JH Kim

The three major U.S. stock indices are showing declines. The Nasdaq Composite index is trading at 22,297.15 points at 00:29 on the 19th, down 1.81% from the previous day. The Dow Jones index is down 1.32% at 45,974.32 points, and the S&P 500 index is down 1.20% at 6,592.26 points.

The three major U.S. stock indexes closed lower. The Nasdaq Composite index recorded 22,708.08 points, down 0.84% from the previous session on the 18th. The Dow Jones index closed at 46,590.43 points, down 1.18%, and the S&P 500 index closed at 6,670.98 points, down 0.94%.

Richard Teng (Richard Teng), Binance CEO, on the 17th (local time) on his X (formerly Twitter) rebutted a Forbes report that major virtual asset (cryptocurrency) exchanges collected millions of dollars in fees through crime-linked transactions. He said, "Some mainstream media are selectively citing specific data to make the virtual asset industry and Binance look negative." Teng CEO cited actual statistics from Chainalysis and TRM Labs and emphasized, "The proportion of illegal trading involvement among top centralized exchanges (CEX) is only 0.001%." He also said, "Binance's proportion is much lower than this figure," and explained that the exchange's anti-money laundering (AML) systems and monitoring framework are being continuously strengthened. Amid recent U.S. regulators and the media pointing out the possibility of major exchanges' involvement with illicit funds, Teng CEO's remarks are interpreted as an attempt to ease market concerns.

The White House is reportedly reviewing a new tax policy that would allow the U.S. Internal Revenue Service (IRS) to access virtual assets (cryptocurrency) held overseas by its citizens. On the 17th (local time), Solid Intel reported that the review is being discussed as part of the U.S. government's efforts to explore expanding the scope of taxation to include not only foreign financial accounts but also digital assets. The IRS is said to take the position that it should be able to obtain U.S. citizens' virtual asset data held on overseas exchanges and wallets. Holdings of virtual assets overseas have been raised as potentially being used to evade taxes because they are less transparent than traditional financial accounts. Accordingly, the U.S. government is reportedly discussing applying FATCA (Foreign Account Tax Compliance Act)-level regulation to digital assets as well. If the policy is pursued, it is highly likely that reporting obligations for overseas exchanges and digital asset service providers will be strengthened. However, the specific implementation timing and scope are reportedly still under review.

The U.S. virtual asset (cryptocurrency) lobbying group Chamber of Digital Commerce has launched a new State Network program to strengthen the promotion of digital asset policy at the state and local government level ahead of the 2026 midterm elections. On the 17th (local time), according to crypto-focused media The Block, Chamber of Digital Commerce Chief Executive Officer (CEO) Cody Carbon said, "The federal government is gradually becoming more favorable toward virtual assets, but a unified policy direction has not yet formed at the state level." He emphasized that the launch of the network will play an important role in closing policy gaps. The State Network aims to cultivate candidates and lawmakers in state and local politics who are supportive of virtual assets. Carbon said, "We hope that individuals who support virtual assets will emerge at all levels, from members of the federal Congress to local school boards." Since regulations and legislation related to virtual assets vary widely by state, the Chamber of Digital Commerce appears to have adopted a strategy to expand local-level support to ensure consistency in digital asset policy.

The three major U.S. stock indices are showing mixed results. The Nasdaq Composite was trading at 22,969.11 points at 00:23 on the 18th, up 0.30% from the previous close. The Dow Jones index was down 0.08% at 47,109.84 points, and the S&P 500 was up 0.13% at 6,742.91 points.

The three major U.S. stock indexes closed mixed. On the 15th, the Nasdaq Composite Index rose 0.13% from the previous day to 22900.59 points. The Dow Jones index fell 0.69% to 47131.85 points, and the S&P 500 index fell 0.07% to 6732.91 points.

Regarding the Federal Reserve (Fed)'s December rate decision, Lorie Logan, president of the Federal Reserve Bank of Dallas, expressed a cautious stance on additional rate cuts. On the 14th (local time), according to economic news channel Walter Bloomberg, President Logan said, "It is difficult to support additional rate cuts at the December meeting." He added, "I will closely review the data and carefully monitor financial market conditions for future policy decisions." President Logan has pointed out that despite some signs of slowing inflation, uncertainties still exist across the labor market and real economy indicators. With opinions within the Fed divided over the size of a December cut, his remarks are interpreted as a warning against "excessive easing." Markets are pricing in the possibility of at least a 25bp cut at the December Federal Open Market Committee (FOMC), but with some members advocating a hold or a slight adjustment, the final decision is expected to depend on the flow of indicators.

Steven Miran, a member of the U.S. Federal Reserve (Fed), expressed the view that the Fed's purchase of gold does not align with its policy mandate. On the 14th (local time), according to the economic news channel Walter Bloomberg, Miran said, "The Fed's purchasing of gold is not consistent with our institution's legal mandate." The Fed's policy mandate is based on the dual goals of price stability and maximum employment, and asset purchases have also been centered on asset classes directly related to conducting monetary policy, such as Treasuries and MBS. Miran's remarks are interpreted as drawing a clear line amid recent mentions by some market participants of stabilizing the currency value through gold purchases. He previously mentioned the need for a 25bp or 50bp rate cut in the December rate decision, and has emphasized that the Fed should maintain its traditional asset composition during the future policy normalization process.

Eric Trump, the second son of U.S. President Donald Trump, forecasted that large-scale capital movement from gold to Bitcoin (BTC) will take place. He emphasized that Bitcoin plays a role in protecting assets from inflation and vulnerable monetary policy. On the 14th (local time), speaking at a Yahoo Finance Invest event, Eric Trump said Bitcoin's competitiveness against gold is rapidly strengthening and that the axis of global capital flows will shift to digital assets in the future. He described Bitcoin as "a means to protect value from inflation, corruption, and weak monetary management." Eric Trump mentioned that demand for Bitcoin has been expanding recently in the United States and some countries in the Middle East and Asia, and he evaluated that market participation at the institutional and national levels could act as a long-term upward driver. He added that movements to classify Bitcoin as a 'substitute for gold' are increasing again. He also emphasized that Bitcoin's supply is fixed, saying, "Current capital is seeking a more liquid store of value. Gold has physical limitations, but Bitcoin connects to the global financial system more quickly." These remarks came amid growing interest in Bitcoin among U.S. political figures and major investors. Market analyses say that, based on changes in the correlation between gold and Bitcoin, an increase in the share of long-term holders, and ETF fund flows, Bitcoin is expanding its influence as an alternative asset.

The chief financial officer (CFO) of a software company was convicted on charges of withdrawing $35 million in company funds without authorization and using them for crypto asset (cryptocurrency) investments. The invested funds were reportedly all lost on a DeFi (decentralized finance) platform. According to crypto asset-focused media Decrypt, Nevin Shetty (Nevin Shetty) diverted $35 million from the company account while serving as CFO and transferred it to his own crypto asset platform. He used the funds for DeFi investments seeking high returns but lost the entire amount. Prosecutors argued that Shetty's actions were deliberate and premeditated, and the court found him guilty of breach of trust and fraud. Shetty is reported to face up to 20 years in prison. The case is being seen as an example that highlights the need to strengthen internal controls, as cases of senior corporate executives embezzling funds related to crypto assets are on the rise.

Jeff Schmid, president of the Federal Reserve Bank of Kansas City, warned that additional rate cuts could negatively affect price stability. He said there is also insufficient basis to resolve fissures in the labor market. On the 14th (local time), according to economic breaking news channel Walter Bloomberg, Schmid said, "Additional rate cuts would not only fail to fill the fissures in the labor market but would risk re-igniting inflation." He emphasized that, given the Fed's price stability goal, excessive easing policies should be approached with caution. Recently, markets have increasingly expected the Fed could accelerate the pace of rate cuts due to an economic slowdown and rising unemployment. However, Schmid warned that if such expectations lead to early easing, efforts to achieve price stability could instead be set back.

The three major U.S. stock indexes are showing declines. The Nasdaq Composite Index is trading at 22,772.12 points, down 0.43% from the previous day as of 00:19 on the 15th. The Dow Jones Industrial Average is down 1.01% at 46,979.62 points, and the S&P 500 is down 0.53% at 6,701.76 points.

All three major U.S. stock indices closed lower. The Nasdaq Composite index recorded 22,870.36 points, down 2.29% from the previous day on the 14th. The Dow Jones index closed at 47,456.98 points, down 1.65%, and the S&P 500 closed at 6,738.61 points, down 1.64%.

European Union (EU) financial authorities are reportedly discussing a plan to centrally manage dollar assets held by offshore central banks. It is interpreted that concerns have arisen that under the Trump administration the dollar could be used as a political tool or access could be restricted in a crisis. On the 13th (local time), according to economic news channel Walter Bloomberg, EU officials are reviewing various options to jointly manage or consolidate the dollar holdings held by countries outside the United States. This is to secure safeguards to respond to foreign exchange market volatility and geopolitical risk. Within the EU there has been ongoing discussion that dependence on the dollar should be reduced and the structure of foreign exchange reserves diversified. As the Trump administration has recently hinted at strengthening export controls on China and the possibility of expanding sanctions, the risk to dollar access has re-emerged. Future discussions are expected to continue mainly through meetings of finance ministers and the European Central Bank (ECB) consultative body.

Cleveland Federal Reserve Bank President Beth Hammack (Beth Hammack) said a tight monetary policy stance should be maintained for the time being to ease inflationary pressures. She also warned that inflationary pressures could continue into early next year due to the effects of tariffs. On the 13th (local time), according to economic news channel Walter Bloomberg (Walter Bloomberg), President Hammack emphasized policy continuity to prevent economic overheating, saying, "It is necessary to continue maintaining a certain level of tightening to bring inflation back to the target range." She noted in particular that recent tariff adjustments could stimulate upward pressure on prices, saying, "Inflation may not ease until early next year because of tariff effects." With some Fed officials saying the pace of rate cuts should be slowed, Hammack's remarks bolster cautious views. The Fed is expected to revisit the interest rate path at the Federal Open Market Committee (FOMC) meeting scheduled for December.