Despite the US interest rate hike, Bitcoin shows an independent trajectory, drawing attention to changes in the regulatory environment and barriers to entry for financial institutions into the crypto market.
In contrast, the Nasdaq index and gold prices fell during the same period.
This requires analysis to determine whether it is a 'new normal' phenomenon where Bitcoin differentiates itself from traditional assets in its reaction to macroeconomic factors, or merely a temporary delay in market response.
High international interest rates fundamentally act as a source of instability for Bitcoin, which yields no interest.
This supports the analysis that while Bitcoin has shown a differentiated trend from other assets, it will inevitably be influenced by the macroeconomic environment in the long run.
The likelihood of the Crypto Asset Clarity Act (Clarity Act) being reintroduced is understood to be very low. The bill's passage has become difficult, being pushed back by the senators' main legislative agenda.
While the bill's failure is expected to impact demand and circulation of virtual assets in the US, the chances of it being reintroduced in the short term are slim.
These two regulatory bodies are expected to establish their own regulations more aggressively and quickly.
SEC Commissioner Hester Peirce has consistently expressed her commitment to clarifying crypto asset regulations. This leads to the expectation that regulatory bodies will actively establish their own regulations to fill legislative gaps, following existing practice.
The establishment of regulations by regulatory bodies can happen more quickly than legislative passage, and is therefore expected to directly impact the crypto asset market in the future.
The Clarity Act explicitly stated a provision that there was no basis for banks to hold crypto assets on their own. The Basel III Accord, which international banks adhere to, imposes a high 150% penalty if crypto is included as a reserve asset.
This international regulatory environment acts as a major factor hindering banks' participation in the crypto asset market.
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A key aspect of the regulations to be established independently by regulatory agencies is to define token classification standards. Plans are to clearly distinguish the nature of tokens based on the five existing types.
It is also highly likely to include details on the scope of exemption from criminal liability and protection for decentralized finance (DeFi) developers.
The Clarity Act included provisions for regulatory exemptions for small businesses, similar to South Korea's regulatory sandbox. There is speculation that the SEC will apply regulatory exemptions to innovations related to tokens and stocks.
Furthermore, the possibility of shortening the time it takes to approve perpetual futures products is also being raised.
Regulatory guidelines can be created and abolished more easily than laws. Especially for consumer protection guidelines, if an incident occurs, the responsibility for damages can directly fall on the SEC chairperson.
A problem identified is that guidelines, unlike laws, have weak safeguards.
This suggests that while guidelines provide flexibility to the market, they also inherently carry risks related to investor protection.
Circle, the issuer of the stablecoin USDC, announced its proprietary blockchain mainnet, 'Arch'. Through this announcement, Circle declared its goal to evolve beyond stablecoin issuance into an infrastructure company providing all financial services, including collateralized loans and DeFi.
The Arch mainnet will support dollar-denominated gas fee payments and is also planned for use as a payment method for artificial intelligence (AI) agents.
Foreign exchange trading services through Stable FX will also be integrated.
Specifically, Arch is an infrastructure designed with AI agents' financial activities in mind, planning to utilize stablecoins as a core payment method for AI-driven economic activities.
Recruiting institutional-grade validators like BlackRock is a factor that enhances Arch's competitiveness.
A critical challenge determining the success of the Arch mainnet will be how much USDC volume it can absorb from Ethereum and Solana in the future.
In Korea, Upbit will support Arch, and VEDEX plans to issue KRW1 based on Arch.
Circle has expanded its foreign exchange payment services by including KRW1 (Korean Won) as a foreign exchange payment option. This is interpreted to mean that the Stable FX service will support KRW-based transactions.
Such a move has significant implications for South Korean companies.
Circle consistently emphasized Arch's specifications and institutional participation in press conferences and other public forums.
Therefore, the market reaction to the Arch mainnet launch is largely anticipated and is regarded as a significant turning point for Circle's transition from a USDC issuer to an infrastructure company.
While stock price appreciation is the best marketing tool, the current situation is not favorable.
Therefore, Circle needs an active marketing strategy to vitalize the Arch ecosystem.
Assemblyman Han Dong-hoon's strong advocacy for a deferral of crypto asset taxation is drawing significant political attention. The debate over crypto taxation is intensifying, coinciding with the National Assembly's audit season.
It appears to have emerged as a key agenda item to secure votes from the 2030 generation.
Assemblyman Han Dong-hoon strongly advocated for a deferral of crypto asset taxation via Facebook. He pointed out that tax preparedness is inadequate, as the transaction volume detectable through the information exchange system CARF is only 20%.
He also cited the possibility of overseas capital outflow as a reason for tax deferral. In response, the Deputy Prime Minister candidate hinted at the necessity of taxation, emphasizing tax deduction benefits.
Analysis suggests that crypto investors' dissatisfaction stems from the government's attitude rather than the tax amount itself. The government's logic, such as 'there's not much money in your account, so no need to worry about taxes,' has provoked an emotional backlash from investors.
This implies that emotional agitation among investors, rather than logical grounds, will strongly influence discussions in the National Assembly.
Therefore, the issue of crypto asset taxation could expand beyond merely the scale of taxes to a matter of trust between the government and investors.
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