YM Lee

As political negotiations over a US federal government shutdown show progress, assessments are emerging that the likelihood of a near-term administrative gap is diminishing. According to Coincodat.com on the 28th (local time), US President Donald Trump and Senate Minority Leader Chuck Schumer are in talks to avert a federal government shutdown. The key issue is a plan to handle the Department of Homeland Security (DHS) budget separately from the broader appropriations package, with the focus on preventing even a minimal funding lapse ahead of the deadline on the 31st. In Congress, a proposal to first pass a short-term funding bill for DHS is also being discussed. The aim is to avoid an immediate shutdown while buying time for more comprehensive budget negotiations. Amid this progress, market perceptions are also shifting. On the decentralized prediction market Polymarket, the implied probability of a US government shutdown has fallen from 77% over the past weekend to around 40% currently. This aligns with interpretations that political discussions in recent days have moved toward a more substantive compromise phase. Still, concerns persist within the Democratic Party. Schumer is reported to have said the DHS budget carve-out is "not enough," while stressing the need for a long-term solution through bipartisan negotiations. Looking at past episodes, some analysis suggests that a government shutdown does not necessarily deliver an immediate shock to financial markets. In 2018, a 35-day partial shutdown occurred amid a dispute over border wall funding, but the cryptoasset market at the time saw only limited short-term impact.

U.S. senators have raised concerns about potential conflicts of interest involving Deputy Attorney General Todd Blanche over the disbanding of the U.S. Department of Justice’s (DOJ) dedicated virtual-asset investigative unit. They formally questioned the rationale and decision-making process behind dismantling the team at a time when illicit activity involving virtual assets was surging. According to Cointelegraph on the 28th (local time), six U.S. senators—including Mazie K. Hirono, Elizabeth Warren and Richard Durbin—sent a letter to Blanche asking about the motivations for the decision to shut down the crypto investigation unit and whether any conflicts of interest were involved. Blanche disbanded the DOJ’s National Cryptocurrency Enforcement Team (NCET) in April 2025. The unit was launched in 2022 under the Joe Biden administration and had led major virtual-asset investigations, including the case involving Binance and former CEO Changpeng Zhao over alleged violations of anti-money-laundering laws. At the time, Blanche argued that the DOJ “is not a digital asset regulator,” and claimed the previous administration had pursued excessive regulation through criminal prosecutions. Senators, however, took issue with the fact that he reportedly held sizable virtual-asset positions when he made the decision. According to the lawmakers, Blanche disclosed that as of Jan. 21—just before President Donald Trump’s inauguration—he held virtual assets such as Bitcoin and Ethereum worth about $158,000 to $470,000. He said on Feb. 10 that he would divest the assets as quickly as possible, but the actual sale took place on May 31. In the letter, the senators said that the fact he held substantial virtual assets at the time of the decision “raises questions about your motivations,” adding that it was “at minimum an apparent conflict of interest” and that he should have recused himself. They also cited data from TRM Labs showing that the scale of illicit activity tied to virtual assets rose sharply year on year to about $158 billion in 2025, questioning whether dismantling the unit was timely. Losses from hacks and similar incidents that year were estimated at $2.87 billion. The senators had previously warned in a separate letter in April that disbanding the crypto investigation unit could encourage crimes such as sanctions evasion, drug trafficking and financial fraud.

Russia is set to flesh out its long-drifting crypto-asset regulatory framework in July. With legislation being prepared that centers on setting retail investment caps and introducing rules for exchanges, major crypto assets such as Bitcoin are expected to move further into the regulatory mainstream. According to DL News on the 29th (local time), Anatoly Aksakov, chairman of the State Duma (lower house) Committee on Financial Markets, said in an interview with a parliamentary publication that “a comprehensive legislative framework related to crypto assets will be prepared by the end of June and put to a vote,” adding that “the bill will be implemented in stages starting in July.” The bill also includes regulation of crypto-asset exchanges. Unregistered exchanges currently operating in a gray area could face penalties akin to those for illegal financial businesses, including fines or criminal punishment. If the bill passes, the new regulatory regime is scheduled to take full effect from July 2027. Restrictions on retail investors will also be tightened. Aksakov said retail investors would need to pass a suitability test to participate in crypto-asset trading, and that a proposal is being discussed to set an annual purchase cap at 300,000 rubles (about $3,800). Once the system is implemented, retail investors will only be able to invest in crypto assets within a defined scope. The Bank of Russia is expected to directly determine the list of crypto assets that retail investors may purchase. Alexandra Fedotova, an attorney at Whitestone Consulting, said, “It is highly likely the central bank will build a permitted list centered on the top five to 10 crypto assets by market capitalization,” adding, “Bitcoin and Ethereum will definitely be included.” Solana and Toncoin are also being mentioned as candidates. Crypto assets not included on the list are expected to be restricted so that only “qualified investors” can trade them. In addition, stablecoins may be separately classified as a means of foreign-exchange settlement. Fedotova said, “USDT could come to play the role of a digital dollar for companies’ overseas transactions,” adding, “It is highly likely its use will be permitted only through licensed intermediaries.”

Sony Group is stepping up its blockchain infrastructure strategy by making an additional investment to mark one year since the launch of the mainnet for its blockchain network, Soneium. The decision reflects an intention to continue investing with a long-term view after confirming real-world operating performance rather than test-stage results. According to Cointelegraph on the 28th (local time), Sony made an additional US$13 million investment in Startale Group through its subsidiary, Sony Innovation Fund. Startale is a blockchain infrastructure company responsible for developing and operating Soneium and is leading the build-out of an Ethereum Layer 2 network. The investment was decided based on roughly a year of operating data since Soneium launched its mainnet in January 2025. Startale said the investment was made “after sufficiently observing how the network operates in a real environment following the transition to the mainnet.” Based on a public block explorer, Soneium has processed about 524 million transactions since the mainnet launch. Over the same period, Avalanche and Algorand recorded roughly 442 million and 383 million transactions, respectively. It was also noted, however, that transaction counts alone do not directly indicate user adoption or economic activity. While the additional investment increases Sony’s exposure to Soneium, Startale said there would be no changes to operations or the governance structure. A Startale official said, “This investment is an extension of Sony’s long-term infrastructure strategy,” adding that “the existing collaboration framework centered on Sony Block Solutions Labs will remain unchanged.” Startale also operates its own stablecoin, Startale USD (USDSC), on the Soneium mainnet. The token was issued based on the M0 platform and was designed to be used as a primary means of payment for applications and payments on the network. While this funding round represents the first closing of Startale’s Series A, detailed terms such as the company’s valuation were not disclosed. Soneium is an Ethereum Layer 2 network jointly unveiled by Sony and Startale in August 2024. It targets developers of entertainment, gaming, and consumer applications. In August of the same year, it rolled out the Minato public testnet and a developer incubator, “Soneium Spark,” in succession, underscoring a strategy focused on building the ecosystem directly rather than making a passive investment.

Google Play was set to block apps from unregistered virtual asset service providers (VASPs) in Korea, but the actual implementation now appears likely to be delayed for the time being. As of the 29th, major overseas crypto exchange apps such as Binance and Bitget remain available for download on the Google Play Store without restrictions. The blocking measure, originally slated to take effect on the 28th, has not yet been implemented. The Korea Financial Intelligence Unit (FIU) has designated overseas crypto exchanges that have not registered as operators in the Korean market as unreported operators under the Act on Reporting and Using Specified Financial Transaction Information. Based on Korea policy, Google Play established a plan to block the relevant exchange apps and had announced the 28th as the implementation date. A Google Play official said, "The actual timing of the block is being delayed due to internal circumstances. We are reviewing the matter through relevant departments and consolidating our position, and the exact timing has not yet been decided."

US online trading platform Robinhood has entered a competition with major investment banks to take part in SpaceX’s mega initial public offering (IPO). The idea is to secure a distribution channel that can directly allocate SpaceX shares to retail investors at the IPO price. According to Cryptopolitan on the 29th (local time), Robinhood is pushing a plan to secure a substantial allocation of SpaceX IPO shares and offer them to individual investors via its IPO Access platform. This is seen as an attempt to challenge the IPO allocation structure traditionally led by Wall Street’s largest investment banks. Sources said Robinhood is focused on enabling retail investors to buy SpaceX shares at pre-listing prices. IPO Access is Robinhood’s flagship service designed to allow ordinary investors to receive allocations at the offering price. SpaceX, an aerospace and satellite company led by Elon Musk, is viewed by the market as potentially raising as much as $50 billion through this IPO. Its valuation is estimated at up to $1.5 trillion, and if completed it could become the largest IPO in history. The listing is most likely in mid-2026, though the timeline could change. Wall Street banks that have handled IPO allocations are said to be expressing concerns about the move. Still, the market notes that Robinhood has expanded the influence of retail investors over the past decade by championing commission-free mobile trading, and views this effort as an extension of that trajectory. Robinhood CEO Vlad Tenev has also recently voiced concerns about the regulatory environment. He pointed out that “retail investors have been sidelined in the IPO process,” and argued that “institutional upgrades are needed, including new distribution structures such as tokenized stocks.” He said the aim is to avoid repeating the controversy over trading restrictions that arose during the GameStop episode.

Hana Securities said on the 29th that it will launch a public offering of investment contract securities backed by domestically produced pork (Handon) as the underlying asset and will also review the potential to expand into tokenized securities (STO) going forward. The strategy is to validate real-asset-based investment contract securities within the regulated market first and then link them to digital securities. Hana Securities, together with DataGen, is pursuing a public offering of “Livestock Investment Contract Securities No. 1.” The product is a real-asset-based investment contract security that structures the entire process of purchasing, raising, shipping and selling Handon as a single joint business. Investors acquire shared ownership interests in the underlying asset in proportion to their holdings and receive profit and loss allocations. The total offering amount is 216.24 million won, and the offering price per unit is 20,000 won. The offering size is 10,812 units, and subscriptions will be accepted through the “Pindon” website through Feb. 11, limited to investors who hold a Hana Securities account. For this project, Hana Securities advised on the overall issuance process for about 1 year and 6 months, from designing the product structure to the public offering, subscription and fund management. In particular, it said it meticulously designed the profit distribution structure and investor protection mechanisms, implementing Handon as a real asset in the form of investment contract securities accessible to retail investors. Through this offering, the two companies plan to verify the entire process of offering, operating and settling Handon investment contract securities within the regulated market, and then sequentially issue products with the same structure to make the public offering a regular program. At the same time, they will also review the possibility of converting the investment contract securities structure into digital securities. Cho Dae-heon, head of Hana Securities’ AI Digital Strategy Division, said, “This Handon investment contract security is the first case in which we provided issuance advisory services and proceeded through to a public offering,” adding, “It is the result of preparing for the tokenized securities market from a mid- to long-term perspective.” He also said, “Going forward, we plan to expand issuance advisory services for investment contract securities targeting venture and small and medium-sized enterprises, and broaden our business scope to include the issuance of tokenized securities products as well.”

Hanwha Investment & Securities said on the 29th that it has completed a strategic investment worth 10 billion won in Xangle, a blockchain-based digital-asset data platform. The investment is a follow-up step to implement a business cooperation agreement (MOU) signed by the two companies last year. Hanwha Investment & Securities previously signed an MOU with Xangle on the 21st on the sidelines of the World Economic Forum (WEF·Davos Forum) to cooperate in the digital-asset sector. Xangle is a digital-asset data platform operated by CrossAngle, providing crypto price data, project analysis and blockchain data infrastructure based on on-chain data and a global research network. It serves as a data hub connecting domestic and overseas financial institutions with the Web3 ecosystem. Hanwha Investment & Securities said the investment is aimed at strengthening its data analytics and research capabilities related to digital assets and enhancing competitiveness in the global digital finance market. The two companies also plan to work together to advance investment information services and expand global business infrastructure. Lee Hyun-woo, co-CEO of Xangle, cited the trend of digital-asset markets being brought into the regulated financial system, saying, "Digital assets have moved past the adoption phase and are entering the institutionalization stage," adding, "Collaboration with Hanwha Investment & Securities will be an important milestone in expanding the global digital-asset industry." Son Jong-min, executive director at Hanwha Investment & Securities' Future Strategy Office, said, "By combining Hanwha Investment & Securities' financial capabilities with Xangle's strengths in on-chain data and research, we will secure an information edge," adding, "We will continue to strengthen strategic cooperation to expand the global Web3 ecosystem."

The People Power Party (PPP) has officially voiced opposition to the Financial Services Commission’s (FSC) plan to cap controlling shareholders’ ownership stakes in virtual-asset exchanges. The party argues that such equity restrictions could instead blur management accountability and weaken the competitiveness of Korea’s digital-asset industry. Rep. Kim Sang-hoon, who chairs the PPP’s Special Committee on Stock and Digital Asset Value-Up, expressed concern in an interview with a local media outlet on the 29th over the push to limit ownership stakes in virtual-asset exchanges. He said the stake cap is more likely to amplify side effects than contribute to market stability. “Equity restrictions on exchanges can make it unclear who bears management responsibility, and in the long run could lead to an offshore outflow of capital,” Kim said. “Digital-asset exchanges are private companies that grew up in a startup environment, and imposing artificial limits on ownership structures now runs counter to the trajectory of industrial development,” he added. He also criticized the government’s approach, saying, “The government has shown a one-track, regulation-first stance, and if stake restrictions were necessary, an institutional framework should have been put in place in the market’s early stages.” He added, “There are aspects that are hard to accept in the process by which a regulation not included in the FSC’s original draft was added belatedly.” The FSC has previously defined digital-asset exchanges as market infrastructure with the character of public infrastructure, and is reviewing including in the Framework Act on Digital Assets (second-stage legislation) a plan to limit a single controlling shareholder’s stake to around 15–20%. The aim is to prevent excessive concentration of control in a specific individual or shareholder. With Kim’s opposition now public, if the share-cap provision is included in the Framework Act on Digital Assets being reviewed by the Democratic Party of Korea, a legislative clash between the ruling and opposition parties appears inevitable. While industry and political circles broadly agree on the need to strengthen oversight of exchanges, voices are growing that further discussion is needed on whether a stake-cap approach is appropriate.

With the KOSPI and KOSDAQ indices extending their string of record highs, attention is focused on the direction of South Korea’s stock market on the 29th. Expectations for a semiconductor bull run, underpinned by Samsung Electronics’ solid results, coexist with concerns about the market’s valuation ceiling after a sharp short-term rally. According to the Korea Exchange on the 29th, the KOSPI closed the previous day up 1.69% at 5,170.81. Just one day after surpassing 5,000 on a closing basis, it broke through 5,100 and is pushing toward the 5,200 level. Buying interest flowed in after U.S. President Donald Trump said he would “work out a solution (to tariff hikes) with South Korea.” Samsung Electronics, the bellwether semiconductor stock, rose 1.82% to reclaim the 160,000 won level. SK hynix surged 5.13% on news it had secured about two-thirds of the volume of high-bandwidth memory (HBM)4 to be used in Nvidia’s AI platform, Vera Rubin, and others. The KOSDAQ also jumped 4.70% to close at 1,133.52, topping 1,100 for the first time in 25 years. The market rally is stoking investor sentiment. Retail investors bought 1.009 trillion won worth of ‘KODEX KOSDAQ150’ and ‘KODEX KOSDAQ150 Leverage’ the previous day. Investors’ cash balances, a key measure of sidelined funds, surpassed 100 trillion won on the 27th—up a whopping 12.4535 trillion won this year. On the 28th (local time), U.S. stocks ended mixed. The Dow Jones Industrial Average rose 0.02%, while the S&P 500 fell 0.01% to close at 6,978.03. The Nasdaq gained 0.17%. The S&P 500 broke above the 7,000 mark at the open, but momentum faded and it failed to hold the level. Strength in Nvidia (1.59%) and Intel (11.04%), among others, lifted the Philadelphia Semiconductor Index by 2.34%. The U.S. central bank (Fed) held its policy rate steady at 3.5–3.75% at the January Federal Open Market Committee (FOMC) meeting. In a press conference, Fed Chair Jerome Powell explained the decision, saying, “The unemployment rate has stabilized somewhat, but inflation is still somewhat high.” As the hold was widely expected, it had little impact on equities. Brokerages see the rally continuing on the back of robust semiconductor earnings and a tailwind in the KOSDAQ market. Han Ji-young, a researcher at Kiwoom Securities, said, “With strength in U.S. memory makers and solid results from the Magnificent Seven, the domestic market could trade firm today,” adding, “A tug of war is intensifying between the KOSPI, which has solid fundamentals, and the KOSDAQ, where FOMO (fear of missing out) is elevated.” Against this backdrop, strategists say it is positive to maintain exposure to market leaders for the time being. Lee Sung-hoon, a researcher at Kiwoom Securities, said, “With ample liquidity in the domestic market, sidelined buying interest in semiconductor names that are leading earnings is increasing,” adding, “Given that semiconductor earnings estimates are being revised higher, it appears appropriate to keep a meaningful allocation to leaders such as semiconductors.” By Cho Ara rrang123@hankyung.com

The U.S. Securities and Exchange Commission (SEC) has released official guidance on tokenized securities, detailing how federal securities laws apply. On the 28th (local time), Eleanor Terrett, host of CryptoAmerica, wrote on X that “the SEC’s Division of Corporation Finance, Division of Investment Management, and Division of Trading and Markets issued a joint statement setting out legal interpretations and structural classification standards for tokenized securities.” In the guidance, the SEC made clear that tokenized securities do not change the legal nature of the underlying securities. Tokenization is merely a technical means of moving the record of ownership to distributed ledger technology (DLT) or blockchain, and existing federal securities laws continue to apply to the asset. In particular, the SEC divided tokenization structures into an issuer-led model and a third-party tokenization model. In the issuer-led model, the issuer or its agent directly issues securities in token form and records ownership on-chain. In this case, it is viewed as replacing an existing off-chain database with a blockchain, and the SEC said there is no substantive difference from a traditional securities issuance. By contrast, where a third party unrelated to the securities issuer tokenizes existing securities, the key determinants are the structure of investor rights and how ownership is linked. The SEC stressed that such arrangements still fall within the scope of securities laws, and require a clear explanation of how the token represents the actual security as well as regulatory compliance. The SEC said it expects market participants to be able to use the guidance to prepare necessary procedures such as registration, filings, and approvals. The guidance is likely to serve as an important reference point for financial institutions and blockchain companies pursuing tokenized equities and bonds, real-world asset (RWA) tokenization, and security token offerings (STOs).

Mirae Asset Securities has issued blockchain-based digital bonds, becoming the first private company in South Korea to raise funds in multiple currencies. By processing the entire bond issuance workflow in a blockchain environment, the firm has integrated digital financial infrastructure into the traditional capital market. Through pricing on the 28th, Mirae Asset Securities finalized the private placement issuance of digital bonds totaling HK$325 million and US$30 million. Both tranches have a one-year tenor, with coupon rates of about 3.50% for the Hong Kong dollar bonds and 4.25% for the US dollar bonds. This marks the first time digital bonds have been issued in the Korea-related bond market. In particular, it is reported to be the world’s first case of a private company—excluding the Hong Kong government—issuing digital bonds in multiple currencies. Digital bonds are structured so that the entire process of issuance, distribution, and management is conducted on-chain using distributed ledger technology (DLT) and blockchain. They are characterized by the ability to simplify intermediation procedures and shorten settlement times through blockchain-based ledger records. They are also drawing attention as next-generation bond infrastructure, as transparency and efficiency can be secured simultaneously in post-issuance management. In Asia, Hong Kong is widely viewed as the most proactive jurisdiction in developing the digital bond market. The Hong Kong government has previously led the market by issuing multi-currency digital bonds in Hong Kong dollars, US dollars, euros, and renminbi. Mirae Asset Securities’ issuance signifies that the private sector has now joined this trend in earnest. Through this deal, Mirae Asset Securities has once again demonstrated its potential to expand into the digital finance domain. The company has declared this year the inaugural year of “Mirae Asset 3.0,” spanning both traditional and digital assets, and is accelerating digital financial innovation.

After remarks by Federal Reserve (Fed) Chair Jerome Powell, gold prices refreshed record highs, while Bitcoin maintained a constrained range, underscoring a clear divergence. As macro uncertainty persists, the temperature gap between traditional safe havens and crypto assets is coming back into focus. According to CoinDesk on the 29th (local time), international gold prices on the day topped $5,400 per ounce to set an all-time high. In a press conference held immediately after the Federal Open Market Committee (FOMC) meeting, Chair Powell drew a line against overinterpreting the surge in precious metals as a macroeconomic signal, but buying interest in gold strengthened instead. Regarding the rise in gold and silver prices, Powell said, "You shouldn't read too much into it macroeconomically," adding, "The claim that there is a problem with the Fed's credibility is not true." He emphasized that "if you look at inflation expectations, the Fed's credibility is where it needs to be." Market reaction, however, differed. Gold, along with silver and platinum, rose in tandem, spreading buying across the precious-metals complex. In particular, gold—whose market capitalization is about $40 trillion—led the rally, in a sign that demand for safe-haven assets has re-emerged. By contrast, Bitcoin traded in a narrow band around $89,000, ending the day little changed. Even after the Fed decided to hold its policy rate steady, directionality remained unclear, and major crypto assets such as Ethereum showed a similar pattern. The market is also again questioning Bitcoin's role as "digital gold." James Harris, CEO of Tesseract Group, said, "In the current market environment, crypto assets are underperforming the assets they were originally touted as substitutes for," and that "as geopolitical and fiscal risks are reassessed, gold is regaining relative market share versus Bitcoin." Indeed, over the past year gold prices have risen more than 90%, while Bitcoin has posted a relatively limited move over the same period. Even under the same macro backdrop of a weaker dollar and heightened geopolitical tensions, the two assets have diverged, putting shifts in the market's asset-preference structure back on test.

The White House plans to bring together representatives from the banking sector and the crypto industry to restart discussions on the CLARITY Act, a stalled crypto market structure bill. Whether to allow interest on stablecoins is emerging as the biggest sticking point. According to Reuters on the 28th (local time), officials in President Donald Trump’s administration will meet on Monday next week with banks, crypto firms and industry associations under the auspices of a White House crypto advisory body. The meeting is expected to focus on how the CLARITY Act will address rules on interest and rewards applied to dollar-pegged stablecoins. The CLARITY Act is a market structure bill aimed at clarifying the crypto regulatory framework, with the division of supervisory authority between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) at its core. Deliberations in the Senate have been delayed for months, and a vote in the Senate Banking Committee that had been scheduled for earlier this month has also been postponed. Behind the delay are differences between banks and the crypto industry over the payment of stablecoin interest. The GENIUS Act, passed in July 2025, prohibited stablecoin issuers from paying interest, but did not clearly specify whether that restriction also applies to rewards offered by exchanges or intermediaries. Banks argue that offering stablecoin interest through third parties could spur deposit outflows. Bank of America CEO Brian Moynihan warned on the 15th that “interest-bearing stablecoins could siphon off as much as $6 trillion in bank deposits.” By contrast, crypto exchanges such as Coinbase contend that banks are trying to block competition through legislation. Coinbase CEO Brian Armstrong withdrew his support for the CLARITY Act on the 14th, saying, “If it’s a bad bill, it’s better to have no bill at all.” Still, views within the crypto industry are split. Some major companies and groups—including Coin Center, Andreessen Horowitz (a16z), the Digital Chamber, Kraken and Ripple—continue to support the Senate version. The White House-led meeting is expected to be a key test of whether the Trump administration’s crypto-friendly stance can translate into actual legislation. The direction of the CLARITY Act is also likely to hinge on whether a compromise can be reached on stablecoin interest rules.

With US midterm elections approaching, a crypto-industry-backed political fundraising group is mobilizing again. Fairshake, a super PAC that supports crypto-friendly candidates, said it has secured $193 million in cash, signaling it will seek to check anti-crypto politicians. According to The Block on the 28th (local time), Fairshake said in a statement that its current cash holdings exceed $193 million. Fairshake is a political action committee backed by major crypto companies and venture capital firms such as Coinbase and Andreessen Horowitz (a16z). Fairshake also disclosed the breakdown of its funding. In 2025, Coinbase donated $25 million, and more recently Ripple added another $25 million. It also said a16z contributed $24 million. Fairshake said, "As the midterms approach, we are united by a mission to stand up to anti-crypto politicians and support pro-crypto leaders," adding that "it is time to protect consumers, foster US innovation, and open up the financial system to more Americans." Fairshake also spent aggressively in the last election. According to the report, Fairshake and the super PAC Defend American Jobs poured $40 million into supporting Republican candidate Bernie Moreno, who defeated Democratic Senator Sherrod Brown in the November election. The movement of political money is also intertwined with delays in Senate legislation. The Block reported that discussions on crypto legislation in the Senate have recently been delayed, and that the schedule was thrown off after Coinbase withdrew its support over issues related to tokenized stocks and stablecoin rewards. The issue of stablecoin rewards with interest-like characteristics is set to be discussed at a White House meeting, and the Senate Agriculture Committee has signaled a separate hearing.

Grayscale’s Bitcoin ETF has been listed on Morgan Stanley’s ETRADE, expanding access to bitcoin in the U.S. institutional and advisory market. As regulated bitcoin investment products are offered through major financial firms’ online investing platforms, the trend toward mainstream adoption is continuing. According to Coincu.com on the 28th (local time), the Grayscale Bitcoin Mini Trust ETF has been added to the Morgan Stanley ETRADE platform. As a result, U.S. financial advisers and their clients will be able to access bitcoin ETFs backed by Morgan Stanley’s roughly $7.4 trillion in assets under management. The listing is seen as a move to broaden distribution channels for Grayscale’s bitcoin ETFs. Analysts say that by moving beyond major stock exchanges and into large online wealth-management platforms, potential use among institutional investors and the wealth-management market has expanded. Peter Mintzberg, Grayscale’s chief executive officer (CEO), said of the listing, “a significant step in strengthening institutional adoption,” adding that it “will further solidify bitcoin’s position within regulated investment portfolios.” The market is interpreting the move as a symbolic example of bitcoin’s integration into mainstream finance. With access now available through Morgan Stanley ETRADE, demand centered on wealth managers and investment advisers could gradually expand.

South Korea’s financial authorities have formally set out a plan to shift the regulatory framework for virtual asset exchanges from the current registration system to a licensing regime. The policy direction is to oversee exchanges not as mere private businesses but as entities akin to public financial infrastructure. On the 28th, FSC Chair Lee Eok-won said at a monthly briefing with the press corps at the Government Complex Seoul that “in the second phase of legislation centered on the Digital Asset Basic Act, we are reviewing a plan to convert virtual asset exchanges to a licensing regime.” The idea is to move away from a structure in which exchanges renew their business registrations every three years and instead grant operating status through stricter screening. Lee cited the expanding role of exchanges as a key backdrop for the shift. “If converted to a licensing regime, exchanges would in effect be granted permanent operating status,” he said, adding that “accordingly, responsibility for market stability and investor protection must be significantly strengthened.” In particular, improvements to corporate governance were presented as a major task. Lee said, “If control is concentrated in a specific shareholder, conflicts of interest may arise,” and added that “under a licensing regime, there is a need to review the exchange’s governance and overall internal control framework together.” Financial authorities plan to clarify exchanges’ status and responsibilities through a licensing regime and stabilize market order. By regulating exchanges as core infrastructure of financial markets rather than simple brokerage platforms, the aim is to institutionally strengthen the prevention of unfair trading and investor protection. In the virtual asset industry, some view the shift to licensing as a factor that could raise barriers to entry while also boosting institutional credibility. However, depending on how licensing requirements and the scope of supervision are set, the impact across the industry could vary, making the legislative process an important variable going forward. The FSC plans to establish detailed standards and a supervisory framework for the virtual asset exchange licensing regime during second-phase legislative discussions centered on the Digital Asset Basic Act.