JH Kim

On the 17th (local time), on-chain data platform Unfolded reported via X (formerly Twitter) that the United States House of Representatives had passed the digital asset market structure bill known as the 'CLARITY Act.' This bill has been promoted to clarify the legal status of digital assets and the regulatory standards for exchanges, aiming to resolve uncertainty in the market. The passage of the CLARITY Act in the House is considered a major milestone for the institutionalization of the U.S. virtual asset (cryptocurrency) industry.

According to foreign media on the 17th (local time), U.S. President Donald Trump is confident about the House passing the stablecoin regulatory law 'GENIUS Act,' and is reportedly preparing a signing ceremony on the afternoon of the 18th (local time). On this day, White House spokesperson Karoline Leavitt stated at a press conference, "The House will soon vote on the bill, and there are enough affirmative votes secured," adding, "Only the President's signature remains, and the signing ceremony is planned for tomorrow afternoon." The 'GENIUS Act' contains provisions to establish a regulatory framework for stablecoin issuers in the United States, and is also expected to contain clauses prohibiting the issuance of competing high-yield stablecoins.

On the 17th (local time), Eleanor Terrett, host of Crypto in America, reported, citing a Democratic Party official, that the digital asset market structure bill, the 'CLARITY Act (CLARITY Act)', is scheduled to be introduced to the plenary session at 4 p.m. (5 a.m. KST on the 18th). It is expected that about 35 Democratic lawmakers will vote in favor of the bill. Eleanor Terrett further mentioned that for the stablecoin regulatory bill, the 'Genius Act (Genius Act)', the number of Democratic lawmakers expected to vote in favor would reach 70 to 80. Both bills are key legislation aimed at increasing regulatory clarity in the digital asset market and are attracting bipartisan attention within the U.S. Congress.

On the 17th (local time), Eleanor Terrett, host of Crypto in America, stated that the White House is preparing to pass the stablecoin regulation bill, 'Genius Act.' According to Eleanor Terrett, the White House will host an official signing ceremony at 2:30 PM (local time) on the 18th, immediately after the bill's passage, inviting key industry leaders and members of Congress. The Genius Act is a key bill to establish a digital asset regulatory framework, and this signing ceremony signals that the U.S. government is actively promoting the digital asset industry.

According to The Block, a media outlet specializing in virtual assets (cryptocurrencies), on the 17th (local time), the corporate travel blockchain infrastructure startup Blockskye has secured $15.8 million in Series C funding. This round was conducted through an equity transaction structure including token warrants, with United Airlines Ventures, Lightspeed Faction, and KSV Global participating as investors.

The three major U.S. stock indices are showing an upward trend. As of 00:42 on the 18th, the NASDAQ Composite Index is trading at 20,883.38 points, up 0.74% from the previous day. The Dow Jones Industrial Average is up 0.40% at 44,433.24 points, and the S&P 500 Index is up 0.45% at 6,291.82 points.

All three major U.S. stock indices closed higher. On the 17th, the Nasdaq Composite Index rose 0.26% from the previous day, finishing at 20,730.49 points. The Dow Jones Industrial Average increased 0.53% to 44,254.78 points, and the S&P 500 closed up 0.31% at 6,263.03 points.

On the 16th (local time), Eleanor Terrett, the host of Crypto in America, commented on the background behind the delay in the House vote on digital asset-related legislation in the US, stating, "There is ongoing disagreement within the Republican Party over whether to consolidate the two bills for the vote." Specifically, it has been reported that there is a discussion to include a provision banning Central Bank Digital Currency (CBDC) in the digital asset market structure bill (CLARITY Act), but there is concern that this could result in losing the support of some Democratic lawmakers. As a result, the chances of the virtual asset (cryptocurrency) regulatory bill passing the House have become uncertain, and there are indications that strategic coordination within the Republican Party is urgently needed.

According to the Beige Book released by the Federal Reserve System (Fed) on the 16th (local time), overall U.S. economic activity showed slight growth from the end of May to early July. The Fed reported that among its 12 regional districts, only 2 expressed optimism about future economic growth, while most regions expected the current level to be maintained or to contract slightly. As a result, the overall economic outlook was assessed as 'slightly pessimistic from neutral.' The Beige Book serves as a regional economic report referenced in the Fed’s interest rate decisions and reflects the business sentiment of local companies and economic agents. This report is interpreted as indicating that the Fed is likely to maintain a cautious monetary policy stance for the time being.

On the 16th (local time), according to Eleanor Terrett, host of Crypto in America, the U.S. House Committee on Rules is reportedly planning to add a provision prohibiting the issuance of central bank digital currency (CBDC) to the Digital Asset Market Structure bill, the CLARITY Act. This move comes as the House passed procedural votes for bringing the stablecoin regulation law (Genius Act) and the CLARITY Act to the floor on the same day. If the CBDC ban provision is included, it could restrict the future rollout of a digital dollar, which is expected to have a significant impact on related discussions. The CLARITY Act aims to clarify the legal status and market structure of digital assets.

On the 16th (local time), according to the economic breaking news account Walter Bloomberg, U.S. President Donald Trump dismissed a question about whether he plans to remove Jerome Powell, the chair of the Fed, saying, "There are no such plans." President Trump also denied recent media reports regarding the potential dismissal of Powell, stating, "Those reports are not true." This is interpreted as an official rebuttal to earlier reports by several outlets, including Reuters, that claimed Trump had implied plans to dismiss Powell during a closed meeting with Republican lawmakers.

According to The New York Times on the 16th (local time), it has been reported that U.S. President Donald Trump drafted a letter requesting the resignation of Jerome Powell, Chair of the Fed.

U.S. President Donald Trump is considering dismissing Jerome Powell, the chairman of the Fed, and it is known that he mentioned this directly during a closed-door meeting with Republican lawmakers. On the 16th (local time), Reuters reported, citing multiple sources, "President Trump asked during a meeting with Republican members of the House held in the Oval Office at the White House whether Powell should be dismissed, and several people present said President Trump actually hinted at his intention to fire Powell." This remark comes amid President Trump's recent repeated criticism of the Fed's interest rate policy, raising the possibility that he may actually begin dismissal proceedings. Meanwhile, since the term of the Fed chair is legally guaranteed, firing him at the president's discretion would inevitably lead to legal controversy.

According to the crypto-focused media outlet The Crypto Basic on the 16th (local time), Sarah Liley, Senior Tax Advisor and Vice President (VP) at Fidelity Investments, attended a U.S. House Committee on Ways and Means hearing and stressed, "Clear, consistent, and easy-to-understand tax regulations are urgently needed for the digital asset industry." Sarah Liley specifically pointed out that the current tax law is complex and opaque, hindering innovation in the United States and causing capital to flow overseas. She added, "For example, in the case of staking rewards, the lack of clear taxation and reporting criteria means many companies are already providing services abroad," indicating that tax uncertainty is weakening the competitiveness of the U.S. digital asset industry.

The three major U.S. stock indices are showing a mixed trend. As of 00:02 on the 17th, the Nasdaq Composite Index is trading at 20,669.33 points, down 0.04% from the previous day. The Dow Jones Industrial Average (DJIA) is up 0.06% at 44,050.36 points, while the S&P 500 Index is up 0.01% at 6,244.31 points.

According to economic news account Walter Bloomberg on the 15th (local time), Donald Trump, President of the United States, stated: "We plan to impose substantial tariffs on countries that do not open their markets to the United States."

The three major U.S. stock indexes ended mixed. On the 16th, the Nasdaq Composite Index increased by 0.18% to close at 20,677.80 points. The Dow Jones Industrial Average fell by 0.98% to 44,022.89 points, while the S&P 500 Index dropped by 0.41% to 6,243.08 points.

According to specialized cryptocurrency media Decrypt on the 15th (local time), the U.S. digital asset market structure bill known as the 'CLARITY Act' could deliver a significant blow to the DeFi (decentralized finance) industry. U.S. DeFi industry experts have argued that this bill may impose regulations similar to those for centralized exchanges (CEX) like Coinbase on decentralized exchanges (DEX) such as Uniswap and Jupiter. In particular, there are concerns that DeFi platforms could be required to limit the tokens they list and submit compliance reports to regulatory authorities, thereby bearing legal obligations similar to those of CEXs. Experts stated, "The listing procedures required by the CLARITY Act conflict with the nature of decentralized technology," and added, "It is virtually impossible in reality for developers to implement technical measures for compliance."

According to Crypto Briefing, a media outlet specializing in virtual assets (cryptocurrencies), on the 15th (local time), the United States House of Representatives attempted to introduce two major virtual asset bills to the plenary session, but the attempt was aborted as the Republican Party failed to pass the procedural vote on the consent motion. As a result, the so-called 'Crypto Week' schedule was effectively halted, and plenary votes on the related bills were postponed. However, it was reported that the House plans to attempt another procedural vote in the afternoon (local time). The bills scheduled for a vote included the Stablecoin Regulation Act (Genius Act), the Digital Asset Market Structure Bill (CLARITY Act), and the Central Bank Digital Currency (CBDC) Ban Bill. This failure to proceed with the vote appears to be due to internal disagreements within the Republican Party, and depending on the results of the re-vote in the afternoon, the legislative schedule for virtual asset regulation may be revealed once again.

According to CoinDesk, a virtual asset (cryptocurrency) specialized media outlet, on the 15th (local time), the UK government announced plans to formally introduce distributed ledger technology (DLT) and tokenization solutions into the wholesale financial market. On this day, HM Treasury stated in a policy document, "We will identify the potential uses of DLT in the wholesale financial market, and set up an inter-market consultative body to turn this into tangible actions." The goal of this plan is to expand distributed ledger technology (DLT)—a core technology for virtual assets—across the wholesale financial market, while also digitalizing the post-trade process using tokenized financial assets. The government also added that it would actively consider not only innovative alternatives to existing payment methods such as stablecoins and tokenized deposits, but also the introduction of new digital payment instruments. Meanwhile, in April this year, the United Kingdom published a draft bill for stablecoin issuers and exchanges, thereby laying the legal foundation for establishing itself as a 'crypto hub.'

According to the cryptocurrency-focused media outlet CoinDesk on the 15th (local time), Geoff Kendrick, a digital asset analyst at Standard Chartered, predicted that "if the stablecoin market grows to a scale of $750 billion, the U.S. Treasury market could undergo a structural overhaul." He analyzed, "Since a considerable portion of stablecoin reserves is invested in U.S. short-term Treasury bonds, an expansion of the market could directly affect the structure of Treasury demand." In particular, he expects that if the 'Genius Act', a stablecoin regulatory bill currently under discussion in the United States Congress, passes, regulatory clarity will promote further market growth. Kendrick added, "The current stablecoin market size is about $240 billion, but it could more than triple by the end of 2026." However, he warned that as stablecoins become increasingly reliant on global dollar liquidity, concerns over financial stability may grow in some countries.