to diversify services in anticipation of changes in the regulatory environment.

The three major U.S. stock indices are showing gains. The Nasdaq Composite is trading at 23,415.28 points as of 00:25 on the 23rd, up 0.46% from the previous close. The Dow Jones index is at 48,274.16 points, up 0.29%, and the S&P 500 index is at 6,861.40 points, up 0.39%.

The three major U.S. stock indices closed higher. On the 20th, the Nasdaq Composite rose 1.31% from the previous day to 23,307.62 points. The Dow Jones index closed up 0.38% at 48,134.89 points, and the S&P 500 index closed up 0.89% at 6,834.78 points.

The U.S. Securities and Exchange Commission (SEC) is seeking sanctions that would restrict key figures of the bankrupt virtual asset exchange FTX from assuming executive positions at public enterprises and listed companies for several years to come. On the 19th (local time), according to crypto-focused media The Block, the SEC requested a civil sanctions order from the court against FTX co-founder Gary Wang, head of engineering Nishad Singh, and Alameda Research CEO Caroline Ellison. The SEC determined that they committed fraud under securities laws and included measures to bar them from serving as officers or directors of listed companies and public enterprises for the next five years. However, the individuals reportedly agreed to the related order without admitting or denying the charges.

Observers have said that Elon Musk and Morgan Stanley's long-standing cooperative relationship could work in Morgan Stanley's favor during a potential SpaceX initial public offering (IPO) process. According to economic news account Walter Bloomberg on the 19th (local time), Musk has maintained close financial ties with Morgan Stanley across his major businesses, including Tesla, SpaceX, and X (formerly Twitter). As a result, there is an assessment that if SpaceX pursues a listing, Morgan Stanley is likely to be selected as the lead underwriter. Morgan Stanley played a key role in Tesla's past listing and financing processes, and has continuously participated in major transactions related to Musk's large-scale fundraising. In particular, its strong understanding of Musk's business structure and financial strategy is cited as an advantage. SpaceX has not yet announced official IPO plans, but is valued as a private company at hundreds of billions of dollars. Market observers also say that if the listing materializes, it could be one of the largest single IPOs in history. In this context, the trust relationship with Musk and past transaction history could act as important variables in the selection of underwriters. However, it is also noted that the timing and structure of any final listing and the selection of underwriters may vary depending on market conditions and company strategy.

Republican members of the U.S. House of Representatives urged the administration to withdraw the current tax rules on virtual asset (cryptocurrency) staking rewards. On the 19th (local time), according to Decrypt, a media outlet specializing in virtual assets, the Republican members argued in a letter that the rule that immediately taxes staking rewards as income should be scrapped before it applies in the 2026 tax year. The rule, introduced by the U.S. Internal Revenue Service (IRS) in 2023, treats rewards received through virtual asset staking as taxable income at the moment they are received. As a result, tax is imposed at the time staking rewards occur. The virtual asset industry has pointed out that this taxation method does not fit the technical characteristics. The industry maintains that staking rewards should be regarded as newly created assets and that it is appropriate to tax them at the actual time of sale. Republican members argued that the current rule places an excessive burden on individual participants and network security contributors. They stressed that unclear tax standards could suppress innovation and participation across the virtual asset industry. This demand could lead to discussions for a comprehensive review of the virtual asset taxation system in the future.

The U.S. Department of Justice is set to release a large volume of documents related to Jeffrey Epstein. The release is reported to include hundreds of thousands of records. 19th (local time) according to economic breaking news account Walter Bloomberg, the U.S. Department of Justice plans to make documents related to the Epstein case public during the day. The documents are said to be centered on Epstein's activities and associations. According to the outlet, the documents to be released also include records related to meetings held at Epstein's Manhattan residence. Those records reportedly show that former U.S. Treasury Secretary Larry Summers and Tether co-founder Brock Pierce attended the meeting and discussed matters related to Bitcoin. The scope of the documents to be released and the specific contents have not yet been confirmed. However, it has been suggested that the release of these materials could reveal additional facts about the relationships among figures involved in the Epstein case and their past activities. Markets and political circles are watching for the ripple effects and the possibility of further investigations following the release.

The three major U.S. stock indexes are showing gains. The Nasdaq Composite is trading at 23,246.29 points at 00:11 on the 20th, up 1.04% from the previous day. The Dow Jones Industrial Average is up 0.56% at 48,221.09 points, and the S&P 500 is up 0.74% at 6,825.17 points.

The three major U.S. stock indices closed higher. The Nasdaq Composite rose 1.38% from the previous day on the 19th to 23,006.36 points. The Dow Jones rose 0.14% to 47,951.85 points, and the S&P 500 rose 0.78% to 6,773.96 points at the close.

The European Central Bank (ECB) said it has completed the technical preparations for introducing a digital euro, and that the remaining task is the related legislative process. Regarding monetary policy, it reaffirmed its previous position that it will not pre-commit to a specific interest rate path. On the 18th (local time), according to cryptoasset-focused media CoinDesk, Christine Lagarde, ECB President, said, "Technical preparations for the digital euro are already complete," and "what remains now are political decisions and the legislative process." The digital euro is a central bank digital currency (CBDC) issued by the eurozone's central bank. Lagarde said on monetary policy, "The ECB does not commit in advance to a specific interest rate path," and "future decisions will be made on a meeting-by-meeting basis based on data." She projected that inflation will gradually slow and recover to the ECB's target of 2% by 2028. The ECB left the eurozone's key interest rate unchanged at the monetary policy meeting on Thursday (local time). While the slowdown in the inflation rate continues, the assessment reflected that upward pressure from service prices and wage increases still remains. Discussions on legislation related to the digital euro are underway at the European Parliament and at the member state level. If a legal basis is established, the ECB plans to decide step-by-step on whether to introduce the digital euro after a pilot operation.

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is reviewing the possibility of investing in virtual-asset payments firm MoonPay. This is interpreted as a move by a traditional financial infrastructure company to seek cooperation with the virtual-asset payments sector. On the 18th (local time), Bloomberg reported that ICE is reportedly discussing a strategic investment plan for MoonPay. However, the specific investment size, equity structure, and final decision have not yet been confirmed. MoonPay is a payments company that provides infrastructure enabling the purchase and settlement of virtual assets via credit cards, debit cards, and bank transfers. It partners with global virtual-asset service providers and serves as an on- and off-ramp. ICE is a financial infrastructure company that operates global exchanges, clearing houses, and data businesses, including the NYSE. Recently, it has been expanding its engagement with tokenized assets, digital payments, and the virtual-asset market. The market views this discussion as a case for gauging potential cooperation between traditional financial infrastructure and virtual-asset payment networks. If it leads to an investment, assessments say the connection between regulated markets and the virtual-asset ecosystem could be further strengthened.

Tomoya Asakura, CEO of Japan's SBI Global Asset Management, said the pace of Japan's virtual asset (cryptocurrency) tax reform is slow. He warned that if tax uncertainty continues, Japan could fall behind in competition in the global virtual asset industry. On the 18th (local time), according to crypto-focused media DL News, Asakura said, "Japan will fall behind not only the United States but also Asia and the Middle East in terms of virtual asset development." He mentioned that Japanese virtual asset traders are subject to a top tax rate of up to 55% on profits. He also pointed to the problem that, unlike stocks, gains and losses cannot be offset and carried forward. Earlier, Japan's Financial Services Agency (FSA) announced plans to reclassify virtual assets as an investment vehicle to align them with stocks. In this process, a plan was proposed to reduce the capital gains tax rate on virtual assets to 20%. DL News reported that Japan's parliament is expected to pass an amendment in early 2026 to include virtual assets within the scope of the Financial Instruments and Exchange Act. Since legal revisions typically take one year until promulgation, the market sees a possibility that the new tax system will come into effect in January 2027.

U.S. prosecutors indicted the operator of the virtual asset service 'E-Note' on charges of laundering virtual asset (cryptocurrency) funds generated by ransomware attacks and hacking. Prosecutors say the service was used to conceal illicit money flows. On the 18th (local time), according to crypto-focused media Decrypt, U.S. prosecutors indicted Mykhalio Petrovich Chudnovets, a Russian national, on charges of operating E-Note. Prosecutors alleged that E-Note laundered about $70 million in virtual assets generated by crimes such as ransomware attacks and hacking. They explained that E-Note functioned as money laundering infrastructure as criminal proceeds moved through multiple routes. U.S. law enforcement is continuing investigations targeting service operators and infrastructure providers to block the concealment and laundering of criminal proceeds related to virtual assets. The E-Note case is also classified as an example of tracing the movement of illicit funds to assign responsibility.