bloomingbit

The US Securities and Exchange Commission said it is prepared to draw up its own regulatory framework for digital assets if Congress fails to pass the CLARITY Act, a market-structure bill for the crypto industry.
Watcher.Guru reported on July 28 that the SEC could move to write rules governing the digital-asset market if Congress does not act on the CLARITY Act.
The bill is currently being discussed in the US Senate, but a final agreement has not been reached because of disagreements over issues including ethics provisions that would restrict senior government officials' involvement in crypto businesses.
The CLARITY Act is aimed at establishing a broader regulatory framework for the US digital-asset market, including the division of jurisdiction over digital assets between the SEC and the Commodity Futures Trading Commission.

半導体株をめぐる世界的な売りが、SKハイニックス社の米国預託証券（ADR）に連動する契約と、韓国上場株の価格差を縮めている。韓国、日本、台湾の市場が同時に下落する中、この圧力は米国のハイテク株にも波及する可能性がある。
Odailyは7月28日、HyperInsightのデータを引用し、SKハイニックスADRのプレミアムが、前日の約33.0%から約4ポイント縮小したと報じた。株式調整後のベースでは、SKHYは約1,379.1ドルで、SKHXを28.9%上回る水準だった。

米国のスポット・ビットコイン連動の上場投資信託は、3営業日連続で純流出を記録した。
トレーダーTによると、米国のスポット・ビットコインETFは7月27日に合計1,165万ドルの純流出を記録した。ブラックロックのIBITが8.83百万ドルで最大の引き出しとなり、一方でフィデリティのFBTCは純流出2.82百万ドルとなった。
残る商品は純流入・純流出ともに記録されなかった。

ビットコインは、FRB（米連邦準備制度理事会）が利上げに踏み切る可能性が高まったとの懸念を背景に、6万3000ドルを下回り、11日間で最も低い水準まで下落した。
ブルームバーグは7月27日、ビットコインが取引時間中に最大2.3%下落し、6万3414ドルになったと報じた。イーサ（Ether）も3.6%下落した。
デジタル資産の弱さは、今週、FRBが政策金利（ベンチマーク）を引き上げるかもしれないという慎重さが高まっていることを反映しているようだ。シタデル・シキュリティーズは、中銀が水曜日に0.25パーセントポイント利上げすると見込んでいる。市場では、今回の会合での利上げの確率をおよそ3分の1として織り込んでいる。

米上院は、暗号資産の市場構造を定める法案「CLARITY Act」についての採決を延期した。
CoinDeskによると、7月27日、上院多数党院内総務のジョン・サウンは、まず連邦ポストの人事に関する指名・承認手続きを進め、その後はロシア制裁の法案を押し進めているという。これにより、「CLARITY Act」は当面、上院の審議日程から外された。
上院は、争われている法案を審議に取り上げる前に、クローチャー（打ち切り）と待機期間の要件を満たす必要がある。複数の注目度の高い法案が会期中の審議時間をめぐって競合しているため、「CLARITY Act」が、ロシア制裁措置に関する作業やその他の案件が完了するまでに採決にかかる可能性は低いようだ。

ナスダックは、日中で急落した後、下落に転じた。
7月27日23:48時点で、ヤフー・ファイナンスのデータによると、指数は前営業日の24,839.37から0.55%下落していた。
下落は、主要指数の構成銘柄、特に半導体株の大幅な下げによって引き起こされた。エヌビディアは198.85ドルで取引されており、前営業日から3.88%下落した。SKハイニックスADRは7.01%下落し、マイクロンは4.99%下落、AMDは6.45%下落した。

A South Korean court ruled that virtual assets paid to employees in exchange for ending a dispute with their employer early and keeping it out of public view were taxable gratuities rather than damages.
According to the legal community on July 27, the Seoul Administrative Court's Second Administrative Division, led by Presiding Judge Kong Hyun-jin, ruled against five former employees of Ground1, now Ground X, including a plaintiff identified only as A. The suit sought to overturn tax offices' refusal to revise their comprehensive income tax assessments.
A and the other plaintiffs worked at Ground1, Kakao's blockchain affiliate, before accepting recommended resignations in September 2020 after conflicts with the company over job reassignments and organizational restructuring. In addition to severance pay, retirement consolation payments and compensation for unused annual leave, the company paid them virtual assets it had issued. After reporting and paying comprehensive income tax on the assets, they sought a reassessment and a refund of about $8 million, arguing the payment was a dispute settlement stemming from an unfair labor practice or damages. They filed suit after the tax authorities rejected the request.
The court focused on language in the resignation agreement stating that the company would provide virtual assets if the employees refrained from conduct that could damage the company's reputation, including media interviews.
The panel said the plaintiffs received the virtual assets in addition to ordinary severance pay in return for stopping conduct that could harm the company's reputation. The payment was made as a gratuity for ending the dispute early and maintaining confidentiality, the court said, making it taxable as "other income" under the Income Tax Act.
Lee In-hyuk, Hankyung.com reporter twopeople@hankyung.com

Bitcoin climbed back above $65,000 after the US and Iran held off on military strikes for a second straight day.
CoinDesk reported on July 27 that Bitcoin was trading in the $65,000 range, up about 1.2% from 24 hours earlier. Ether rose more than 3% to near $1,950, while other top-10 tokens by market capitalization, including Solana and XRP, gained 1% to 2%. International oil prices, by contrast, dropped about 5%.
The US and Iran had agreed to a temporary ceasefire earlier in the second quarter after clashes began in late February, but fighting soon resumed. Iran has reportedly signaled that it would also stop its airstrikes if the US halts its bombing campaign.
Vikram Subburaj, chief executive officer of crypto exchange Giottus, said prices are also reacting to macroeconomic trends. Brent crude has fallen 4.7%, easing some inflation concerns, but the Federal Reserve's July 28-29 meeting remains the immediate risk. The market is pricing in a 36.3% chance of a 25-basis-point rate increase. Ether's gain of more than 3% suggests some money is rotating into altcoins, but Bitcoin dominance remains at 58.6%, indicating it is still too early to call it a broad altcoin rally, he added.
Joao Wedson, founder and chief executive officer of analytics platform Alphractal, wrote on X that the stretch from Bitcoin's halving to the next bear-market bottom has lasted about 900 days in each cycle. The current cycle is already on day 827. If that pattern holds, Bitcoin is already in the process of forming a bottom, with a final low potentially emerging within the next two months.

米国の現物ビットコインおよびイーサーの上場投資信託（ETF）は、3週連続で週次の純流入を計上しました。
ウー・ブロックチェーンは7月27日、米国の現物ビットコインETFが7月20日から7月24日までの1週間で純流入3,379万ドルを記録したと報告しました。同期間に米国の現物イーサーETFは純流入1億400万ドルを集めており、連続記録も3週連続に伸ばしています。
主要なアルトコインの現物ETFも新たな資金を引き付けました。現物ソラナETFは純流入が720万ドルとなり、現物XRP ETFは純流入が815万ドルでした。

米上院は、デジタル資産の市場構造を定めることになる法案であるCLARITY法を可決するまでに、約2週間の猶予がある。民主党と共和党は、重要な倫理規定をめぐって意見が対立したままだ。
CoinDeskによると、7月26日、議員らは上院銀行委員会と上院農業委員会がそれぞれ別々に作成した2つの草案を組み合わせた、CLARITY法の新たな修正案を公表した。改訂されたこの措置には初めて、ドナルド・トランプ大統領を対象とした倫理規定が盛り込まれており、高位の公職者が自らのデジタル資産を発行したり、自身のデジタル資産を支援・後援したりすることを禁じる内容となっている。

Global financial markets this week will zero in on earnings from major US technology companies and the outcome of the Federal Open Market Committee meeting. Crypto markets are also poised to react to signals on artificial intelligence investment and the path of interest rates.
From July 27 to July 31, major US technology companies including Microsoft, Meta Platforms and Amazon.com are due to report second-quarter results. Investors are focused less on the earnings figures themselves than on capital expenditure plans, the pace of AI infrastructure spending and changes in free cash flow.
Alphabet earlier posted results that beat market expectations, but its free cash flow turned negative for the first time on record as it increased spending on AI infrastructure. That has made the hit to profitability from heavier AI investment a key variable this earnings season.
The Federal Reserve will hold its FOMC meeting on July 28-29 to set benchmark interest rates. CME FedWatch data show markets are pricing in a high probability that rates will remain unchanged. At a press conference scheduled for early July 30 in Korea, Fed Chair Kevin Warsh will be closely watched for signals on the timing of future rate cuts and the central bank's response to inflation pressures from higher oil prices.
The Middle East is another variable. If tensions between Saudi Arabia and Houthi rebels escalate, pressure on international oil prices could continue to build. That could weigh on sentiment toward risk assets.
In Chinese equities, ChangXin Memory Technologies, China's largest DRAM maker, will list on July 27. Later in the week, investors will watch the Chinese Communist Party Politburo meeting for signs of additional economic stimulus or industry support measures.

Hanwha raises Dunamu stake to 9.84%; Samsung affiliates acquire 4%
Brokerages speed up issuance and trading platforms before February law takes effect
South Korea’s securities industry is intensifying its race to secure an early lead in security tokens, or STOs, before the market enters the regulatory mainstream next February. Mirae Asset Group has taken control of Korbit, while Korea Investment & Securities, Samsung Securities and Hanwha Investment & Securities have also invested in major cryptocurrency exchanges. Exchange stakes do not automatically grant authority in the security-token business, but brokerages aim to use related technology and infrastructure in broader digital-asset ventures.
Korbit Begins Anew as Digital X Under Mirae Asset
Mirae Asset Consulting, a non-financial affiliate of Mirae Asset Group, completed its purchase of the remaining Korbit stake on July 24, raising its ownership to 97.15%, according to the financial investment industry. The company bought 28,495,701 Korbit shares for 141.37 billion won ($102.4 million), becoming the largest shareholder.
A day earlier, Mirae Asset unveiled Korbit’s new name, Digital X, and outlined plans to build an investment ecosystem spanning traditional finance and digital assets.
Park Hyeon-joo, Mirae Asset Group’s global strategy officer, wrote in a letter to employees that Digital X, under the banner of Mirae Asset 3.0, would take the lead in a sweeping wave of change. He added that the company would build a new investment ecosystem centered on tokenization of real-world assets, security tokens, stablecoins, and the integration of traditional and digital assets.
Korea Investment Joins Coinone; Hanwha and Samsung Add to Dunamu Bets
Korea Investment & Securities’ investment in Coinone recently cleared a regulatory hurdle. On July 22, the Financial Intelligence Unit under the Financial Services Commission accepted a filing for a change in Coinone’s largest shareholders involving Korea Investment & Securities and OKX Ventures, the investment arm of global cryptocurrency exchange OKX. The two companies each invested 80 billion won ($58 million) for stakes of about 20%, becoming joint third-largest shareholders.
Korea Investment & Securities plans to combine Coinone’s blockchain technology with its own capabilities in financial product structuring and internal controls to expand into digital-finance businesses including security tokens and stablecoins. In May, it sent requests for proposals to major operators to build its own security-token issuance platform covering conventional financial products such as bonds and money-market funds.
Investment in Dunamu has been concentrated among Hanwha Investment & Securities and Samsung affiliates in finance and information technology. Hanwha Investment & Securities bought an additional 3.90% stake in Dunamu in June for about 597.8 billion won ($433 million). That increased its holding from 5.94% to 9.84%, making it the third-largest shareholder after Dunamu Chairman Song Chi-hyung and Vice Chairman Kim Hyeong-nyeon.
This month, Hanwha also invested about 30 billion won ($21.7 million) in Digital Asset, the operator of the Canton Network, a financial blockchain backed by Goldman Sachs and the Depository Trust & Clearing Corp. It has also made a series of earlier investments in companies tied to digital-asset data, wallets and real-world-asset tokenization. Hanwha is developing a digital-asset platform called DAP for launch next year to support investment in assets including real estate, intellectual property and unlisted shares.
Samsung Securities, Samsung SDS and Samsung Card also decided in May to buy 1.39 million Dunamu shares held by a Kakao affiliate for a combined 612.8 billion won ($444.1 million). The deal would give Samsung Securities a 2% stake, while Samsung SDS and Samsung Card would each hold 1%. Samsung Securities plans to cooperate with Dunamu on security-token issuance and distribution as well as virtual-asset services. Samsung SDS will focus on blockchain-based financial infrastructure, and Samsung Card on payments.
Security-Token Rules Arrive Next February, Fueling Platform Buildout
Revisions to the Electronic Securities Act and the Capital Markets Act, which provide the legal basis for security tokens, passed the National Assembly in January. The amended laws are due to take effect next February, one year after promulgation. They will allow distributed-ledger-based securities ledgers and permit brokerage of investment-contract securities, whose distribution through securities firms had previously been restricted.
Large brokerages are moving not only to acquire stakes in cryptocurrency exchanges but also to build security-token issuance infrastructure. Mirae Asset Securities has completed a security-token mainnet through the Next Finance Initiative, or NFI, a consortium formed with Hana Financial Group and SK Telecom. Samsung Securities has also recently sent requests for proposals to major operators to build its own security-token platform.
Shinhan Securities signed a memorandum of understanding in February with Nextrade and seven major fractional-investment companies to cooperate on issuance and distribution in the fractional-investment market. NH Investment & Securities is preparing its business through the STO Vision Group, which includes 12 companies such as NongHyup Bank and K Bank. KB Securities is pursuing tokenization of traditional financial assets including corporate bonds, funds and trust beneficiary certificates.
In the secondary market, KDX and the NXT consortium are competing after receiving preliminary approval in February for over-the-counter fractional-investment exchanges. Both aim to apply for full approval in August and are building trading systems.
For now, brokerages remain in the market-entry phase, focused on buying exchange stakes and building platforms. For the security-token market to take root, the industry will need a steady supply of investable products and a reliable framework for valuing underlying assets.
Lee Jeong-hwan, a professor in the division of economics and finance at Hanyang University, said amendments to the Electronic Securities Act and the Capital Markets Act have made the formal adoption of security tokens more tangible, prompting brokerages to treat the sector as a future growth business and move early to capture market share. More competition among securities firms could broaden the range of products and services available to investors while lowering fees, he added.
Lee also said investors should remain cautious because many security tokens are backed by assets that are harder to value than shares in listed blue-chip companies such as Samsung Electronics and SK Hynix. Investors need to look beyond the name recognition of brokerages and platforms and closely examine the value of the underlying asset, the profit structure and the likelihood of trading.
Kim Yeon-ji, Hankyung.com reporter kongzi@hankyung.com

▶ 7月27日（月）：米国 6月耐久財受注（韓国時間 午後9時30分）▶ 7月28日（火）：OPEC会合（韓国時間 午後7時）／米国 貿易収支（韓国時間 午後9時30分）▶ 7月29日（水）：米国 原油在庫（韓国時間 午後11時30分）▶ 7月30日（木）：FRB（米連邦準備制度）金利決定（韓国時間 午前3時）／連邦公開市場委員会（FOMC）声明（韓国時間 午前3時）／EU 暫定GDP（韓国時間 午後6時）／イングランド銀行（BOE）金利決定（韓国時間 午後8時）／米国 暫定・第2四半期GDP（韓国時間 午後9時30分）／米国 6月 個人消費支出（PCE）物価指数（韓国時間 午後9時30分）／米国 新規失業保険申請件数（韓国時間 午後9時30分）▶ 7月31日（金）：日本銀行（BOJ）金利決定（韓国時間 正午）／EU 7月 消費者物価指数（韓国時間 午後6時）▶ 7月27日（月）：▶ 7月28日（火）：HashKey（HSK）× Morpho 提携▶ 7月29日（水）：▶ 7月30日（木）：Ether.fi アナリスト向けコール▶ 7月31日（金）：イーサリアム・ネーム・サービス（ENS）委任報酬プログラム／Avalanche（AVAX）Retro9000 C-Chain ラウンド結論／Hedera（HBAR）Consensus Node v0.75 リリース