JH Kim

The three major indices of the U.S. stock market are showing a downward trend. The Nasdaq Composite Index is trading at 16,361.39 points, down 0.16% from the previous day as of 00:00 on the 12th. The Dow Jones Index is down 0.17% at 39,526.65 points, and the S&P 500 Index is recording a decline of 0.27% at 5,253.60 points.

On the 10th (local time), Eleanor Terrett, host of Crypto in America, cited industry insiders stating that U.S. President Donald Trump is expected to soon sign a resolution to repeal the IRS's 'DeFi Broker Regulation.' Senator Ted Cruz, who introduced the joint resolution in the Senate, is expected to attend the signing ceremony. The Senate passed the resolution late last month with 70 votes in favor and 28 against. The DeFi Broker Regulation is a provision that requires DeFi brokers to report total revenue from digital asset sales to the IRS, and the virtual asset (cryptocurrency) industry has been continuously demanding its repeal.

The three major indices of the U.S. stock market closed lower. The Nasdaq Composite Index recorded a 4.31% drop from the previous day on the 11th, closing at 16,387.31 points. The Dow Jones Index fell 2.50% to close at 39,593.66 points, and the S&P 500 Index ended trading with a 3.49% decline at 5,266.30 points.

Amid tariff confusion, investors are turning to safe-haven assets, pushing the market cap of tokenized gold close to $2 billion. According to cryptocurrency media outlet CoinDesk on the 10th (local time), the market cap of gold-backed tokens approached $2 billion as of the previous day, rising 5.7% over the past 24 hours. CEX.IO executive Alexandr Kerya stated, "Along with the spot gold price, the price and trading volume of tokenized gold are also rising," adding, "Amid escalating geopolitical tensions and the popularity of real-world assets (RWA), tokenized gold is gaining attention as a safe-haven asset among cryptocurrency investors."

Letitia James, the New York Attorney General, sent letters to several lawmakers urging the passage of federal regulations on virtual assets (cryptocurrencies) to prevent fraud and criminal activities and to mitigate financial instability. According to Eleanor Terrett's X (formerly Twitter) account, the host of Crypto in America, she stated, "The widespread adoption of Bitcoin (BTC) threatens the dominance of the US dollar," emphasizing the need to issue and regulate stablecoins domestically to maintain the dollar's dominance. Additionally, she expressed opposition to investing in virtual assets through retirement accounts.

According to CoinDesk, a cryptocurrency-focused media outlet, on the 10th (local time), the United States Department of Justice (DOJ) announced that the trial of Kwon Do-hyung, co-founder of Terraform Labs, will proceed as scheduled regardless of the disbandment of the cryptocurrency task force and the reduced priority of regulatory enforcement. Prosecutors stated, "The charges applied in indicting the defendant focus on fraud and conspiracy to commit fraud," adding, "The securities status of the cryptocurrencies involved in this case may be considered during the trial." They further noted, "This falls under an exception clause in the DOJ guidelines." Previously, on the 7th (local time), the DOJ announced the disbandment of the National Cryptocurrency Enforcement Team (NCET), formalizing guidelines that do not hold cryptocurrency industry participants legally accountable for violations of federal securities and commodities laws. However, normal prosecution is possible if there is a need to determine whether digital assets are securities or commodities, or if there are grounds for criminal charges.

According to CNBC on the 10th (local time), U.S. President Donald Trump stated in a cabinet meeting that day, "I think the (tariff) negotiations with China will go well." Meanwhile, President Trump announced the previous day that the imposition of reciprocal tariffs on countries other than China would be deferred for 90 days, and the White House stated that the total tariffs on China are 145%, not 125%.

According to CNBC on the 10th (local time), U.S. President Donald Trump said during a cabinet meeting in progress that "a shift in tariff policy could incur costs and cause problems." He further emphasized, "I'm stepping up to change the tariff policy because no one else wants to do it."

According to CNBC on the 10th (local time), U.S. President Donald Trump said in a cabinet meeting held that day, "If a deal related to tariffs is not possible, we will return to where we were."

According to Walter Bloomberg's economic news account on X (formerly Twitter) on the 10th (local time), Austan Goolsbee, President of the Federal Reserve Bank of Chicago, expressed concerns about the possibility of returning to the economy of the COVID-19 pandemic era. He added, "If trust is lost, economic problems can arise. In fact, economic anxiety is increasing within the Chicago Fed's jurisdiction."

Michelle Bowman, the Vice Chair for Supervision of the Federal Reserve (Fed), attended a Senate Banking Committee hearing and stated that an independent investigation is needed into the bank failures that occurred in March 2023 (Silicon Valley Bank, Silvergate Bank, Signature Bank). According to Eleanor Terrett's X (formerly Twitter) account, the host of Crypto in America, Vice Chair Bowman pointed out that other Fed members were unable to investigate or comment on the self-assessment by former Vice Chair Michael Barr. However, Vice Chair Bowman did not mention specific bank names.

According to CoinDesk, a cryptocurrency-focused media outlet, Centrifuge (CFG), a decentralized lending protocol based on real-world assets (RWA), has recently launched Centrifuge V3, a multi-chain real-world asset tokenization platform. The platform was developed in collaboration with the multi-chain messaging protocol Wormhole, and is designed to allow fund managers and investors to manage tokenized assets across multiple blockchains through a single interface. Centrifuge V3 will initially handle the tokenized assets of a $230 million U.S. Treasury investment fund by the crypto asset management firm Anemoy.

U.S. President Donald Trump's decision on the 10th (local time) to delay the imposition of reciprocal tariffs on countries other than China for 90 days was significantly influenced by the collapse of the bond market, according to analysis. Kevin Hassett, Chairman of the White House National Economic Council (NEC), said in an interview with CNBC on the 10th (local time), "President Trump is aware of the possibility of the U.S. economy falling into a recession and did not want a recession caused by tariff policies." He further explained, "The collapse of the bond market influenced his decision to temporarily retract his trade policy." Meanwhile, NBC, citing multiple sources, added, "President Trump has recognized in private that excessive tariff policies could lead to a recession and has stated that he does not want an economic downturn to begin due to tariffs."

The three major indices of the U.S. stock market are showing a downward trend. The Nasdaq Composite Index is trading at 16,465.16 points, down 3.85% from the previous day as of 00:00 on the 11th. The Dow Jones Index is down 2.26% at 39,691.58 points, and the S&P 500 Index is recording a 3.25% decline at 5,279.49 points.

Nouriel Roubini, a professor at New York University in the United States, famous for predicting the 2008 global financial crisis, recently stated in an interview with Bloomberg that "the Federal Reserve (Fed) may not save the market from Trump's trade war." He said, "Traders who expected quick intervention from the Fed might be disappointed," adding, "The market should not rely on the Fed to resolve the financial market instability caused by Trump's international trade tariffs." He continued, "Of course, there is a game of chicken between the Trump put option and the Powell put option. However, Powell's strike price is expected to be lower than Trump's," explaining, "In other words, the Powell put option will wait until Trump blinks." Furthermore, he added, "In other words, Powell is likely to intervene to stabilize market volatility after Trump eases his actions."

The three major indices of the U.S. stock market closed on an uptrend. The Nasdaq Composite Index recorded 17,124.97 points, up 12.16% from the previous day on the 10th. The Dow Jones Index rose 7.87% to 40,608.45 points, and the S&P 500 Index closed at 5,448.50 points, up 9.35%.

On the 9th (local time), U.S. President Donald Trump said, "I approved a temporary freeze on tariffs because people are afraid," reported Walter Bloomberg. Previously, Trump announced that he would freeze tariffs for 90 days on countries that do not retaliate against U.S. tariffs and apply a reciprocal tariff rate of 10%. China is excluded from this tariff freeze, and a tariff rate of 125% is applied to China.

Walter Bloomberg reported on the 9th (local time) via X(formerly Twitter) that Goldman Sachs withdrew its previous US recession probability forecast following US President Donald Trump's announcement of a tariff suspension. Previously, on the 7th, Goldman Sachs had raised the probability of the US falling into a recession within 12 months from 35% to 45%.

According to the minutes of the Federal Open Market Committee (FOMC) March meeting released by the Federal Reserve (Fed) on the 9th (local time), FOMC members anticipated that the U.S. tariff policy this year would lead to an increase in inflation. The members foresaw that if inflation persists and economic growth and employment outlooks worsen, the Fed's policy decisions could become more challenging. Additionally, considering the uncertainty of the economic outlook, they suggested that holding the interest rate steady would be appropriate. Meanwhile, the Fed decided to significantly ease quantitative tightening, but some members questioned the validity of this measure.