JH Kim

The three major U.S. stock indexes are trading higher. As of 00:03 on the 22nd, the Nasdaq Composite is up 0.74% from the previous session at 23,125.19 points. The Dow Jones index is up 0.64% at 48,800.83 points, while the S&P 500 index is up 0.74% at 6,847.43.

According to Cointelegraph, a media outlet specializing in virtual assets (cryptocurrencies), on the 20th (local time) the US Commodity Futures Trading Commission (CFTC) appointed a lawyer specializing in virtual assets as one of its two senior counsels. CFTC Chairman Michael Selig recently named Michael Passalacqua as a senior counsel. Passalacqua previously worked at global law firm Simpson Thacher & Bartlett, where he primarily handled litigation and regulatory issues related to virtual assets. Chairman Selig said, "Passalacqua brings experience handling complex virtual-asset cases, and we expect him to contribute to refining the CFTC’s policy and supervisory framework in the rapidly changing digital-asset market environment." The appointment is seen as part of the CFTC’s broader push to strengthen its supervisory capabilities over the virtual-asset market and to further sharpen related regulation and legal interpretations.

According to Decrypt, a cryptocurrency-focused media outlet, on the 20th (local time) a court in the US state of Massachusetts issued a temporary order barring prediction-market operator Kalshi from running a sports-betting prediction market. This is the first time such an order has been issued in the US against a prediction-market platform. According to the outlet, the court found that the sports-related contracts offered by Kalshi are in substance akin to gambling. In its decision, the court said, “Until March of last year, Kalshi described itself in advertising as ‘the first nationwide legal sports betting platform,’” adding, “It later changed the wording to ‘a regulated exchange dedicated to trading directly tied to the outcome of specific events,’ but its operating model is similar to other forms of digital gambling.” Temporary restraining orders are generally issued when the plaintiff is deemed likely to prevail on the merits. Following the decision, Massachusetts regulators are expected to take steps as early as this Friday (local time) to formally prohibit Kalshi from offering sports-betting contracts. In the meantime, a number of US state governments have moved to regulate prediction-market platforms such as Kalshi and Polymarket by treating them as sports-betting services. The platforms have pushed back, arguing that they are not state-regulated sports betting but instead offer event-based contracts overseen by the Commodity Futures Trading Commission (CFTC). Meanwhile, a federal court in Tennessee recently ruled that the state should temporarily withdraw a cease-and-desist order issued against Kalshi, suggesting that regulatory friction between federal and state authorities over prediction markets is likely to persist for some time.

According to Decrypt, a crypto-focused media outlet, on the 20th (local time), prediction market platform Polymarket has been barred from operating in Portugal and Hungary. According to the report, Portugal’s gambling regulator and Hungary’s regulator ordered access to be blocked after determining that Polymarket provided services that constitute illegal gambling under local law. In Portugal, an immediate halt to operations was demanded, while in Hungary a temporary ban was reportedly imposed. While Hungary’s action could be lifted in the future, the outlet said regulatory pressure on prediction market platforms, including Polymarket, is expanding across countries.

According to The Block, a cryptocurrency-focused media outlet, major prediction markets’ daily trading volume surpassed $814 million on the 20th (local time), setting a new all-time high. With this record, prediction market trading volume has extended its streak of gains to six consecutive months. Month-to-date volume is estimated at about $10.5 billion, close to the $11.5 billion monthly total recorded in December last year. The outlet added that “unless an exceptional market shock occurs, there is a very high likelihood that prediction market trading volume will set a new monthly record this month.”

Mike Selig, the new chair of the U.S. Commodity Futures Trading Commission (CFTC), has unveiled the “Future Proof” initiative to overhaul the supervisory framework for innovative finance, including virtual assets (cryptocurrencies). According to crypto-focused media outlet CoinDesk on the 20th (local time), Selig said the initiative will institutionalize rules for innovative finance—including oversight of the virtual-asset market—through formal rulemaking rather than the existing enforcement-led approach. In a post on X (formerly Twitter) and an op-ed for The Washington Post, Selig said, “To respond to the rapidly changing landscape of financial innovation, we need to modernize the supervisory framework with a forward-looking approach,” adding that he would announce additional policy changes in the near term. The initiative is seen as part of the CFTC’s efforts to establish a clearer and more predictable regulatory framework for the crypto and digital-asset markets.

According to Walter Bloomberg, an economic breaking-news account, on the 20th (local time), Greenland Prime Minister Jens Frederik Nielsen said the country must prepare for the possibility of a military invasion. Nielsen said, “U.S. pressure regarding Greenland continues, and while the likelihood is not high, we cannot rule out the threat of an invasion,” adding, “Accordingly, the Greenland government is forming a dedicated task force (TF) for emergency response.” He added, “The government plans to provide residents with guidance on actions such as stockpiling daily necessities that can last for several days,” and noted, “Denmark and allied countries are also strengthening their Arctic defense posture. Greenlandic authorities are using these measures to bolster local communities’ crisis-response preparedness.”

The U.S. Supreme Court decided not to issue a ruling on tariff policies under Donald Trump’s administration on the day. According to the breaking-economy news account Walter Bloomberg on the 20th (local time), the Supreme Court did not include a ruling on the legality of the Trump administration’s tariff policy in its opinion-announcement session that had been scheduled. The ruling had been expected at 12:00 a.m. KST on Jan. 21, but with the schedule delayed, the timing of the announcement has yet to be set. The case challenges the constitutionality of the tariff measures implemented by the Trump administration, and analysts say the outcome could affect the broader direction of U.S. trade policy.

All three major U.S. stock indexes are trading lower. The Nasdaq Composite was down 1.71% from the previous session at 23,113.72 points as of 00:14 on the 21st. The Dow Jones Industrial Average was down 1.37% at 48,682.40, while the S&P 500 was down 1.49% at 6,836.72.

On the 20th (local time), Walter Bloomberg, a breaking-news account focused on the economy, reported that Danish Prime Minister Mette Frederiksen reaffirmed her stance that Denmark will not give up Greenland. Addressing Greenland’s status, the prime minister said, "Denmark will not give up Greenland," making clear the government’s longstanding position on sovereignty. Earlier, US President Donald Trump again raised the issue of purchasing Greenland, and mentioned the possibility of imposing new tariffs alongside negotiation pressure on eight European countries. This has also fueled speculation that diplomatic and trade tensions between the US and Europe could widen.

According to Walter Bloomberg, an economic breaking-news account, on the 20th (local time), US Treasury Secretary Scott Bessent said it is "highly unlikely that the US Supreme Court will invalidate key economic policies of US President Donald Trump." Bessent expressed skepticism that the Supreme Court would overturn the administration’s broader economic policy agenda, stressing that any legal ruling is unlikely to go so far as to undermine policy continuity. Meanwhile, the US Supreme Court is expected to issue a ruling at midnight on Jan. 21 (Korea time) related to the Trump administration’s tariff policy. The decision is set to address the legality of the tariff policy pursued by the Trump administration.

According to Walter Bloomberg, an economy breaking-news account, on the 20th (local time), Denmark’s pension fund AkademikerPension has decided to sell its entire holdings of US Treasuries and exit the investment. The move is seen as a response to US President Donald Trump’s tariff policies and broader posture of external pressure.

According to Walter Bloomberg, a breaking-news account, on the 20th (local time), Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund, said the current global monetary order is entering a phase of breakdown. In an interview with CNBC that day, Dalio said, "The existing monetary order is collapsing," adding that "fiat money and debt are not being held and absorbed by central banks in the same way as in the past." He explained that central banks are in a position where it is difficult to continue playing the role of backstopping government bonds and currencies without limit, and that a shift in confidence across the monetary system is underway. Dalio added that these changes could have a long-term impact on global financial markets and asset-allocation practices.

According to Walter Bloomberg, a breaking-news economics account, on the 20th (local time), speculation has emerged that U.S. President Donald Trump could decide on the selection of the next Federal Reserve (Fed) chair as early as next week. U.S. Treasury Secretary Scott Bessent said in an interview with CNBC, “President Trump may reach a conclusion on the decision for the Fed chair as soon as next week.” While Secretary Bessent did not mention specific candidates or the timing of the decision, his remarks suggested that discussions surrounding the Fed leadership and the direction of monetary policy are gaining pace. Previously, President Trump had strongly criticized the Fed’s interest-rate policy and, regarding the selection of the next Fed chair, said that he “already has a decision in mind.”

BlackRock’s U.S. preferred stock exchange-traded fund (ETF) PFF was found to be investing about $380 million in preferred shares of Strategy (MSTR). According to crypto-focused media outlet CoinDesk on the 20th (local time), PFF holds about $210 million worth of STRC preferred shares issued by Strategy, accounting for 1.47% of PFF’s overall portfolio and ranking as the fourth-largest position. In addition, BlackRock was reported to hold a total of $170 million worth of MSTR-related shares, including other Strategy preferred stocks such as STRF and STRD as well as Strategy common stock. The investment is interpreted as an example showing that institutional investors’ indirect exposure to Strategy—drawing attention for its Bitcoin treasury strategy—is expanding.

Portugal’s gambling regulator has ordered Polymarket, a crypto-based prediction-market platform, to suspend operations within 48 hours. According to crypto-focused outlet CoinDesk on the 20th (local time), the Portuguese regulator said it had confirmed that more than $120 million had been wagered on the outcome of Portugal’s presidential election on Polymarket, adding that betting on political issues in Portugal is illegal. The regulator reportedly demanded immediate blocking measures, saying the service is in violation of domestic laws. Meanwhile, Polymarket is currently subject to access restrictions in around 30 countries, including Singapore, Russia, Belgium, Italy and Ukraine.

An analysis has found that adopting Know Your Customer (KYC) procedures is essential to prevent insider trading in prediction markets. On the 20th (local time), Austin Weiler, a research analyst at cryptoasset (cryptocurrency) research firm Messari, said in an interview with Cointelegraph that “platforms that implement KYC can preemptively restrict certain users’ access to the market,” adding that “for example, it is possible to block government officials from participating in political and geopolitical prediction markets at the source.” He noted that “it is not possible to completely prevent insiders from passing information to third parties, but KYC serves as an important barrier that deters abuses of authority,” adding that “in on-chain prediction markets without KYC, there is no means to determine whether someone is an insider in the first place.” He added that among current prediction market platforms, Polymarket applies KYC selectively for U.S. users, while Kalshi operates a stricter KYC policy.