Under the new guidelines expected to be released in January or February, publicly listed companies will be able to invest up to 5% of their equity in digital assets. However, a notable restriction applies: investments will be limited to the top 20 cryptocurrencies by market capitalization. In other words, companies cannot invest randomly in every project. Additionally, transactions must be conducted only on the five largest regulated exchanges in the country. At this point, it’s clear that the government wants to keep liquidity in “safe harbors.”

Giants’ Return and Liquidity Impact

The most striking part of the news is that approximately 3,500 institutions will gain this right. Considering companies like internet giant Naver, which have billions of dollars in equity, the liquidity entering the market could reach trillions of won. Naver’s recent acquisition of Upbit operator Dunamu also indicates that preparations for this move began long ago. Analysts interpret this as a critical step to prevent domestic liquidity from flowing to global exchanges.

CBDC and the 2030 Vision: Treasury Goes Digital

FSC’s move aligns perfectly with South Korea’s 2026 Economic Growth Strategy. The government has set an ambitious goal: by 2030, 25% of the national treasury is planned to be managed through a Central Bank Digital Currency (CBDC). Attention is now on how this massive digitization process will affect public spending. Pilot implementations using “deposit tokens” in areas such as electric vehicle charging incentives suggest the plan is already in motion.

Sector Expectations and Strategic Moves

South Korea giants entering this new arena could reshape global crypto dynamics. Companies will no longer need to establish overseas subsidiaries to invest in digital assets. This development is strategically significant for technological sovereignty. Essentially, by 2030, South Korea is positioning digital assets not only as an investment vehicle but as a core national financial infrastructure, in line with its CBDC vision.

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Why Competition Between Bitcoin and the Dollar Matters

Brian Armstrong said in a post on X that Bitcoin creates a form of competition that ultimately benefits the US dollar. Rather than replacing it, Bitcoin introduces an external reference point that pressures policymakers during periods of rising deficits and expanding public debt. In this context, Bitcoin functions as a financial constraint rather than a rival currency.

At the same time, Armstrong emphasized that Bitcoin is not designed to displace the dollar directly. Instead, he believes its existence encourages more responsible fiscal decision-making by adding transparency and long-term accountability to the system.

Meanwhile, the US public debt has surpassed $38 trillion. With the debt-to-GDP ratio now above 120%, the discussion has moved beyond theory. As a result, Bitcoin is increasingly framed within broader macroeconomic fragilities rather than speculative narratives.

Still, Armstrong underlined that a strong US economy remains essential for global stability. He stressed that Bitcoin’s role is complementary, not adversarial, and that healthy competition can reinforce confidence in the dollar over time.

“I love Bitcoin, but a strong America is also critically important for the world,” Armstrong said.

A Structural Shift in the Crypto Market

At the same time, Coinbase Institutional research points to a major transformation in crypto market dynamics. Analysts observe that retail-driven speculation and meme-coin activity are fading. In their place, institutional capital and professional trading infrastructure are taking the lead.

One of the most significant changes is the dominance of perpetual futures on major exchanges. Unlike earlier market cycles, price movements are now shaped less by simple buying and selling and more by leverage, funding rates, and liquidity conditions.

Previously, spot market demand largely dictated price direction. Today, derivatives markets increasingly influence short-term volatility and trend formation. As a result, the crypto market is becoming more sophisticated but also more complex.

Key behavioral shifts include:

• Retail investor influence continues to decline

• Institutional risk management is gaining importance

• Derivatives markets increasingly guide spot prices

Taken together, these trends suggest that the so-called “Wild West” phase of crypto markets is drawing to a close.

GENIUS Act Debate and the Stablecoin Tension

Another major issue raised by Armstrong is the debate surrounding the GENIUS Act. He strongly criticized efforts to reopen the legislation, arguing that traditional banks are lobbying to curb competition from stablecoins and fintech platforms. In his view, such moves would slow innovation rather than improve consumer protection.

Stablecoin yields, in particular, challenge the traditional banking model. While banks earn roughly 4% on reserves held at the Federal Reserve, everyday consumers receive little to no return on standard savings accounts. Armstrong and other industry voices argue that stablecoin rewards help rebalance this disparity in favor of users.

They also note that available research does not indicate widespread deposit flight from smaller banks. Despite safety concerns raised by incumbents, stablecoins have not triggered systemic stress in the banking sector so far.

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Crypto Leaders Discuss Regulation Reform with the Senate

The U.S. crypto industry is set for one of its most crucial meetings this year. Leaders such as Brian Armstrong (Coinbase CEO), Stuart Alderoty (Ripple CLO), and Hayden Adams (Uniswap CEO) will join Senate Democrats to debate the future of digital asset regulation.

Topics include the separation of custody and brokerage in spot and derivatives trading, exchange licensing frameworks, and KYC/AML compliance. These discussions could reshape how DeFi and centralized platforms operate across the U.S. market.

Meanwhile, investors are watching closely, as regulatory uncertainty has historically triggered volatility in Bitcoin and Ethereum prices.

DeFi Draft Sparks Tension Across the Crypto Industry

A leaked DeFi regulatory draft attributed to Senate Democrats has caused shockwaves across the crypto community. Critics argue the draft could stifle innovation and contradict the core principles of decentralization.

Coinbase CEO Brian Armstrong condemned the proposal, calling it “a bad idea that would undermine innovation.”

“This would set the U.S. back and prevent it from becoming the global crypto capital. But lawmaking is a process — and we’ll keep fighting for your economic freedom.” — Brian Armstrong, Coinbase

At the same time, Miles Jennings, General Counsel at a16z crypto, emphasized the urgent need for a “clear and consistent regulatory framework” to foster innovation while ensuring investor protection.

Who’s at the Table: Key Participants in Washington

The meeting gathers the most influential figures in the trillion-dollar crypto market:

• Brian Armstrong – CEO, Coinbase

• Sergey Nazarov – CEO, Chainlink

• Mike Novogratz – CEO, Galaxy Digital

• David Ripley – CEO, Kraken

• Hayden Adams – CEO, Uniswap

• Kathleen Smith – Head, Solana Policy Institute

• Dante Disparte – CSO, Circle

• Stuart Alderoty – CLO, Ripple

• Rebecca Rettig – CLO, Jito

• Miles Jennings – General Counsel, a16z crypto

The agenda includes stablecoin regulation, DeFi supervision architecture, and exchange licensing schemes. The outcomes could set the tone for future policymaking in the United States.

Potential Impact on Crypto Markets

Analysts believe that the results of this meeting could reshape the U.S. crypto competitiveness on a global scale. Prolonged uncertainty has already led to capital flight and developer migration from the U.S.

A balanced framework could attract institutional investors and strengthen user confidence. However, overly restrictive measures may slow down innovation and cause short-term market turbulence.

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The US Treasury has opened a consultation period for the Guidance and Establishment of National Innovation for US Stablecoins (GENIUS) Act, signed into law by President Donald Trump in July. Citizens and organizations can submit comments until October 17, focusing on innovative methods to detect and prevent unlawful financial activities involving digital assets. 

According to the Treasury, feedback may include proposals on artificial intelligence, API integrations, digital identity verification, and blockchain monitoring. This input will help strengthen the law’s implementation while increasing security and transparency in the stablecoin market. Collected feedback will later be submitted to the Senate Banking Committee and the House Financial Services Committee. 

Implementation timeline of the GENIUS Stablecoin Act 

The law will take effect either 18 months after its approval on July 18 or within 120 days once regulations are finalized by the Treasury and the Federal Reserve. This timeline reduces the likelihood of the law becoming a key political topic in the 2026 midterm elections. At the same time, the implementation will raise compliance standards in the stablecoin ecosystem. 

Treasury Secretary Scott Bessent highlighted the importance of the initiative on X, calling it “necessary to secure American leadership in digital assets.” This statement underscores Washington’s intention to tighten oversight in the crypto industry. Moreover, the emphasis on innovative solutions reflects the government’s proactive stance on combating illicit use of cryptocurrencies. 

Other crypto-related bills in Congress 

During the Republicans’ “crypto week” in July, three major bills came under discussion: the GENIUS Act, the Digital Asset Market Clarity (CLARITY) Act, and the Anti-CBDC Surveillance State Act. Among them, only the GENIUS Act advanced to the implementation stage. 

The CLARITY and Anti-CBDC bills were sent to the Senate and will be reviewed after the September recess. The Senate Banking Committee has already indicated plans to advance its own version of the CLARITY Act by October. This momentum shows Congress is moving quickly on crypto regulation. 

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The US House of Representatives conducted a crucial vote on July 15, 2025, regarding three major cryptocurrency bills. The bills included stablecoin regulation, general crypto market oversight, and a ban on central bank digital currencies (CBDCs). However, the bills failed to pass due to strong opposition from the Republican Party’s right wing. The vote resulted in 196 in favor and 223 against, leading to the bills’ rejection. This outcome represents a significant obstacle for crypto regulations in the United States. 

Republican Party Divisions Block Regulations 

Among the bills, the most debated was the GENIUS Act, aimed at increasing transparency for stablecoins. The other two bills were the CLARITY Act and the Anti-CBDC Act. However, some Republican representatives demanded the bills be presented as a unified package rather than separately. This stance caused the vote to fail. President Donald Trump’s declared “Crypto Week” faced setbacks due to internal party disputes. 

This development heightened uncertainty in crypto markets. Shares of major crypto firms like Circle and Coinbase declined following the bills’ rejection. Bitcoin also fell by approximately 3%. House Speaker Mike Johnson and Majority Leader Steve Scalise announced plans to reintroduce the bills. However, internal Republican divisions may continue to hinder regulatory progress. 

Details of Important Crypto Bills 

The GENIUS Act sought to regulate stablecoins and enhance market security. The CLARITY Act proposed broader crypto market regulations. The Anti-CBDC Act aimed to ban central bank digital currencies. These bills sparked considerable attention within the crypto ecosystem but failed to advance due to political conflicts. 

This process holds critical importance for the future of crypto regulations in the US. Investors and market participants await clearer legislation, while ongoing obstacles increase uncertainty. Meanwhile, House leadership signaled that similar bills may return for consideration soon. 

In summary, the rejection of three key crypto bills by the US House caused market turbulence. Divisions within the Republican Party remain a serious barrier to regulation. This event marks a critical development for crypto investors to monitor closely. 

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Building on the momentum from two successful green bond issuances in 2023 and 2024, Hong Kong is preparing its next tokenized bond batch. Financial Secretary Christopher Hui emphasized that this is more than a one-off initiative—it’s a step toward integrating tokenized debt instruments as a regular component of the city’s financial strategy.

Blockchain-Based Bonds Signal Institutional Maturity

The upcoming bond issuance will be recorded and settled using distributed ledger technology (DLT), offering enhanced transparency and efficiency. By doing so, Hong Kong aims to boost institutional confidence and attract global investors to its blockchain-powered financial infrastructure.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

The government is also exploring tax incentives, such as stamp duty exemptions on tokenized ETFs, to encourage wider adoption of tokenized assets in mainstream markets.

A Strategic Leap With Policy 2.0

These moves align with the newly launched Digital Asset Development Policy 2.0, also known as the “LEAP” framework. This forward-looking strategy focuses on legal clarity, ecosystem growth, real-world use cases, and talent development.

Starting August 1, stablecoin issuers will be required to operate under a licensing regime. Simultaneously, public consultations are underway for digital asset trading platforms and custodial services, running through the end of August.

Further bolstering its digital credentials, Hong Kong Exchanges and Clearing (HKEX) has launched real-time price indexes for Bitcoin and Ethereum, providing local reference pricing during Asian market hours to support institutional involvement.

The city’s ambitions don’t stop there. Regulators are preparing the ground for digital asset derivatives, including ETFs and staking services. With legislative support such as the recently passed Stablecoin Bill, Hong Kong is solidifying its global leadership in digital finance and Web3 innovation.

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Circle Stock Breaks Record 

Circle Internet Group went public on June 5 at $31 per share. The stock rose 168% on its first trading day, attracting significant investor interest. By the morning of Monday, June 23, CRCL reached $298. This pushed the market cap beyond $77 billion, exceeding the $61 billion USDC supply and Coinbase’s approximately $78 billion market cap. The stock surged from its IPO price of $31 to $298 in just 12 trading days, achieving over an 8-fold increase. This performance marks it as one of the fastest-growing technology IPOs in recent years. 

The approval of the GENIUS Act in the Senate caused a rapid rise in both Circle and Coinbase stocks. The act brings federal regulation for fully backed stablecoins. President Donald Trump wants this regulation on his desk by the end of summer. 

USDC Revenue and Partnership Details 

Circle shares a large portion of USDC revenue with Coinbase. In 2024, over 60% of USDC reserve interest income was paid to Coinbase as distribution fees. Under the current agreement, 50% of the remaining income also goes to Coinbase. 

Coinbase generates revenue not only from USDC but also from staking, institutional services, and spot trading. Therefore, some analysts find Circle’s higher valuation compared to Coinbase to be questionable. Still, Circle’s IPO highlights growing mainstream investor interest in the crypto market. 

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Trump: “NO DELAYS, NO ADD ONS”

After the Senate passed the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act with a 68–30 vote, Trump posted on Truth Social urging quick House approval.

“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets,” he wrote. “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

With a narrow Republican majority in the House, the final vote is pending — but all eyes are on how swiftly it can reach Trump for final approval.

What Does The Bill Include?

The GENIUS Act aims to establish a clear regulatory framework for stablecoins, including:

• Mandatory 1:1 reserve backing
• State or federal-level licensing
• Anti-Money Laundering compliance
• Strict consumer protections
• Limits on how reserves can be used (e.g., only for redemptions or low-risk Treasury investments)

These measures are designed to eliminate shadow banking risks and enhance systemic trust in dollar-backed stablecoins.

Controversy Still Looms

Although now progressing, the bill had previously failed a cloture vote in May due to Democratic concerns. Critics like Senator Elizabeth Warren accused Trump and his family of positioning to earn “hundreds of millions” from a proposed USD1 stablecoin if the law passes. Others warned against falling behind globally in crypto adoption and innovation.

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Stablecoins Must Now Be Fully Backed by Reserves 

The regulation requires stablecoin issuers to hold 100% reserves. The law mandates that stablecoins be fully backed only by U.S. dollars or similar liquid assets. This ensures market stability while increasing investor confidence. Annual independent audits will be introduced, especially for large issuers, emphasizing transparency. The new regulation applies not only to domestic companies but also to foreign-based stablecoin issuers. Foreign firms wishing to operate in the U.S. must now comply with certain guidelines, ensuring quality control for market entrants. 

Risk Control Obligations for Tech Giants 

Tech companies like Meta and Amazon want to issue stablecoins. However, the law imposes a strong risk control system requirement on these firms, limiting potential risks to the financial system. The law also clearly outlines a framework for corporate stablecoin issuance. 

Concerns were raised about uncertainties surrounding foreign issuers, insufficient anti-money laundering measures, and the possible consequences of corporate stablecoin projects. At the center of debates were Donald Trump’s ties to the crypto sector. 

How Will the Trump Administration Approach the Bill? 

The GENIUS Act passed the Senate with bipartisan support from both Democrats and Republicans, signaling rare political consensus on crypto regulations. As the bill moves to the House of Representatives, all eyes turn to the Trump administration. During Senate debates, Democrats voiced concerns about foreign issuers, anti-money laundering measures, and the potential impacts of corporate stablecoin projects. Central to the discussions were allegations of conflicts of interest involving former President Donald Trump’s connections to crypto ventures. 

Bill Now in the House of Representatives 

The Senate-approved bill now moves to the House, where it remains unclear whether the GENIUS Act will be merged with the previously proposed STABLE Act. This phase is expected to conclude within a few weeks. With this move, the U.S. aims to set global standards in the digital finance market. 

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What Does the GENIUS Act Bring? 

Especially digital coins pegged to the U.S. dollar, like USDC and USDT, will be subjected to stricter oversight. The bill aims to protect users and create transparency in the financial system. 

The bill received strong support in its first Senate passage with 66 “yes” votes. This backing shows a rare bipartisan consensus between Democrats and Republicans on crypto issues. However, some senators still have serious concerns. 

One of the leading critics, Democratic Senator Elizabeth Warren, argued that the bill grants wide latitude to tech billionaires, saying: 

“If Congress does not amend this law, billionaires like Elon Musk and Jeff Bezos could create stablecoins that track your purchases, use your data, and push competitors out of the market. Also, if stablecoins fail, they will seek bailouts from the government.” 

Warren’s statement highlights not only economic but also justice concerns. 

Hagerty: “America’s Digital Leadership at Risk” 

On the other hand, Republican Senator Bill Hagerty, a bill sponsor, emphasized that the GENIUS Act is critical for America’s global leadership. In his Senate speech, he said: 

“The long absence of a legal framework has pushed digital asset innovation beyond our borders to foreign countries. If we want to modernize our payment system and restore our nation’s competitiveness, we must act now.” 

Hagerty also stressed the bill’s strategic goals: 

“This law will strengthen the global dominance of the U.S. dollar, protect users, increase demand for U.S. Treasuries, and ensure innovation in digital assets remains under American control, not foreign rivals.” 

These statements show that the bill is designed not only as a technical regulation but also as an economic power tool. If enacted, stablecoin issuers will be required to report regularly. They must fully back their reserves and submit to federal oversight. The bill will also limit large tech firms’ unlimited entry into this market. 

The GENIUS Act could be a major milestone not only for the U.S. but also for the global crypto ecosystem. Experts believe the law will strengthen the U.S.’s leadership claim in crypto and boost investor confidence. 

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