JH Kim

Cynthia Lummis (Cynthia Lummis), a Republican senator from the United States, has urged Jerome Powell (Jerome Powell), Chair of the Federal Reserve (Fed), to step down immediately. On the 15th (local time), Senator Lummis stated on her X (formerly Twitter), "Chair Jerome Powell has repeatedly disappointed the American people and has weakened the competitiveness of the United States," adding, "Now is the time for true leadership at the Fed." She continued, "Chair Powell is no longer qualified to lead the Fed. He should resign right now." Recently, with leading Republican figures, including President Donald Trump, sharply criticizing Chair Powell, and now a senator officially demanding his resignation, political pressure surrounding the Fed is expected to intensify.

The founder of the Toronto, Canada-based hedge fund EMJ Capital predicted that Ethereum (ETH) could rise to $10,000 during the current bull market. According to cryptocurrency-focused media outlet CoinDesk on the 15th (local time), he analyzed, "There is a possibility that ETH ETF staking functionalities will be approved by October this year," and added, "The market is still underestimating such favorable factors." He continued, "After the Merge, ETH’s deflationary structure has been strengthened," and added, "The increase in Layer 2 ecosystem transaction fees, wider Real World Asset (RWA) tokenization, and other factors will have a positive impact on ETH’s value." These remarks come as long-term optimism for ETH is resurfacing amid rising institutional demand, attracting attention within the industry. Meanwhile, as of 01:03 on the 16th, ETH was trading at $3,041.29 on the Binance Tether (USDT) market, up 1.05% from the previous day.

The U.S. state of California has launched a government innovation task force (TF) in collaboration with Ripple, Coinbase, MoonPay, and others. On the 15th (local time), 'Crypto in America' host Eleanor Terrett announced via her X (formerly Twitter) account that "California Governor Gavin Newsom has officially launched the government innovation TF in cooperation with major private companies." The inaugural meeting was held on June 6 at Ripple headquarters in San Francisco, and the TF plans to design a public–private partnership administrative innovation model utilizing advanced technologies such as artificial intelligence (AI), blockchain, and fintech. The goal of this TF is to enhance the efficiency and transparency of public services through close collaboration between technology-driven startups and the government.

U.S. President Donald Trump, ahead of legislation related to digital assets, expressed confidence, stating that "the United States will become the leading nation in the world" in this field. On the 15th (local time), President Trump announced on his social media platform, Truth Social, that "the U.S. House will soon vote on a tremendous bill that will definitively make America number one in the field of digital assets," adding, "The 'Genius Act' bill will put the United States decades ahead of China, Europe, and all other countries." He further emphasized, "Digital assets are the future, and the United States is already far ahead right now." President Trump urged, "The first vote must be held this afternoon. All Republican members must vote in favor," and added, "This moment is the opportunity given to us." The 'Genius Act' bill, which is being discussed in the U.S. Congress, is a regulatory proposal for stablecoins and digital assets, and is considered one of President Trump's key economic strategies.

The U.S. government's investigation targeting the blockchain-based prediction market platform 'Polymarket' has been officially concluded. This move is interpreted as part of the Trump administration's proactive policy to foster the virtual asset (cryptocurrency) industry. On the 15th (local time), Bloomberg reported, citing anonymous sources, that the United States Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) recently notified Polymarket of the conclusion of their investigation. The investigation was intensified in the final days of the Joe Biden administration, during which authorities conducted an inquiry on the grounds that Polymarket's operation of political and financial prediction markets could constitute illegal futures trading. However, following President Trump's inauguration, as efforts to ease regulations on virtual assets became more apparent, it appears that the investigation has also effectively been withdrawn. This development is expected to serve as a positive signal not only for Polymarket, but also for the overall virtual asset-based prediction market and betting platforms.

The three major U.S. stock indices are showing mixed trends. As of 00:18 on the 16th, the Nasdaq Composite Index is trading up 0.57% at 20,757.72 points. The Dow Jones Industrial Average has fallen 0.62% to 44,185.28 points, while the S&P 500 Index is down 0.07% to 6,264.18 points.

US President Donald Trump delivered harsh criticism toward Jerome Powell, the Fed Chair. He argued that the US base rate should be reduced to below 1%. According to Fox Business on the 14th (local time), President Trump, during a speech at a Faith Office luncheon held at the White House, emphasized, "The economy is booming and business confidence has surged," adding, "Income has increased, prices have dropped, and inflation has disappeared." He continued, "We have a really bad Fed chair," and added, "If he cuts rates, I'll treat him kindly, but he seems like a knucklehead. He is a foolish person. That's really true." In addition, President Trump mentioned the increase in federal government interest costs due to a 1% point base rate, saying, "A 1% point costs $360 billion, and 2% points cost $600–$700 billion. We are maintaining rates that are way too high," he pointed out. Recently, President Trump has been persistently pressuring the Fed for rate cuts, and today’s remarks are seen as taking it a step further.

The three major U.S. stock indexes closed higher. On the 15th, the Nasdaq Composite Index rose 0.27% from the previous session to 20,640.33 points. The Dow Jones Index finished up 0.20% at 44,459.65 points, while the S&P 500 Index ended trading up 0.14% at 6,268.44 points.

According to The Block, a specialized cryptocurrency media outlet, on the 14th (local time), the three major federal financial regulatory agencies in the United States—Fed, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC)—have announced joint guidelines regarding virtual asset (cryptocurrency) custody services. This statement is not intended to introduce new regulations, but rather to emphasize that banks should approach virtual asset-related business with caution according to existing supervisory standards. In particular, the regulatory agencies pointed out the need to establish internal controls and risk management systems that reflect the risks associated with the technological characteristics and rapid market changes of virtual assets. They explained, "Banks intending to provide virtual asset custody must closely examine technological developments and market conditions, and be prepared for various risk factors such as cybersecurity, private key management, and protection of other sensitive information."

According to Cointelegraph, a virtual asset (cryptocurrency) specialty media, on the 14th (local time), the global crypto exchange OKX announced that it has joined the 'Global Dollar Network', a USDG stablecoin consortium led by Paxos. The 'Global Dollar Network' is a cooperative group formed to establish a stable digital payment and settlement infrastructure centered around USDG stablecoin issued by Paxos. Through OKX's participation, the network has gained greater potential for an expanded ecosystem. Paxos stated, "OKX's participation will contribute to the expansion of USDG circulation and usage, and play an important role in providing more stable stablecoin-based services to users around the world."

U.S. President Donald Trump warned Russian President Vladimir Putin that if he does not agree to a peace deal to end the war in Ukraine within 50 days, countries purchasing Russian exports would face a '100% secondary tariff.' According to CNBC on the 14th (local time), President Trump, during a meeting at the White House with NATO Secretary-General Mark Rutte, stated, "We are very dissatisfied. If Putin does not engage in peace talks within 50 days, we will impose a secondary tariff of about 100%." A senior White House official explained, "This means imposing a direct 100% tariff on Russia, and secondary sanctions on third countries that purchase Russian crude oil and other goods." This remark is seen as part of President Trump's "major announcement related to Russia" that he previewed last week. It is expected to create global repercussions, especially for highly energy-dependent European countries, as well as major importers such as China, India, and Brazil. In March, President Trump also stated that he would impose a secondary tariff on Russian crude oil if a peace agreement to end the war with Russia failed, but this is the first time he has specified a deadline. However, President Trump did not specifically mention which items would be subject to the tariff on this occasion.

The three major U.S. stock market indices are showing an upward trend. As of 00:40 on the 15th, the Nasdaq Composite Index is trading at 20,631.71 points, up 0.16% from the previous session. The Dow Jones Industrial Average is up 0.10% at 44,414.18 points, while the S&P 500 Index has gained 0.08% to 6,264.93 points.

The three major U.S. stock indices ended the day lower. On the 12th, the Nasdaq Composite Index fell 0.22% from the previous day to 20,585.53 points. The Dow Jones Index closed down 0.63% at 44,371.51 points, and the S&P 500 Index finished down 0.36% at 6,257.63 points.

On the 11th (local time), crypto-specialized media outlet WatcherGuru reported that Jerome Powell, Chair of the Fed, is seriously considering resignation. According to multiple sources, as Donald Trump, President of the United States, has been strongly criticizing Powell and publicly demanding lower interest rates and his resignation, Powell is said to be internally deliberating his course of action. However, Powell's official stance or confirmation of his resignation has not yet been verified.

U.S. President Donald Trump stated that he has "no plans to dismiss" Jerome Powell, chairman of the Fed. According to CNN on the 11th (local time), when a CNN reporter asked President Trump about this issue on the South Lawn of the White House, he replied, "I have no intention of dismissing Powell." Previously, White House officials also commented, "There are no active plans to dismiss Chairman Powell," and explained, "Advisors are dissuading this due to legal constraints and concerns about the reaction of financial markets." Recently, President Trump has strongly criticized Chairman Powell's interest rate policies and has been urging the Fed to cut rates swiftly.

According to DL News, a digital asset (cryptocurrency) media outlet, on the 11th (local time), Adam Levitin, a professor at Georgetown University Law Center, pointed out that if the U.S. House passes the Senate's stablecoin regulation bill, the Genius Act, without amending key provisions, U.S. banks could be forced to absorb the burden in the event of a stablecoin issuer bankruptcy. Professor Adam Levitin explained, "Under the current bill structure, if stablecoin reserves are deposited in banks, the claim rights to those deposits could become ambiguous if the issuer goes bankrupt," adding, "This could create a structure where, even though the Federal Deposit Insurance Corporation (FDIC) does not provide protection, banks would still assume legal and financial burdens." He added, "If these risks are not resolved, banks' participation in the stablecoin market itself may shrink." The Genius Act is the first comprehensive U.S. stablecoin regulation bill, including requirements for issuer eligibility, reserve holdings, and audit obligations.

The three major U.S. stock indices are showing a downward trend. As of 00:06 on the 12th, the Nasdaq Composite Index is trading at 20,598.35 points, down 0.16% from the previous day. The Dow Jones Industrial Average is down 0.59% at 44,388.60 points, and the S&P 500 Index is also recording a 0.35% drop at 6,258.36 points.