JOON HYOUNG LEE

The Accumulation Trend Score for Bitcoin (BTC) has rebounded. On June 26 (local time), on-chain analytics firm Glassnode announced via its official X (formerly known as Twitter) account, “The Bitcoin Accumulation Trend Score has increased from 0.25 to 0.57.” The Accumulation Trend Score is a metric that tracks changes in bitcoin investors’ balances over the last 30 days. A higher score indicates that investors are aggressively purchasing bitcoin. Glassnode pointed out, “(However) the Accumulation Trend Score shows that there is no consistent behavior among wallet groups.” Glassnode analyzed, “While Bitcoin attempts to recover to the $108,000 range, wallets holding 1–10 bitcoins continue to sell, whereas wallets holding 10–100 bitcoins are showing buying pressure.”

The Bharatiya Janata Party (BJP), India's ruling party, has hinted at the possibility of holding Bitcoin (BTC) as reserves. Pradeep Bhandari, spokesperson for the Bharatiya Janata Party, stated in an article published in India Today on the 26th (local time), “India now stands at a critical crossroads,” adding, “A carefully designed Bitcoin strategy, including the accumulation of strategic reserves, could strengthen India's economic resilience and help enhance the country’s modern image.” He also emphasized the need for regulatory clarity. Bhandari stressed, “For India's cryptocurrency policy to realize its potential, regulatory clarity is essential,” and noted, “With the International Monetary Fund (IMF) recently classifying Bitcoin as a capital asset, the need to set policy direction has increased.” He added, “(Regulatory clarity) is crucial for building institutional trust and for Bitcoin to play a meaningful role in India's macroeconomic strategy.”

The price of Bitcoin (BTC) has exceeded $108,000. According to cryptocurrency market tracking site CoinMarketCap on the 26th, Bitcoin is trading at $108,024.45 as of 4:23 PM today. This amount reflects a 1.44% increase from the previous day. The Kimchi Premium is in the 1% range. According to Cryprice, as of 4:23 PM today, the Kimchi Premium stood at 1.16%.

The price of Bitcoin (BTC) has approached its all-time high, but an analysis indicates that investor sentiment has not become overheated. On the 26th, CryptoDan, a contributor for CryptoQuant, stated through CryptoQuant, "Currently, Bitcoin is near its historical peak, but the market is showing a gradual cooling trend without any signs of overheating." As of the afternoon, according to CoinMarketCap, Bitcoin is trading in the high $107,000 range. Last month, for the first time ever, the price of Bitcoin surpassed $111,000. There is analysis suggesting that, depending on upcoming macroeconomic issues, Bitcoin could break new all-time highs again. CryptoDan explained, "If Bitcoin is to surpass its all-time high, macroeconomic catalysts such as interest rate cuts or regulatory easing may be necessary," adding, "However, the market has already established a stable foundation." He further commented, "At this point, maintaining patience and monitoring major market events while waiting for opportunities appears to be a promising strategy."

Anthony Scaramucci, founder of SkyBridge Capital, stated that "Solana (SOL) will surpass Ethereum (ETH)." According to Decrypt on the 19th (local time), Scaramucci, the founder, recently attended the 'DigiAsset 2025' conference held in London, UK, and said, "I am not very interested in Ethereum," expressing this view. SkyBridge Capital is a major hedge fund based in New York. Decrypt reported, "(Scaramucci) did not mention when Solana's market cap would surpass Ethereum's market cap." Meanwhile, global investment bank Standard Chartered (SC) recently stated in a report that "Solana is expected to underperform Ethereum over the next 2–3 years."

The UK's central bank, the Bank of England (BOE), has kept its base rate unchanged. On the 19th (local time), the Bank of England held a Monetary Policy Committee meeting and decided to maintain the base rate at 4.25% per annum. Of the nine members of the Monetary Policy Committee, six voted in favor of maintaining the rate. The remaining three members supported a 0.25 percentage point cut. Andrew Bailey, Governor of the Bank of England, stated, "Rates are gradually maintaining a downward trajectory." This implies the possibility of a rate cut at the next Monetary Policy Committee meeting. The next committee meeting of the Bank of England will be held on August 7. Analysts say the decision to freeze rates was influenced by the Iran-Israel war. The Bank of England also said, "Ahead of this meeting, there were rapidly evolving geopolitical developments," and "Energy prices have risen due to intensified conflict in the Middle East." The Bank further added, "The committee will continue to respond sensitively to heightened unpredictability in the economic and geopolitical environment and will update risk assessments for the economy accordingly." The Bank of England adjusts the base rate with a target inflation rate of 2% per annum. Last month, the UK's consumer price inflation was 3.4%, significantly exceeding the target. The market expects the Bank of England to implement two further base rate cuts within the year. If market forecasts are correct, the UK's base rate will fall to 3.75% by the end of the year.

It was found that Iran launched ballistic missiles at Israel equipped with cluster munition (dispersion bomb) warheads. According to local media such as The Times of Israel and The Jerusalem Post on the 19th (local time), the Israel Defense Forces Home Front Command confirmed that at least one of the ballistic missiles dropped in central Israel that morning was a cluster munition missile. Cluster munitions are weapons of mass destruction that contain up to hundreds of submunitions in a single warhead, which disperse at a certain moment and cause large-scale damage all at once in the target area. The Israel Defense Forces analyzed that the cluster munition warhead used by Iran that day dispersed about 20 submunitions at an altitude of approximately 7km, scattering them within about an 8km radius. The Times of Israel reported, "One of the submunitions landed in a residential home area in Azor, near Tel Aviv, Israel, causing damage equivalent to that of a small rocket." The Israel Defense Forces determined that about 20 ballistic missiles were fired from Iran just in the morning alone. As a result, dozens were injured in hospitals in the southern Israeli city of Be'er Sheva, among other places.

President Donald Trump criticized Jerome Powell, Chair of the Federal Reserve (Fed), calling him "the dumbest person in government." On the 19th (local time), President Trump stated on his social media platform Truth Social, "Because of 'Too Late' Powell, America is losing hundreds of billions of dollars," adding, "Powell is one of the dumbest and most destructive people in government." Trump also added, "The Fed is complicit in this as well." President Trump once again emphasized the need to cut the base interest rate. He said, "Europe has cut rates 10 times but the U.S. hasn't done it once," and "By now, rates should have been cut by 2.5% points." He continued, "(If rates had been cut) the Biden Administration could have saved billions of dollars in interest on short-term debt," and added that "'Too Late' Powell is America's shame." Previously, on the 18th, the Fed kept the base rate unchanged at the Federal Open Market Committee meeting. This marks the fourth consecutive hold, with rates remaining at 4.25~4.50% annually.

The US-based cryptocurrency exchange Kraken is launching a new Bitcoin (BTC) staking service. According to Cointelegraph on the 19th (local time), Kraken entered into a partnership with the Bitcoin staking protocol Babylon on this day. Through this partnership, Kraken users can access the Bitcoin staking service without using an external wallet. Staking rewards will be paid in Babylon, not Bitcoin. Meanwhile, as of 11:03 PM on the same day, Babylon is trading at $0.04862 on CoinMarketCap, up 3.26% from the previous day.

US Nasdaq-listed company Lion Group Holding (LGHL) has raised funds totaling $600 million (approximately ₩8.3 billion) to invest in Hyperliquid (HYPE). Lion Group announced on the 18th (local time) that it secured $600 million in new capital from US private equity firm ATW Partners for this Hyperliquid investment. Lion Group plans to use these funds to make a significant purchase of Hyperliquid. Wilson Wang, CEO of Lion Group, said, "An investment in Hyperliquid means expanding Lion Group's existing derivatives business into decentralized markets," adding, "The investment in Hyperliquid reflects our strong belief that decentralized on-chain trading is the future." Lion Group also plans to invest some of the raised capital in Sui (SUI). CEO Wang emphasized, "Sui is a high-performance Layer 1 platform supported by World Liberty Financial (WLFI)," adding, "Both Hyperliquid and Sui will be key pillars of Lion Group's financial strategy."

DT Marks Defi LLC, headed by the Trump family, has significantly reduced its stake in World Liberty Financial (WLFI). On the 19th (local time), U.S. business magazine Forbes reported that DT Marks Defi LLC lowered its shareholding in WLFI from the previous 60% to 40%, a reduction of approximately 20 percentage points. DT Marks Defi LLC is a company founded by the Trump family in 2016. According to DT Marks Defi LLC’s financial statement disclosed at the end of last year, the company’s WLFI ownership was 75%. However, DT Marks Defi LLC reduced its WLFI stake to about 60% in January this year, and as of this month, it has further decreased to about 40%. Forbes estimated that DT Marks Defi LLC earned about $190 million (about ₩260 billion) in proceeds from the WLFI stake sale. Forbes stated, "Details of the (stake) transaction have not yet been disclosed," and added, "(However), if WLFI were valued similarly to USD Coin (USDC) issuer Circle, approximately $135 million (about ₩190 billion) would have gone to President Trump."

A bill granting tax benefits for cryptocurrency transactions has passed the Ohio House. According to The Block on the 19th (local time), Ohio's Blockchain Basic Law (HB116) passed the Ohio House with 70 votes in favor and 26 against. One of the main provisions of the Blockchain Basic Law is the exemption of 'capital gains tax' on cryptocurrency transactions under $200. The bill also prohibits local governments from imposing additional fees and taxes on individuals using cryptocurrency for legal services. Ohio is actively reviewing cryptocurrency-related bills at the state government level. Steve Demetriou, a member of the Ohio House of Representatives, stated, "It is important for the blockchain and digital asset industry to be able to succeed in Ohio."

Elon Musk, the CEO of Tesla, uploaded a Pepe (PEPE) meme image on X. On the 19th, CEO Musk posted an image of the Pepe meme lighting a cigarette on his X account. However, despite CEO Musk's meme image upload, the Pepe price did not show significant fluctuations. According to the cryptocurrency market tracking website CoinMarketCap, Pepe was trading at $0.00001039 as of 9:14 p.m. on this day, up 2.68% from the previous day.

With the enactment of the U.S. stablecoin legislation (Genius Act), there are expectations that Wall Street's adoption of Ethereum (ETH) will accelerate. Etherealize stated on its official X account on the 19th (local time), "Enactment of the Genius Act means that blockchain is officially recognized as part of the core infrastructure in the U.S.," adding, "It will become the most powerful catalyst in the history of Ethereum." Etherealize is a business development (BD) organization for institutional investors, established by the Ethereum Foundation earlier this year. Etherealize predicted that Ethereum will become the core of stablecoin strategies envisioned by the traditional finance (TradFi) industry. Etherealize noted, "75% of U.S. Dollar Coin (USDC) exists in the Ethereum-based ecosystem," and stated, "JPMorgan is also using Base to tokenize bank deposit-based stablecoins." Base is an Ethereum-based blockchain network developed by the U.S. cryptocurrency exchange, Coinbase. Etherealize emphasized, "Ethereum is the 'digital oil' of the digital economy." Etherealize explained, "Ethereum encourages the growth of every ecosystem built on it, including Circle, Coinbase, and Layer 2 networks," and added, "The Genius Act will become a decisive turning point that draws Wall Street's attention to Ethereum."

Global cryptocurrency exchange Bitget has obtained business operation approval in Georgia. According to Cointelegraph on the 19th (local time), Bitget recently received approval to provide digital asset exchange and custody services in the Tbilisi Free Industrial Zone (TFZ) of Georgia. Cointelegraph reported, "Since the enactment of the European Union (EU) MiCA law last year, Bitget has been expanding its business into the European market," and added, "With the approval in Georgia, Bitget has expanded its licenses into the Eastern European region." Bitget has already been known to have obtained cryptocurrency business approval in countries such as the United Kingdom, Poland, and Italy. Gracy Chen, CEO of Bitget, told Cointelegraph, "Georgia is emerging as a key (cryptocurrency) market that offers regulatory clarity, tax benefits, and a growing base of real users."

Joseph Lubin, co-founder of Ethereum (ETH), stated that "Ethereum will become a trust asset equivalent to the 'gold standard.'" On the 19th (local time), Lubin announced on his X account that "the outlook that Ethereum's standing in the decentralized structure of Web3 will be tens of times greater than the real-world Gross Domestic Product (GDP) is not an exaggeration." He further explained, "One of the key aspects of Ethereum is the 'trust commodity' model. If trust is seen as a new form of virtual commodity, then Ethereum will be a trust asset equivalent to the gold standard." Lubin also asserted that "Ethereum Layer 1 will become the global 'master ledger.'" He emphasized, "(Ethereum) allows anyone to view and use data without permission and to add functionalities," adding, "It also features a structure that is difficult to tamper with and can resist censorship." He continued, "Above all, Ethereum has a massive community with the highest level of industry expertise, always on guard against and ready to respond to system subversion attempts," and added, "As Ethereum continues to grow and mature, it will become increasingly difficult for any attempt to overthrow the system to succeed."

An analysis has indicated that market sentiment surrounding Bitcoin (BTC) is close to holding (HODL). On the 19th, DarkPost, a contributor to CryptoQuant, stated on X (formerly Twitter), "Although some (Bitcoin) investors took profits on the previous day (18th), the scale of selling remained relatively low," adding, "Overall market sentiment still leans towards holding." DarkPost further remarked, "Currently, the reason Bitcoin hasn't climbed to higher price levels is due to a lack of strong demand." DarkPost mentioned 'Apparent Demand' as one of the on-chain indicators. He explained, "By comparing the newly introduced supply and inactive supply that hasn't moved for over a year, one can visualize the market demand flow," and added, "If this ratio exceeds 0, it implies demand has turned positive." He continued, "While demand has been decreasing since last month's previous peak, it still remains strong enough to absorb the current selling pressure," and concluded, "It appears the current market remains in a state of equilibrium."

Global investment bank (IB) JPMorgan has officially ramped up its digital asset business, with observations suggesting that the pace of cryptocurrency adoption on Wall Street will accelerate. Ryan Lee, Chief Analyst at Bitget Research, told BloomingBit on the 18th (local time), "JPMorgan’s 'JPMD' clearly demonstrates an expanded commitment to blockchain" and added, "(JPMD) will serve as a catalyst to further strengthen the connection between traditional finance (TradFi) and the digital asset economy." Previously, Naveen Mallela, Global Co-Head of JPMorgan's blockchain division, stated in an interview with CNBC on the 17th that they plan to launch JPMD as a 'deposit token.' Analyst Ryan Lee emphasized that the launch of JPMD is "a signal of increasing institutional trust and potential for greater market liquidity." He added, "This move comes at a time when the regulatory environment in the U.S. is gradually becoming clearer," and stated, "As legal clarity is enhanced through measures like the Stablecoin Act (Genius Act), the pace of cryptocurrency adoption will accelerate, and integration within the financial system will deepen."

The global cryptocurrency exchange Binance is adding Redbrick (BRIC) to Binance Alpha. On the 19th (local time), Binance announced through its official X account that "Binance Alpha will list Redbrick." The listing date is set for the 21st (local time). Binance stated that “the exact time will be announced later.” Binance selects tokens for Binance Alpha by considering market trends among early-stage crypto projects. A Binance Alpha listing does not necessarily mean a listing on the main Binance platform.

Changpeng Zhao (CZ), founder of Binance (pictured), stated on the 19th (local time) that "cryptocurrency exchanges should introduce a 'will function'." Changpeng Zhao announced on X that "all (crypto) platforms should have a will function" because "humans cannot live forever yet." He explained that the will function would allow assets to be distributed to designated accounts in advance according to predetermined ratios when a user passes away. He further commented, "Even within the legal regulatory framework, minors should be permitted to own accounts on (crypto exchanges)," adding that while trading can be restricted for minors, they should be able to receive funds. Earlier, on the 12th of this month, Binance launched its inheritance function, which allows users to pre-designate beneficiaries within the platform so that their cryptocurrencies can be inherited when the user passes away.

The government is preparing plans to introduce spot exchange-traded funds (ETFs) for virtual assets such as Bitcoin (BTC) in the second half of the year. The government also plans to complete the stablecoin regulatory framework within the year. According to relevant ministries on the 19th, the Financial Services Commission (FSC) gave a business report to the National Planning Commission this day, including plans to implement the administration's campaign pledges. First, the FSC will establish plans for introducing spot ETFs for virtual assets, a key campaign pledge of President Lee Jae-myung, within the year. Specifically, the FSC plans to lay the foundation for introducing ETFs for virtual assets such as Bitcoin, and also design related infrastructure for the creation, custody, operation, and investor protection measures. The FSC will also push for a second-phase virtual asset legislation in the latter half of the year, focusing on the regulation of stablecoins. The introduction of a Korean won-based stablecoin is one of President Lee's major virtual asset pledges. The ruling Democratic Party of Korea is also accelerating the process of introducing a won-based stablecoin, such as by proposing the 'Digital Asset Basic Act.' The FSC's business report also included measures to encourage virtual asset exchanges to lower their transaction fees through comparative disclosure and other means. The FSC is reportedly reviewing plans to conduct a survey of virtual asset transaction fees at domestic exchanges. Lowering trading fees for virtual assets is also one of President Lee's campaign pledges.

It has been revealed that funds amounting to $90 million (about ₩120 billion) stolen from Iran’s largest cryptocurrency exchange, Nobitex, in a hacking attack have been effectively burned. Blockchain analytics firm Chainalysis, through its official X account on the 18th (local time), stated, "The Iranian cryptocurrency exchange Nobitex has had more than $90 million stolen in a hacking incident," and added, "the hacker has effectively burned the stolen funds." Chainalysis explained, "The hacker used a vanity address with a political message to transfer the stolen funds, making them permanently inaccessible." A vanity address is a wallet address created with a specific intended message. Chainalysis emphasized, "This incident shows that cryptocurrency hacking is not necessarily always for monetary gain." Chainalysis further stated, "(Hacking) can be used as a means to convey geopolitical messages through blockchain technology, and this incident demonstrates how hacks can be transformed from profit-driven crimes into ideological statements." Meanwhile, Nobitex suffered a large-scale hack on the 18th. The hacker group known as Gonjeshke Darande, which is believed to have attacked Nobitex, issued a statement on the same day, claiming, "Nobitex is being used by the Iranian regime to evade international sanctions and finance terrorism," and warned, "The remaining assets on Nobitex will continue to be at risk."

"Digital Asset Innovation and Growth Act" Released Stablecoin Issuance Requirements Specified Capital Requirement Raised from ₩500 Million to ₩1 Billion, Doubled ICO Authorization Rights Granted to Statutory Associations The Democratic Party of Korea will raise the minimum capital requirement for issuing Korean won stablecoins from ₩500 million to ₩1 billion, doubling the threshold. On the 17th, at the 'Digital Asset Innovation Act Public Briefing' held at the National Assembly Members' Office Building in Seoul, the Democratic Party unveiled a draft of the "Digital Asset Market Innovation and Growth Act (Innovation and Growth Act)," which includes these stipulations. This bill defines the legal status of digital assets such as Bitcoin (BTC) and specifies comprehensive regulations for the related industry. Kang Jun-hyeon, a member of the Democratic Party, plans to propose this bill as early as next month. The released bill is separate from the Digital Asset Basic Act, which was proposed by Min Byeong-deok of the Democratic Party on the 10th of this month. The party explained that the Innovation and Growth Act was prepared to complement the Basic Act, including requirements such as mandatory digital asset disclosures. At the briefing, Rep. Kang stated, “The Commercial Act is the constitution of the capital market,” and “The Digital Asset Basic Act will also serve as the constitution of the (virtual asset industry).” Specifically, the Innovation and Growth Act stipulates requirements for issuing Korean won stablecoins. First, the bill sets the minimum capital requirement for issuing Korean won stablecoins at "₩1 billion or more." This is twice the requirement of the Digital Asset Basic Act (₩500 million). The Innovation and Growth Act also requires stablecoin issuers to publish their own audit reports at least once a month and external audits at least once a year. Intervention authority of monetary authorities is also stipulated. The Innovation and Growth Act allows the Bank of Korea to express opinions on specific Korean won stablecoins to the Financial Services Commission if necessary. According to the Act, the FSC must respect the Bank of Korea's opinion unless there is a legitimate reason not to. The Bank of Korea may request data from won stablecoin issuers at any time and can also request inspections by the Financial Supervisory Service. Additionally, some clauses of the Innovation and Growth Act are exempt for certain won stablecoins issued overseas. If specific conditions are met, such as the market capitalization of a Korean won stablecoin remaining under ₩1 billion over the past 12 months, the coins can be issued without a separate authorization process. The Act also clarifies that stablecoins are not securities under the Capital Markets Act, nor do they fall under electronic money or prepaid electronic payment methods as defined by the Electronic Financial Transactions Act. The Innovation and Growth Act also contains measures to allow Initial Coin Offerings (ICOs), a campaign pledge of presidential candidate Lee Jae-myung. However, it states that approval from a statutory association established under relevant laws such as the Digital Asset Basic Act is required. Businesses that intend to issue or distribute digital assets must submit both a white paper on the token and a digital asset statement revised to legal requirements to the statutory association. If the association reviews the white paper and statement and posts them on the integrated disclosure system, issuance of the digital asset is permitted. Thus, ICO approval rights are given to the statutory association rather than a governmental authority. The Democratic Party emphasized the need to speed up the enactment of the law. Yoo Dong-soo of the Democratic Party stated, “The (virtual asset) market is now led by the United States, which is far ahead,” and “Korea has missed its chance to lead the global market due to insufficient policies.” He added, “The government will provide support so that we can maintain competitiveness in the digital asset market, which is being reorganized around the United States since the launch of the Trump administration.”

The Democratic Party of Korea has announced its intention to expedite the enactment of the 'Digital Asset Basic Act'. Representative Kang Jun-hyun of the Democratic Party stated at the 'Digital Asset Innovation Bill Public Briefing' held at the National Assembly Members' Office Building in Seoul on the 17th, "While the market is quickly responding to changes, the National Assembly is failing to keep up," and made these remarks. Kang added, "The Basic Act is almost ready," saying, "We plan to introduce the Basic Act as early as next month." Previously, Representative Min Byung-deok of the Democratic Party introduced the Digital Asset Basic Act on the 10th. The act to be proposed by Representative Kang is a separate bill from the one proposed by Representative Min. Kang emphasized, "Revitalizing the digital asset ecosystem is one of the main goals of the National Assembly Political Affairs Committee." He also said, "The Commercial Act is the constitution of the capital market," adding, "The Digital Asset Basic Act will also become the constitution of the (virtual asset industry)." Representative Yoo Dong-soo of the Democratic Party also stressed his commitment to enacting the Basic Act. Yoo remarked, "The (virtual asset) market is currently dominated by the United States, with significant advances ahead," and pointed out, "South Korea's policies are lacking, so we have missed opportunities to lead the global market." He added, "The government will provide support so that we can maintain our competitiveness in the digital asset market, which is being reorganized around the United States following the inauguration of the Trump administration."

The Democratic Party of Korea has directly refuted the interpretation that the government could intervene in decisions regarding the delisting of virtual assets from domestic exchanges. An official from Min Byung-deok's office stated to BloomingBit on the 12th, "The claim that the authorities can decide on the delisting of virtual assets from exchanges is baseless," adding, "This is a mistranslation of the Digital Asset Basic Act." This response was given after a recent interpretation that the Digital Asset Basic Act, proposed by Min on the 10th, would transfer exchange delisting authority to the government. Currently, domestic virtual asset exchanges independently decide on the listing and delisting of virtual assets. The Digital Asset Basic Act clearly stipulates that the Transaction Support Eligibility Evaluation Committee, under the Korea Digital Asset Industry Association, may review whether to delist in cases where an issuer fails to properly disclose information or when the continued support of trading could potentially harm users. Meanwhile, the Democratic Party is currently seeking to enact the Digital Asset Basic Act in the National Assembly during the second half of this year. Once established, the Basic Act would also allow for the issuance of KRW-based stablecoins. Min stated, "(Through the Basic Act) we can vitalize the digital financial ecosystem and position Korea as a leading nation in global digital finance."

Clarification of Crypto Regulations... Spotlight on Clarity Act Will It Surpass the Genius Act?... Attention on Impact 'Crypto = Commodity'... Clear Legal Status Senate Hurdle Remains... Legislative Speed a Variable As the United States speeds up the legislation of the Cryptocurrency Market Structure Act (Clarity Act), the industry's attention is focused. If the bill is enacted, some predict that its impact on the market could be even greater than that of the Stablecoin Act (Genius Act). Previously, after the Genius Act passed the US Senate last month, the price of Bitcoin surpassed $110,000 for the first time in history. On the 10th (local time), according to industry sources, the Clarity Act passed the 'markup' in the House Financial Services Committee with 32 votes in favor and 19 against. Markup is the review stage where a committee gives final consideration to a bill before submitting it to the full chamber. On the same day, the Clarity Act also passed the markup in the House Agriculture Committee with 47 votes in favor and 6 against. French Hill, Chair of the House Financial Services Committee, stated, "(The Clarity Act) is a law to establish a fair and forward-looking regulatory system," adding, "The Clarity Act will address all issues that could undermine the (crypto) market." As its name 'Clarity' suggests, the act aims to fill regulatory gaps in cryptocurrency. It comprehensively amends the 'FIT21' introduced in 2023, with a key focus on clarifying the legal status of virtual assets. Especially, the Clarity Act designates cryptocurrencies such as Bitcoin (BTC) as 'Digital Commodities' and explicitly states that such assets are not securities under US securities law. In effect, it firmly declares that cryptocurrencies themselves are not securities. Clarification of US Regulatory Authority... CFTC’s Authority Substantially Enhanced A central feature of the bill is its clear distinction between the jurisdiction of US regulatory authorities, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). In the US, the SEC supervises securities, while the CFTC oversees commodities. However, ambiguity over whether cryptocurrencies should be treated as securities or commodities has often led to overlapping or post hoc regulations. This is why the Clarity Act explicitly stipulates whether or not cryptocurrencies are securities. Specifically, the CFTC’s authority over the crypto industry is significantly expanded. The Clarity Act stipulates that the CFTC will have 'exclusive jurisdiction' over spot markets for digital assets. This means the CFTC, which had primarily overseen crypto derivatives markets, will now also regulate spot markets. Accordingly, exchanges and brokers handling crypto spot assets must register with the CFTC instead of with the SEC. Of course, the SEC’s role is not eliminated. According to the Clarity Act, the SEC’s jurisdiction will focus on the stage when blockchain projects issue new tokens and raise funds. Furthermore, until the SEC acknowledges that a blockchain network has reached a 'mature' stage, the projects are required to disclose financial information, token supply, and more. The SEC will retain authority to sanction unfair trading practices such as crypto price manipulation within its jurisdiction. The role of the SEC’s fintech-specialized unit will also be strengthened. Previously, in 2018, the SEC established FinHub, dedicated to financial innovation, and elevated it to an independent office in 2020. The Clarity Act specifies the legal status and role of this organization and mandates the establishment of LabCFTC, a financial innovation office at the CFTC. The Act states that LabCFTC’s purpose is to "promote responsible financial technology innovation and fair competition for the benefit of the American public." The bill also includes provisions to prevent duplicative regulation. Specifically, institutions registered with the SEC may conduct crypto spot trading without separate CFTC licensing. Additionally, the Clarity Act clarifies that, considering the diversity of laws among US states, federal law takes precedence in governing the crypto industry. The Act also specifies that some regulations under the Commodity Exchange Act (CEA) are exempted for DeFi (Decentralized Finance). Will the Clarity Act Become a 'Game Changer' for the Crypto Industry? The industry believes the Clarity Act could be a game changer for crypto. Above all, enactment of the bill would resolve much of the regulatory uncertainty that has obstructed US crypto firms from expanding their business, potentially having an even greater impact than the Genius Act. The price of Bitcoin surged to $110,000 for the first time after the Genius Act passed a 'cloture vote' in the US Senate last month. Minseung Kim, head of research at Korbit, explained, "The introduction of the Clarity Act and similar industry-specific legislation is positive, as it confers legal clarity," adding, "Although some regulations may be strengthened in the process, it is an inevitable step for market stabilization, maturity, and expansion." US regulatory authorities’ resolve to foster the crypto industry is also evident. Brian Quintenz, nominee for CFTC Chair, said at the Senate Agriculture Committee confirmation hearing on the 10th (local time), "Full realization of digital assets’ potential requires clear regulatory direction from Congress," and, "The Clarity Act is a legislative opportunity that enables both consumer protection and technological innovation." Paul Atkins, SEC Commissioner appointed after the launch of the second Trump administration, commented at a DeFi roundtable on the 9th, "I instructed staff to review possible rule changes related to DeFi for greater regulatory flexibility." However, it is uncertain whether the Clarity Act will speedily clear the Senate hurdle, even if it passes the House. This is because the US Democratic Party continues to hold a negative stance towards the Trump administration’s crypto policy. Concerns over conflicts of interest involving the Trump family’s crypto businesses are becoming an increasingly influential variable. Democratic Representative David Scott criticized the Clarity Act, stating, "It allows crypto companies to circumvent appropriate oversight and ignore investor protection."

Min Byung-deok, a Democratic Party of Korea lawmaker who proposed the Digital Asset Basic Act, said on the 10th that there are "concerns of conflicts of interest" regarding the 'Digital Asset Exchange Joint Consultative Body (DAXA, DAXA),' which is a consortium of domestic cryptocurrency exchanges such as Bithumb and Upbit. At a press conference for the proposal of the Digital Asset Basic Act held at the National Assembly press center in Yeouido, Seoul, Min stated, "(In practice) DAXA is composed of the exchanges themselves," adding this perspective. He explained, "Tasks related to (virtual asset) listing support, maintenance, and delisting should also be handled by the Listing Eligibility Evaluation Committee under the Digital Asset Industry Association," and further remarked, "The Market Surveillance Committee within the association should be responsible for market oversight related to unfair trading, as this is the way to prevent conflicts of interest." The Digital Asset Basic Act, for which Min was the lead proposer that day, includes a plan to establish the Digital Asset Industry Association. Specifically, the bill stipulates that both a Listing Eligibility Evaluation Committee and a Market Surveillance Committee must be set up under the association. The Listing Eligibility Evaluation Committee will be in charge of assessing and reviewing listings and delistings of virtual assets, while the Market Surveillance Committee will handle compliance and duties related to unfair trading activities. Min emphasized, "Since exchanges always face conflict of interest issues, market surveillance and other functions cannot be entrusted solely to DAXA," adding, "The association will decide on the support and termination of (virtual asset) trading." Regarding regulation on dollar-based stablecoins, he commented, "It is meaningless." Min said, "There is no way to directly regulate (dollar stablecoins)," and, "We cannot require issuers of dollar-pegged stablecoins to register and obtain approval in Korea." He also addressed the appropriateness of the term 'virtual asset.' Min explained, "The term 'virtual asset' itself is negative," adding, "I chose to use the term 'digital asset,' since these assets exist as digital assets with substance." He continued, "If (the Basic Act) passes, the Virtual Asset User Protection Act will disappear," and, "Anti-money laundering provisions currently under the Specific Financial Information Act (KoFIU Act) will be incorporated into the Basic Act."

Cardano (ADA) has launched the Bitcoin (BTC) DeFi protocol 'Cardinal'. Charles Hoskinson, founder of Cardano, announced on the 10th (local time) via X that he is launching a Bitcoin DeFi protocol developed for Cardano. The protocol, named 'Cardinal', is the first Bitcoin DeFi protocol on the Cardano network. Specifically, users can take out loans or participate in staking on the Cardano network by utilizing Bitcoin's Unspent Transaction Output (UTXO). Romain Pellerin, Cardano's Chief Technology Officer (CTO), explained on X that a trust-minimized model has been applied, where the system remains secure as long as at least 1 out of n participants can be trusted.

Ripple, the issuer of XRP, will newly invest $5 million (about ₩7 billion) in blockchain education in the Asia-Pacific (APAC) region. On the 10th (local time), Ripple announced on its official website, "Through the University Blockchain Research Initiative (UBRI), we are making an additional investment of $5 million in blockchain innovation in the APAC region." Ripple said, "This investment spans six countries including South Korea, Japan, Taiwan, and Singapore," adding, "It reflects our commitment to fostering next-generation blockchain talent and supporting world-class academic research." Ripple's focus on the APAC region comes from its recognition of the rapidly developing digital finance ecosystem. Ripple emphasized, "APAC is the hub of digital finance where NeoBanks are most concentrated globally," adding, "Ripple's UBRI program is central to the growth of APAC's cryptocurrency and blockchain leadership."