YM Lee

Brian Quintenz, who was nominated as the Chairman of the U.S. Commodity Futures Trading Commission (CFTC) but whose confirmation process has been put on hold, has reportedly reached out to the cryptocurrency industry for support. On the 20th (local time), Eleanor Terrett, host at CryptoAmerica, reported via her X (formerly Twitter) account, "According to anonymous sources, CFTC Chairman nominee Brian Quintenz appears to have sought assistance from various industry figures, including the Blockchain Association. Several groups are preparing to send letters of support for Quintenz to President Trump." Brian Quintenz is an industry veteran who previously served as the Global Head of Policy at a16z Crypto, the venture capital firm, and three weeks ago, his confirmation hearing in the Senate was postponed. The White House has not yet made an official statement on the matter.

AhnLab Blockchain Company (ABC), the blockchain subsidiary of AhnLab; the Korea Easy Payment Foundation, which operates the ZeroPay service; and Open Asset signed a memorandum of understanding (MOU) for cooperation on the issuance and payment of Korean won stablecoins on the 20th. Through this agreement, the three companies plan to strengthen collaborative systems between their digital financial infrastructures and technologies. They will link each company's area of expertise—blockchain-based digital asset wallet (ABC), payment infrastructure (Korea Easy Payment Foundation), and Korean won stablecoin issuance (Open Asset)—to establish a standard digital asset payment model, along with transparent governance and a payment ecosystem that complies with regulations. This partnership is expected to make a practical contribution to expanding the domestic stablecoin payment ecosystem by providing consumers with a convenient environment to charge and use Korean won stablecoins, offering small businesses new payment options, and increasing Korea’s competitiveness in the global digital payment environment.

Global cryptocurrency exchange Gemini announced on the 20th (local time) the launch of its browser-based self-custody wallet 'Gemini Wallet', utilizing the modular smart account infrastructure Nexus by Biconomy. Gemini Wallet has eliminated the seed phrase and enhanced security by introducing Passkey authentication. Users can directly access decentralized finance (DeFi) services through the Gemini Wallet. A Gemini representative explained, "Gemini Wallet achieves both enterprise-level security and flexible architecture based on the Passkey authentication method." Ahmed Al-Balaghi, co-founder of Biconomy, stated, "The adoption of our tech stack by a major exchange proves both its technical reliability and structural stability."

The Bank of Korea has reportedly urged the National Assembly to strengthen regulations concerning US dollar stablecoins. According to the industry on the 20th, the Bank of Korea submitted a written response to Seong-Hoon Park from the People Power Party, stating, "Currently, as dollar stablecoins are being circulated in the domestic market, the side effects such as evasion of foreign exchange regulations are increasing," and "It is necessary for the government and the National Assembly to discuss amendments to the Foreign Exchange Transaction Act and related laws." Through the written statement, the BOK expressed concerns that △ currency substitution due to the proliferation of dollar stablecoins △ increased instability in the foreign exchange market due to dollar outflows △ weakening of currency validity △ and weakening of monetary sovereignty could have negative impacts. It also expressed a negative stance on the introduction of a Korean won stablecoin. The BOK explained, "If a won stablecoin is introduced, its scale is likely to exceed last year's prepaid recharge funds (about ₩3.95 trillion). In the event of a sell-off, losses could be greater than the failure settlement amount of ₩1.3 trillion for prepaid recharge funds." Furthermore, the Bank reiterated its previous position emphasizing that issuance of won stablecoins should be centered on banks, while also leaving room for collaboration with non-bank institutions.

South Korean cryptocurrency exchange Upbit announced on the 20th that it has signed a memorandum of understanding (MOU) with the Community Chest of Korea (also known as the Fruit of Love), a non-profit organization, to invigorate the digital asset donation culture. The signing ceremony was held on the 19th at the 6th-floor main conference room of the Community Chest of Korea building in Jung-gu, Seoul. The event was attended by Dunamu CEO Seok-Woo Lee, Community Chest of Korea Chairman Byung-Jun Kim, and other stakeholders. Earlier this year, financial authorities unveiled a roadmap to permit corporations' participation in the digital asset market and announced that corporate digital asset accounts would be gradually allowed. As a result, nonprofit corporations are now allowed to trade digital assets. In the second half of the year, listed corporations and specialized investment corporations, except for financial companies, are also expected to be able to trade digital assets. As corporate participation in the market grows, a comprehensive shift toward digital asset-centered corporate donation culture is anticipated, moving beyond cash and tangible asset-focused donations. The partnership between Upbit and Community Chest of Korea was established to proactively respond to upcoming changes and to lead next-generation digital asset donation culture. Through this agreement, the Community Chest of Korea plans to develop and distribute internal control standards and guidelines for opening exchange accounts to support domestic nonprofit corporations' participation in the digital asset market and their donation and receipt of assets. To this end, Upbit will actively support compliance consulting and digital asset education for nonprofit executives and employees. Going forward, both organizations will continue to discover diverse social contribution activities utilizing blockchain technology and digital assets, and to create exemplary precedents in the market through mutual trust and cooperation. Dunamu CEO Seok-Woo Lee said, "The use of digital assets by nonprofits is another leap for 'technology' and a new definition of 'sharing.' We will continue to explore the diverse possibilities that technology offers and strive to contribute beneficially to our society and future generations." Byung-Jun Kim, Chairman of the Community Chest of Korea, said, "A new culture of giving through digital assets is a sustainable form of social contribution that future generations can relate to. This partnership with Upbit will serve as a starting point connecting the value of digital technology and sharing."

Donald Trump, President of the United States, publicly criticized Jerome Powell, Chair of the U.S. Federal Reserve, once again. On the 20th (local time), President Trump stated on his Truth Social, "I hope someone tells Jerome Powell. He is causing great damage to the United States housing industry. People are unable to obtain mortgage loans because of Powell." He added, "Inflation does not exist, and all indicators are pointing toward a large rate cut. Rate cuts that are too late are a 'disaster.'"

The American Innovation Project (AIP), a non-profit lobbying organization for innovation in virtual assets (cryptocurrency) and artificial intelligence (AI) in the United States, has launched in Wyoming. According to a report by Cointelegraph on the 20th (local time), the American Innovation Project explained that it "aims to connect policymakers and industry leaders and experts to build understanding of emerging technologies." Kristin Smith, the Chairperson of AIP, will also serve as the head of the Solana Policy Institute, and numerous executives from the Blockchain Association, Paradigm, Digital Currency Group (DCG), and Coinbase are participating. Chairperson Kristin Smith stated, "The American Innovation Project was established to foster dialogue regardless of partisan positions, and through this, to collaborate in order to advance the country."

Bo Hines, who served as Executive Director of the Crypto Council during the Donald Trump administration, has joined Tether (USDT) as a U.S. Strategic Advisor. On the 19th (local time), Tether announced through its official channel, "Hines is a figure with policy expertise, legal education, and private sector insights. During his tenure at the White House, he fostered digital asset innovation and developed clear safeguards for stablecoin issuers. Bringing Hines on board marks significant progress toward achieving the company’s mission to redefine the future of the digital economy." Paolo Ardoino, CEO of Tether, emphasized, "Bo Hines’s expertise in the legislative process will be an extremely valuable asset for practical blockchain adoption. We are very pleased to welcome him to the team." Bo Hines stated, "During my time in public office, I witnessed firsthand the innovative potential of stablecoins. I am delighted to join Tether at such a crucial time. I look forward to contributing to building an ecosystem that sets standards for market stability, regulatory compliance, and innovation in the U.S. market."

Recently, Michelle Bowman, the newly appointed Vice Chair of the Federal Reserve, shared her thoughts on the approach to introducing virtual asset (cryptocurrency) regulations. According to a Coindesk report on the 20th (local time), Vice Chair Michelle Bowman attended the Wyoming Blockchain Symposium and stated, "Banks and regulatory agencies have adopted an 'overly cautious mindset' when implementing new rules pertaining to the virtual asset industry, and I believe they should abandon this way of thinking." She added, "Banks should support the surge and promotion of digital assets, and the Federal Reserve needs to provide rules to the industry that do not hinder the growth of this field." Michelle Bowman assumed the role of Vice Chair, succeeding Michael Barr, after confirmation by the United States Senate in June.

D'CENT, the digital asset wallet operated by IoTrust, announced on the 14th that it achieved monthly export sales of USD 1 million in July 2025. This marks the highest export performance to date and indicates D'CENT's emergence as a major player in the global Web3 wallet market. Cumulative sales for the first half of 2025 also more than doubled compared to the same period last year. In particular, July's export figures serve as a key indicator of global competitiveness, with strategic approaches toward the global market resulting in visible achievements. IoTrust stated, “Reaching export sales of USD 1 million in July is a significant milestone representing D'CENT's leap as a global brand. Enhancements in UI/UX and the expansion of on-chain services—reflecting the practical needs of global users—have directly contributed to our competitiveness.” D'CENT’s flagship product, the fingerprint authentication hardware wallet, supports 85 blockchain networks. Additionally, through app integration, users can conveniently access a variety of Web3 services such as token storage, decentralized finance (DeFi), and non-fungible tokens (NFTs). Looking at the regional sales composition, the significance of the United States market has distinctly increased. Whereas U.S. sales accounted for 53% of the company’s total sales in the first half of the previous year, this figure rose to 67% in the first half of this year. Outstanding performance in the U.S. market is driving the overall export figures. In the second half of the year, the company plans to maintain its growth trajectory in overseas markets by expanding global partnerships, strengthening its product lineup, and introducing new in-wallet services. Strategies include fostering an easy investment environment for global users who find crypto investing challenging, and accelerating export competitiveness and customer acquisition through continuous updates to lower barriers to Web3 entry. IoTrust added, “In the second half, we will strengthen our growth momentum to secure leadership in the global Web3 wallet market and firmly establish ourselves as a leading brand.”

International oil prices have shifted back to a downward trend. As global crude oil inventories increase, there are forecasts that oil prices will drop further. On the 12th, West Texas Intermediate (WTI) crude for September delivery on the New York Mercantile Exchange closed at $63.17 per barrel, down 1.24% from the previous day. Brent crude oil for October delivery on the Intercontinental Exchange (ICE) in London also ended trading at $66.12, down 0.77%. The price of WTI showed an upward trend the previous day, but due to forecasts of a decline triggered by rising crude inventories and the upcoming meeting between the United States and Russia on the 15th, the market turned lower again in just one day.

Global virtual asset (cryptocurrency) exchange Binance has announced the new listing of BFUSD. On the 13th (local time), Binance stated through its official channels that it will launch the BFUSD/USDT trading pair service from 2:00 PM on the 13th (UTC, 11:00 PM KST on the 13th).

Common Computer, a Web3-based artificial intelligence (AI) technology company, unveiled the 'Walkerhill AI Lounge', a customer experience-oriented space integrating the latest AI technology and art, on the 12th. This project creates an original space where AI, art, and tradition converge, offering new experiences to hotel visitors. The AI Lounge provides customers with interactive voice conversation experiences with an AI manager, as well as artistic experiences through content featuring the artworks within Walkerhill. The lounge is located on the first floor of Grand Walkerhill Seoul and operates unattended, open 24 hours. Going beyond merely appreciating works of art, customers become 'emotion collectors', immersing themselves in artistic experiences. In particular, digital art by artists from Uncommon Gallery and collaborative art pieces that reinterpret traditional ingredients artistically illustrate creative connections between tradition and modernity through digital art, drawing the attention of visitors.

 The Real-World Asset (RWA) tokenization platform OpenEden announced its partnership with New York's BNY. According to a report from Cointelegraph on the 13th (local time), OpenEden stated, "Through collaboration with BNY, we are now able to manage and custody assets based on U.S. Treasury bills (TBILLs)." The Treasury bill TBILL managed by OpenEden is the first tokenized U.S. Treasury fund to receive Moody's A rating. Jeremy Ng, founder of OpenEden, emphasized, "By combining the expertise of OpenEden and BNY, we can set a new standard of trust in the digital asset space."

Web3 research and consulting firm Tiger Research has announced that it has entered into a strategic partnership with the global virtual asset (cryptocurrency) data platform CoinGecko. CoinGecko, established in 2014, is a virtual asset data aggregation platform that tracks data from over 1,000 exchanges and more than 18,000 digital assets worldwide. Through this collaboration, the two companies will combine Tiger Research’s blockchain market insights with CoinGecko’s global data network to enhance digital asset market analysis and research content and expand their international reach. Through this partnership, Tiger Research’s research reports will be provided to global investors via the CoinGecko website. In addition, CoinGecko’s research reports will be translated into Korean and distributed through both companies' platforms and networks, increasing accessibility for Korean investors. The two companies will also promote joint research projects. By integrating Tiger Research’s capabilities in analyzing regulations and market structures across various Asian countries with CoinGecko’s data analysis skills, which include community growth, on-chain indicators, and development status, they plan to produce high-quality joint research on the digital asset market. This will provide more multifaceted analysis beyond just price and trading volume information. Kyu Jin Kim, CEO of Tiger Research, stated, "Collaboration with CoinGecko is a pivotal opportunity for quality digital asset research to reach global investors," adding, "We aim to provide more comprehensive and reliable information through the synergy created by combining the research strengths of both companies."

Virtual asset (cryptocurrency) exchange Bithum announced on the 13th that it will run a donation campaign that reflects on the historical significance and fulfills social responsibility in celebration of the 80th anniversary of Liberation. This campaign, jointly organized by Bithum and the fashion brand Lakai Korea—known for promoting social messages—will run until August 31. Lakai Korea is a fashion brand that pursues values relatable to all generations, actively promoting correct history and national identity of Korea through a variety of activities such as 'correcting historical distortions', 'promoting Dokdo', and 'supporting descendants of independence patriots', as well as patriotically inspired designs. The donation campaign will operate through member participation. During the campaign period, if a new member signs up with Bithum and registers a donation code from the Lakai Korea event page in the Bithum app, ₩10,000 will be automatically donated. Additionally, new Bithum members will receive an '80th Anniversary of Liberation Commemorative Package,' which includes a Lakai Korea 1945 limited-edition T-shirt, to encourage participation and show appreciation. Existing Bithum members who register a donation code will have ₩1,000 donated, and as a token of gratitude, Bithum will provide ₩815 in won. All collected donations will be delivered in full to Habitat for Humanity Korea, an international nonprofit housing welfare organization, to be used for improving the residential environment of descendants of independence patriots. Sun-Il Moon, Head of Bithum Service, said, "We have organized this campaign so that Bithum members can participate in meaningful sharing in celebration of the 80th anniversary of Liberation. We will continue to pursue various partnerships and social contributions as a company that grows together with society."

Dunamu, the operator of the cryptocurrency exchange Upbit, announced on the 13th that it signed a technical cooperation memorandum of understanding (MOU) with Vietnam’s Military Bank (MB Bank). On the 12th, at Lotte Hotel in Sogong-dong, Seoul, during the 'Korea-Vietnam Business Forum', Dunamu and Vietnam’s Military Bank signed an MOU, agreeing to actively cooperate for the activation of Vietnam’s digital financial ecosystem based on mutual trust. Military Bank is a financial institution under Vietnam’s Ministry of National Defense, established in 1994. With close to 30 million customers, Military Bank is considered one of the top four banks in Vietnam and is at the forefront of the country’s digital financial transformation. Through this MOU, Dunamu will support the establishment of a cryptocurrency exchange in Vietnam as a core strategic partner to Military Bank, as well as assist in developing laws, systems, and investor protection measures related to digital assets. Dunamu also plans to transfer Upbit’s world top-three innovative technologies and provide various operational know-how including high-performance infrastructure, security and regulatory compliance experience, and talent development. Upbit, recognized as South Korea’s leading cryptocurrency exchange, complies with the regulations of the Financial Action Task Force (FATF) and, with its superior technology and differentiated user experience, records an annual trading volume of $135 billion, fostering investor trust and leading the advancement of the domestic digital asset industry. Recently, Vietnam announced 'Resolution No. 57', which makes science, technology, and innovation the driving force of national development and is engaging in economic and industrial reforms. South Korea and Dunamu are seen as optimal partners for this transition. Oh Kyung-seok, CEO of Dunamu, stated, “Vietnam demonstrates its potential through its over 20 million digital asset holders, annual transaction volumes exceeding $80 billion, and a blockchain asset inflow ranking in the global top 5,” adding, “Combining Vietnam’s proven growth potential with the Upbit model offers a significant opportunity to design not only a cryptocurrency exchange but also Vietnam’s entire digital financial infrastructure based on mutual trust.” He continued, “Upbit is not merely a technologically advanced exchange but a comprehensive platform that thoroughly internalizes planning, operations, compliance, and asset management. We will offer all-round support so that the Vietnamese government can stably build a digital financial ecosystem on the foundation of reliable technology.” Lưu Trung Thái, chairman of Military Bank, said, “From now on, Vietnam and South Korea, Military Bank and Upbit, as solid partners, will work together for the growth and development of Vietnam’s digital financial market.”

T3 FCU, a public initiative jointly launched by Tron (TRX), Tether (USDT), and TRM Labs, announced that it has frozen $250 million in illicit assets in approximately one year since its establishment. According to a report by Cointelegraph on the 13th (local time), T3 FCU, a public-private initiative set up to track illegal blockchain transactions, has been working with law enforcement agencies worldwide over the past year to address cases related to money laundering, investment fraud, extortion, terror financing, and other financial crimes, and as a result, has frozen over $250 million in funds. Additionally, T3 FCU has recruited Binance as its first member, and together they plan to expand the scope of their activities through new programs.

Expectations are rising that the Fed will cut the benchmark interest rate in September. This is because the July consumer price index (CPI) rose as expected. Major indices on the New York Stock Exchange also hit record highs. On the 12th (local time), the Dow Jones Industrial Average closed at 44,458.61, up 483.52 points (1.1%) from the previous session. The S&P 500 rose 72.31 points (1.13%) to 6,445.76, and the Nasdaq index rose 296.5 points (1.39%) to close at 21,681.9. The S&P 500 and Nasdaq indices hit all-time closing highs that day. Investor sentiment improved as the July CPI increase met expectations. The U.S. Department of Labor announced that the July CPI in the U.S. rose 2.7% year-on-year. This is the same as in June (2.7%) and below the expert forecast (2.8% increase) compiled by Dow Jones. Expectations for a rate cut also grew. According to CME's FedWatch, the interest rate futures market reflected a 94% probability on this day that the Fed would lower the benchmark rate by 0.25% points at the September Federal Open Market Committee (FOMC) meeting. This is 8 percentage points higher than the previous day. The extension of the tariff truce with China also appears to have positively affected investor sentiment. U.S. President Donald Trump signed an executive order extending the 'tariff truce' for another 90 days on the last day of the initial 90-day period, as reported by CNBC and Reuters. Major tech stocks rose across the board. Meta climbed 3.15%, while Microsoft (1.4%), Alphabet (1.25%), Apple (1.09%), NVIDIA (0.55%), and Tesla (0.53%) were also strong. Intel surged 5.46% after news broke that CEO Lip-Bu Tan, who has been under pressure to resign, visited the White House to meet President Trump that day. Stablecoin issuer Circle rose 1.27% after announcing strong second quarter results. However, news that the company is moving to issue 10 million additional shares caused shares to fall by more than 5% in after-hours trading. Jin Young-gi, Hankyung.com reporter young71@hankyung.com