bloomingbit
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Curated by Korea Economic Daily's crypto journalists — only the information that matters for your investment decisions.
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South Korea to Start Crypto Tax in January With 22% Levy Above $1,800 and No Break for Long-Term ...Crypto tax to begin in January
Flat 22% levy on gains above $1,800 regardless of holding period
US and other markets offer tax breaks or exemptions for long-term holdings
South Korea to bar loss carryforwards
Investors may owe tax even after only recovering principal over two years
Japan allows three years; US allows indefinite carryforward
South Korea is five months away from implementing taxes on virtual assets, or cryptocurrencies. Starting next year, investors with annual crypto gains above 2.5 million won ($1,800) will pay 22% on the amount exceeding that threshold. While the headline rate is broadly in line with major markets, critics say the lack of tax breaks for long-term holders and the absence of loss carryforwards will leave investors with a much heavier effective burden.
The National Tax Service said income from the transfer or lending of virtual assets will be separately taxed as other income starting Jan. 1. Annual gains and losses will be netted to calculate profit, after which a basic deduction of 2.5 million won ($1,800) will be applied. The remaining tax base will be subject to a 22% levy, made up of 20% income tax and 2% local income tax. An investor with annual profit of 10 million won ($7,200), for example, would owe tax on 7.5 million won ($5,400), for a total bill of 1.65 million won ($1,200).
Unrealized gains generated before the tax takes effect will not be taxed. To calculate the tax base, authorities plan to use whichever is higher between the market price at the end of this year and the actual acquisition price as the purchase cost.
South Korea Applies 22% Regardless of Holding Period While Major Markets Reward Long-Term Holding
South Korea will apply the same 22% rate to gains above the basic deduction no matter how long the asset was held. An investor who holds for a day will face the same tax treatment as one who holds for years. In many major overseas markets, by contrast, crypto tax systems include benefits for long-term holders.
In the US, tax rates vary by holding period. Investors who hold virtual assets for more than a year qualify for long-term capital gains rates of 0%, 15% or 20%, depending on income. Assets held for a year or less are taxed with ordinary income at rates of as much as 37%.
Australia also gives individual investors a 50% reduction in capital gains if they hold virtual assets for at least 12 months. If net profit after combining gains and losses is 10 million won ($7,200), tax would apply to only half that amount, or 5 million won ($3,600). Rather than cutting the tax rate itself, the system halves the taxable amount and materially lowers the effective burden.
Germany and Portugal offer even bigger incentives for long-term holding. In Germany, individual investors pay no tax on gains from selling virtual assets after holding them for more than a year. Even if they sell within a year, no tax is due when annual trading gains, including crypto, are less than 1,000 euros. Portugal imposes a 28% rate on gains from assets held for less than a year, but excludes gains from assets held for at least a year from taxation.
Singapore does not distinguish by holding period. If an individual's crypto trading is considered ordinary investing rather than a business, capital gains are not taxed. If the activity is deemed professional trading based on factors such as frequency and scale, however, it may be taxed as business income.
No Loss Carryforward Means Tax Even if an Investor Only Breaks Even
Another criticism of South Korea's crypto tax regime is that it does not allow loss carryforwards. The system lets investors deduct losses incurred in one year from profits earned in later years, helping taxes reflect cumulative gains and losses over multiple years.
South Korea allows investors to net only gains and losses generated within the same year. If an investor loses 10 million won ($7,200) in the first year and earns 10 million won ($7,200) in the second year, merely recovering the original principal, tax would still apply. Over the two years, the investor would record no cumulative profit but still owe 1.65 million won ($1,200).
Japan, by contrast, included in this year's tax revision proposal a plan to allow unapplied losses from crypto transactions to be carried forward for three years. That would let investors deduct first-year losses from profits in later years and be taxed on an amount closer to their actual cumulative gain or loss.
Japan is also pursuing a plan to separately tax gains on certain virtual assets handled by registered businesses at 20%, in the same way as stocks. If introduced alongside the revised Financial Instruments and Exchange Act, the system would lower the tax rate while also allowing loss carryforwards. South Korea, meanwhile, is moving to a similar 22% separate tax without recognizing past losses.
Japan is not alone in allowing loss carryforwards. The US, UK, Germany and Portugal also let investors reflect losses from virtual-asset investing in profits from later years, though the deductible scope and carryforward period differ. The approach accounts for crypto's volatility by using cumulative gains and losses over several years as the tax base.
In the US, crypto losses can be offset against gains from other capital assets such as stocks. If losses remain, up to $3,000 a year can be deducted from ordinary income, with the rest carried forward until fully used.
The UK also allows reported capital losses to be deducted from future gains on crypto or stocks. Germany allows losses from short-term crypto trades to be offset against gains from other private asset sales, with any remainder reflected in the previous or future tax years. Portugal also allows losses to be carried forward for five years if the taxpayer opts for comprehensive taxation.
The government has taken a cautious stance on introducing loss carryforwards for crypto taxes. Deputy Prime Minister Koo Yun-cheol, who also serves as finance minister, said on Aug. 29 that stock investments also do not allow loss carryforwards. He added that the government would first proceed with implementation next year after the current grace period expires at the end of this year, then make changes later if needed.
South Korea to Start Crypto Tax in January With 22% Levy Above $1,800 and No Break for Long-Term ...
Crypto tax to begin in January
Flat 22% levy on gains above $1,800 regardless of holding period
US and other markets offer tax breaks or exemptions for long-term holdings
South Korea to bar loss carryforwards
Investors may owe tax even after only recovering principal over two years
Japan allows three years; US allows indefinite carryforward
South Korea is five months away from implementing taxes on virtual assets, or cryptocurrencies. Starting next year, investors with annual crypto gains above 2.5 million won ($1,800) will pay 22% on the amount exceeding that threshold. While the headline rate is broadly in line with major markets, critics say the lack of tax breaks for long-term holders and the absence of loss carryforwards will leave investors with a much heavier effective burden.
The National Tax Service said income from the transfer or lending of virtual assets will be separately taxed as other income starting Jan. 1. Annual gains and losses will be netted to calculate profit, after which a basic deduction of 2.5 million won ($1,800) will be applied. The remaining tax base will be subject to a 22% levy, made up of 20% income tax and 2% local income tax. An investor with annual profit of 10 million won ($7,200), for example, would owe tax on 7.5 million won ($5,400), for a total bill of 1.65 million won ($1,200).
Unrealized gains generated before the tax takes effect will not be taxed. To calculate the tax base, authorities plan to use whichever is higher between the market price at the end of this year and the actual acquisition price as the purchase cost.
South Korea Applies 22% Regardless of Holding Period While Major Markets Reward Long-Term Holding
South Korea will apply the same 22% rate to gains above the basic deduction no matter how long the asset was held. An investor who holds for a day will face the same tax treatment as one who holds for years. In many major overseas markets, by contrast, crypto tax systems include benefits for long-term holders.
In the US, tax rates vary by holding period. Investors who hold virtual assets for more than a year qualify for long-term capital gains rates of 0%, 15% or 20%, depending on income. Assets held for a year or less are taxed with ordinary income at rates of as much as 37%.
Australia also gives individual investors a 50% reduction in capital gains if they hold virtual assets for at least 12 months. If net profit after combining gains and losses is 10 million won ($7,200), tax would apply to only half that amount, or 5 million won ($3,600). Rather than cutting the tax rate itself, the system halves the taxable amount and materially lowers the effective burden.
Germany and Portugal offer even bigger incentives for long-term holding. In Germany, individual investors pay no tax on gains from selling virtual assets after holding them for more than a year. Even if they sell within a year, no tax is due when annual trading gains, including crypto, are less than 1,000 euros. Portugal imposes a 28% rate on gains from assets held for less than a year, but excludes gains from assets held for at least a year from taxation.
Singapore does not distinguish by holding period. If an individual's crypto trading is considered ordinary investing rather than a business, capital gains are not taxed. If the activity is deemed professional trading based on factors such as frequency and scale, however, it may be taxed as business income.
No Loss Carryforward Means Tax Even if an Investor Only Breaks Even
Another criticism of South Korea's crypto tax regime is that it does not allow loss carryforwards. The system lets investors deduct losses incurred in one year from profits earned in later years, helping taxes reflect cumulative gains and losses over multiple years.
South Korea allows investors to net only gains and losses generated within the same year. If an investor loses 10 million won ($7,200) in the first year and earns 10 million won ($7,200) in the second year, merely recovering the original principal, tax would still apply. Over the two years, the investor would record no cumulative profit but still owe 1.65 million won ($1,200).
Japan, by contrast, included in this year's tax revision proposal a plan to allow unapplied losses from crypto transactions to be carried forward for three years. That would let investors deduct first-year losses from profits in later years and be taxed on an amount closer to their actual cumulative gain or loss.
Japan is also pursuing a plan to separately tax gains on certain virtual assets handled by registered businesses at 20%, in the same way as stocks. If introduced alongside the revised Financial Instruments and Exchange Act, the system would lower the tax rate while also allowing loss carryforwards. South Korea, meanwhile, is moving to a similar 22% separate tax without recognizing past losses.
Japan is not alone in allowing loss carryforwards. The US, UK, Germany and Portugal also let investors reflect losses from virtual-asset investing in profits from later years, though the deductible scope and carryforward period differ. The approach accounts for crypto's volatility by using cumulative gains and losses over several years as the tax base.
In the US, crypto losses can be offset against gains from other capital assets such as stocks. If losses remain, up to $3,000 a year can be deducted from ordinary income, with the rest carried forward until fully used.
The UK also allows reported capital losses to be deducted from future gains on crypto or stocks. Germany allows losses from short-term crypto trades to be offset against gains from other private asset sales, with any remainder reflected in the previous or future tax years. Portugal also allows losses to be carried forward for five years if the taxpayer opts for comprehensive taxation.
The government has taken a cautious stance on introducing loss carryforwards for crypto taxes. Deputy Prime Minister Koo Yun-cheol, who also serves as finance minister, said on Aug. 29 that stock investments also do not allow loss carryforwards. He added that the government would first proceed with implementation next year after the current grace period expires at the end of this year, then make changes later if needed.
Flat 22% levy on gains above $1,800 regardless of holding period
US and other markets offer tax breaks or exemptions for long-term holdings
South Korea to bar loss carryforwards
Investors may owe tax even after only recovering principal over two years
Japan allows three years; US allows indefinite carryforward
South Korea is five months away from implementing taxes on virtual assets, or cryptocurrencies. Starting next year, investors with annual crypto gains above 2.5 million won ($1,800) will pay 22% on the amount exceeding that threshold. While the headline rate is broadly in line with major markets, critics say the lack of tax breaks for long-term holders and the absence of loss carryforwards will leave investors with a much heavier effective burden.
The National Tax Service said income from the transfer or lending of virtual assets will be separately taxed as other income starting Jan. 1. Annual gains and losses will be netted to calculate profit, after which a basic deduction of 2.5 million won ($1,800) will be applied. The remaining tax base will be subject to a 22% levy, made up of 20% income tax and 2% local income tax. An investor with annual profit of 10 million won ($7,200), for example, would owe tax on 7.5 million won ($5,400), for a total bill of 1.65 million won ($1,200).
Unrealized gains generated before the tax takes effect will not be taxed. To calculate the tax base, authorities plan to use whichever is higher between the market price at the end of this year and the actual acquisition price as the purchase cost.
South Korea Applies 22% Regardless of Holding Period While Major Markets Reward Long-Term Holding
South Korea will apply the same 22% rate to gains above the basic deduction no matter how long the asset was held. An investor who holds for a day will face the same tax treatment as one who holds for years. In many major overseas markets, by contrast, crypto tax systems include benefits for long-term holders.
In the US, tax rates vary by holding period. Investors who hold virtual assets for more than a year qualify for long-term capital gains rates of 0%, 15% or 20%, depending on income. Assets held for a year or less are taxed with ordinary income at rates of as much as 37%.
Australia also gives individual investors a 50% reduction in capital gains if they hold virtual assets for at least 12 months. If net profit after combining gains and losses is 10 million won ($7,200), tax would apply to only half that amount, or 5 million won ($3,600). Rather than cutting the tax rate itself, the system halves the taxable amount and materially lowers the effective burden.
Germany and Portugal offer even bigger incentives for long-term holding. In Germany, individual investors pay no tax on gains from selling virtual assets after holding them for more than a year. Even if they sell within a year, no tax is due when annual trading gains, including crypto, are less than 1,000 euros. Portugal imposes a 28% rate on gains from assets held for less than a year, but excludes gains from assets held for at least a year from taxation.
Singapore does not distinguish by holding period. If an individual's crypto trading is considered ordinary investing rather than a business, capital gains are not taxed. If the activity is deemed professional trading based on factors such as frequency and scale, however, it may be taxed as business income.
No Loss Carryforward Means Tax Even if an Investor Only Breaks Even
Another criticism of South Korea's crypto tax regime is that it does not allow loss carryforwards. The system lets investors deduct losses incurred in one year from profits earned in later years, helping taxes reflect cumulative gains and losses over multiple years.
South Korea allows investors to net only gains and losses generated within the same year. If an investor loses 10 million won ($7,200) in the first year and earns 10 million won ($7,200) in the second year, merely recovering the original principal, tax would still apply. Over the two years, the investor would record no cumulative profit but still owe 1.65 million won ($1,200).
Japan, by contrast, included in this year's tax revision proposal a plan to allow unapplied losses from crypto transactions to be carried forward for three years. That would let investors deduct first-year losses from profits in later years and be taxed on an amount closer to their actual cumulative gain or loss.
Japan is also pursuing a plan to separately tax gains on certain virtual assets handled by registered businesses at 20%, in the same way as stocks. If introduced alongside the revised Financial Instruments and Exchange Act, the system would lower the tax rate while also allowing loss carryforwards. South Korea, meanwhile, is moving to a similar 22% separate tax without recognizing past losses.
Japan is not alone in allowing loss carryforwards. The US, UK, Germany and Portugal also let investors reflect losses from virtual-asset investing in profits from later years, though the deductible scope and carryforward period differ. The approach accounts for crypto's volatility by using cumulative gains and losses over several years as the tax base.
In the US, crypto losses can be offset against gains from other capital assets such as stocks. If losses remain, up to $3,000 a year can be deducted from ordinary income, with the rest carried forward until fully used.
The UK also allows reported capital losses to be deducted from future gains on crypto or stocks. Germany allows losses from short-term crypto trades to be offset against gains from other private asset sales, with any remainder reflected in the previous or future tax years. Portugal also allows losses to be carried forward for five years if the taxpayer opts for comprehensive taxation.
The government has taken a cautious stance on introducing loss carryforwards for crypto taxes. Deputy Prime Minister Koo Yun-cheol, who also serves as finance minister, said on Aug. 29 that stock investments also do not allow loss carryforwards. He added that the government would first proceed with implementation next year after the current grace period expires at the end of this year, then make changes later if needed.
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Won Hits 10-Month High as Exporters Step Up Dollar SalesThe South Korean won rose to its strongest level in about 10 months, lifted by an influx of dollar sales from exporters.
Bloomberg reported on August 6 that the won-dollar exchange rate fell to as low as 1,414.55 per dollar in intraday trading, its lowest level since October 2025. It later gave back part of the gain, but the won remained stronger on the day.
Min Kyung-won, an economist at Woori Bank, said demand to buy dollars emerges when the won-dollar rate falls to lower levels. Exporters' dollar sales, however, are overwhelming that demand.
The won has appreciated more than 9% against the dollar this quarter, the strongest gain among Asian currencies. It was the region's worst-performing currency in the first half after falling about 7%, but the trend has recently reversed.
Market participants say dollar sales by South Korean exporters, including SK Hynix, are driving the won's strength. SK Hynix has said it plans to use the $26.5 billion raised through a US listing for domestic investment.
South Korea's foreign-exchange authorities have also reportedly worked closely with US and Japanese officials during Japan's recent efforts to defend the yen. Reuters reported last week that South Korean authorities intervened in the foreign-exchange market by selling dollars to support the won.
Min said he expects the won-dollar exchange rate to trade in a range of 1,410 to 1,440 per dollar for the time being.
Won Hits 10-Month High as Exporters Step Up Dollar Sales
The South Korean won rose to its strongest level in about 10 months, lifted by an influx of dollar sales from exporters.
Bloomberg reported on August 6 that the won-dollar exchange rate fell to as low as 1,414.55 per dollar in intraday trading, its lowest level since October 2025. It later gave back part of the gain, but the won remained stronger on the day.
Min Kyung-won, an economist at Woori Bank, said demand to buy dollars emerges when the won-dollar rate falls to lower levels. Exporters' dollar sales, however, are overwhelming that demand.
The won has appreciated more than 9% against the dollar this quarter, the strongest gain among Asian currencies. It was the region's worst-performing currency in the first half after falling about 7%, but the trend has recently reversed.
Market participants say dollar sales by South Korean exporters, including SK Hynix, are driving the won's strength. SK Hynix has said it plans to use the $26.5 billion raised through a US listing for domestic investment.
South Korea's foreign-exchange authorities have also reportedly worked closely with US and Japanese officials during Japan's recent efforts to defend the yen. Reuters reported last week that South Korean authorities intervened in the foreign-exchange market by selling dollars to support the won.
Min said he expects the won-dollar exchange rate to trade in a range of 1,410 to 1,440 per dollar for the time being.
Bloomberg reported on August 6 that the won-dollar exchange rate fell to as low as 1,414.55 per dollar in intraday trading, its lowest level since October 2025. It later gave back part of the gain, but the won remained stronger on the day.
Min Kyung-won, an economist at Woori Bank, said demand to buy dollars emerges when the won-dollar rate falls to lower levels. Exporters' dollar sales, however, are overwhelming that demand.
The won has appreciated more than 9% against the dollar this quarter, the strongest gain among Asian currencies. It was the region's worst-performing currency in the first half after falling about 7%, but the trend has recently reversed.
Market participants say dollar sales by South Korean exporters, including SK Hynix, are driving the won's strength. SK Hynix has said it plans to use the $26.5 billion raised through a US listing for domestic investment.
South Korea's foreign-exchange authorities have also reportedly worked closely with US and Japanese officials during Japan's recent efforts to defend the yen. Reuters reported last week that South Korean authorities intervened in the foreign-exchange market by selling dollars to support the won.
Min said he expects the won-dollar exchange rate to trade in a range of 1,410 to 1,440 per dollar for the time being.
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US Spot-Bitcoin ETFs See $244.4 Million of Net Inflows for a Third Straight SessionUS spot-Bitcoin exchange-traded funds posted net inflows for a third consecutive trading session.
Farside Investors data released on August 6 showed US spot-Bitcoin ETFs recorded combined net inflows of $244.4 million in the previous session.
BlackRock's IBIT led with $196.8 million of net inflows. Ark Invest's ARKB took in $37.6 million, followed by Fidelity's FBTC with $11.3 million, Bitwise's BITB with $10.6 million and Morgan Stanley's MSBT with $2.8 million.
VanEck's HODL, by contrast, posted net outflows of $14.7 million. The remaining products saw no net inflows or outflows.
US Spot-Bitcoin ETFs See $244.4 Million of Net Inflows for a Third Straight Session
US spot-Bitcoin exchange-traded funds posted net inflows for a third consecutive trading session.
Farside Investors data released on August 6 showed US spot-Bitcoin ETFs recorded combined net inflows of $244.4 million in the previous session.
BlackRock's IBIT led with $196.8 million of net inflows. Ark Invest's ARKB took in $37.6 million, followed by Fidelity's FBTC with $11.3 million, Bitwise's BITB with $10.6 million and Morgan Stanley's MSBT with $2.8 million.
VanEck's HODL, by contrast, posted net outflows of $14.7 million. The remaining products saw no net inflows or outflows.
Farside Investors data released on August 6 showed US spot-Bitcoin ETFs recorded combined net inflows of $244.4 million in the previous session.
BlackRock's IBIT led with $196.8 million of net inflows. Ark Invest's ARKB took in $37.6 million, followed by Fidelity's FBTC with $11.3 million, Bitwise's BITB with $10.6 million and Morgan Stanley's MSBT with $2.8 million.
VanEck's HODL, by contrast, posted net outflows of $14.7 million. The remaining products saw no net inflows or outflows.
IBITETF+0,05%
ARKBETF+0,20%
FBTCETF+0,00%
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Lee Jun-seok Says South Korea Must Make Blockchain a National Strategy to Lead Globally [EastPoin...Interview with Reform Party leader Lee Jun-seok
Separate exchanges and brokerage to open competition, Lee says
WonSCO should target cross-border payments first
Proposes blockchain finance tied to real estate and semiconductors
"Blockchain should not be seen simply as technology for trading virtual assets. South Korea needs to approach it as a national strategy — designing trading structures and payment standards first, then moving to capture new financial and industrial markets."
Lee Jun-seok, leader of South Korea's minor opposition Reform Party, said blockchain should be cultivated as a national strategic industry. He argued that South Korea should connect digital assets with finance, payments, real estate and semiconductors to seize emerging global markets.
In an interview with Bloomingbit on Aug. 6, Lee said South Korea first needs a national-level strategy defining what kind of market it wants to build and dominate through blockchain. If the country designs trading structures, payment methods and standards for financial products ahead of others, it can secure leadership in global markets, he added.
As concrete measures, Lee proposed a consolidated order book that separates exchange and brokerage functions, the use of a won-based stablecoin known as WonSCO for international payments, and blockchain-based financial products tied to real estate and semiconductors.
Separate exchanges and brokerage to open competition, Lee says
Lee called restructuring the trading system a prerequisite for building new digital-asset markets. Individual exchanges now control both order books and customer access, fragmenting prices and liquidity while making it harder for new players to enter, he said.
"In the stock market, the market operator and securities firms acting as brokers are separated, which gives retail investors a smoother and fairer trading environment," Lee said. "By contrast, in the virtual-asset market, exchanges run both the order book and brokerage, creating a structure that disadvantages ordinary investors."
He proposed a "consolidated order book" jointly operated by existing exchanges and financial investors. Under that model, domestic and overseas firms would connect to a unified market and compete on customer service, fees and financial products.
"Under the current structure, it is effectively impossible for a new entrant to build its own order book and compete," he said. "If a unified market is established, not only domestic companies but also overseas exchanges and financial firms could enter South Korea and compete."
Lee also said regulation must become more predictable. He proposed a benchmark-country system under which businesses allowed in digital-asset hubs such as Singapore would, in principle, also be allowed in South Korea, replacing the current approach in which authorities decide case by case whether to permit each project.
"You can't build an industry by turning the cold water on and the hot water back on depending on the political situation," Lee said. A benchmark-country system is needed to create a stable and predictable regulatory environment, he added.
He also stressed the need for a national strategy. The government, he said, has become complacent because of the semiconductor boom. While it remains focused on defensive policies aimed at preventing problems such as overheating in the property market, it has lost sight of a strategy to capture new digital-asset markets. Blockchain now needs to be elevated into a national strategy, he said.
WonSCO should target cross-border payments first
Lee said a won-based stablecoin, or WonSCO, should expand into international payments rather than remain limited to domestic transactions. He proposed securing real-world use cases first by linking overseas payments by South Korean users and domestic payments by foreign visitors through a single blockchain payment network.
Lee pointed to subscriptions for overseas artificial intelligence services as an early use case for WonSCO.
"The amount our people spend on AI subscriptions could eventually reach tens of trillions of won," he said. "A country with South Korea's purchasing power can ask overseas AI companies to accept subscription payments through a blockchain method we designate."
He said a system in which domestic users' payment funds pass through WonSCO before reaching overseas merchants could cut fees charged by existing card and remittance networks, while also helping establish an international user base for the stablecoin.
Lee also said South Korea should gradually allow domestic payments using dollar stablecoins held by foreigners. He proposed introducing them first as debit-style payments subject to limits, allowing use at restaurants, shops and on transit cards in South Korea.
"If you start with areas where demand is clear, such as overseas service subscriptions and payments by foreign tourists, you can create real use cases for stablecoins," Lee said. "You can begin with capped payments and gradually widen their circulation in South Korea."
Real estate and semiconductors can also become blockchain financial products
In real estate, Lee proposed gradually allowing tokenized securities offerings, or STOs, beginning with commercial property. Commercial real estate is better suited to fractional investment and securitized products because rental income and asset values can be estimated relatively clearly, he said.
He also proposed a blockchain-based futures market for memory semiconductors. The idea is to standardize memory chips by performance and generation, turn them into futures products like crude oil or grain, use blockchain as the trading infrastructure and WonSCO as the settlement method.
"Memory semiconductors are standardized under international standards, and their product life cycles are long," Lee said. "They can be turned into futures products, like Dubai crude or Chicago grain."
A futures market would allow semiconductor companies to hedge against falling prices and reduce uncertainty in medium- to long-term production and investment plans, he said.
"If South Korea builds a semiconductor futures market on blockchain, it could create a market more advanced than existing commodity exchanges," he said. "If South Korea sets the trading model for memory semiconductors and the settlement standard for stablecoins first, it can draw other countries and companies into that market."
The industry needs to show business models that make money
Lee also said the digital-asset industry needs to present business models capable of generating real profit. It first needs to show which regulations are blocking which businesses, and what products and markets could be created if those rules were eased. That, he said, would give the government momentum to move policy.
"Right now, the industry seems focused only on breaking through regulation, and I don't hear much about what kind of market it would build and how it would make money once the system is in place," Lee said. "There needs to be a specific discussion of what business someone wants to pursue and which regulation is preventing it."
He also cited STOs backed by music copyrights and intellectual property, as well as fractional investment in aircraft engines, as viable business models.
"People participating in the blockchain market need a goal beyond getting rich overnight, one tied to developing the industry," Lee said. "If South Korea shows it intends to develop digital assets not as speculation but as an industry, overseas markets will also gain trust in it."
Lee also said the global Web3 private conference EastPoint: Seoul 2026, scheduled for Sept. 28, should move beyond regulatory debate and present business models that can actually work.
"I hope companies attending EastPoint discuss not only what kind of market they will build once the rules are in place, but also how they will generate real profits," he said. "South Korea can avoid missing the industry's golden window only if concrete ideas accumulate, such as tourist payments or a semiconductor futures market."
Lee Jun-seok Says South Korea Must Make Blockchain a National Strategy to Lead Globally [EastPoin...
Interview with Reform Party leader Lee Jun-seok
Separate exchanges and brokerage to open competition, Lee says
WonSCO should target cross-border payments first
Proposes blockchain finance tied to real estate and semiconductors
"Blockchain should not be seen simply as technology for trading virtual assets. South Korea needs to approach it as a national strategy — designing trading structures and payment standards first, then moving to capture new financial and industrial markets."
Lee Jun-seok, leader of South Korea's minor opposition Reform Party, said blockchain should be cultivated as a national strategic industry. He argued that South Korea should connect digital assets with finance, payments, real estate and semiconductors to seize emerging global markets.
In an interview with Bloomingbit on Aug. 6, Lee said South Korea first needs a national-level strategy defining what kind of market it wants to build and dominate through blockchain. If the country designs trading structures, payment methods and standards for financial products ahead of others, it can secure leadership in global markets, he added.
As concrete measures, Lee proposed a consolidated order book that separates exchange and brokerage functions, the use of a won-based stablecoin known as WonSCO for international payments, and blockchain-based financial products tied to real estate and semiconductors.
Separate exchanges and brokerage to open competition, Lee says
Lee called restructuring the trading system a prerequisite for building new digital-asset markets. Individual exchanges now control both order books and customer access, fragmenting prices and liquidity while making it harder for new players to enter, he said.
"In the stock market, the market operator and securities firms acting as brokers are separated, which gives retail investors a smoother and fairer trading environment," Lee said. "By contrast, in the virtual-asset market, exchanges run both the order book and brokerage, creating a structure that disadvantages ordinary investors."
He proposed a "consolidated order book" jointly operated by existing exchanges and financial investors. Under that model, domestic and overseas firms would connect to a unified market and compete on customer service, fees and financial products.
"Under the current structure, it is effectively impossible for a new entrant to build its own order book and compete," he said. "If a unified market is established, not only domestic companies but also overseas exchanges and financial firms could enter South Korea and compete."
Lee also said regulation must become more predictable. He proposed a benchmark-country system under which businesses allowed in digital-asset hubs such as Singapore would, in principle, also be allowed in South Korea, replacing the current approach in which authorities decide case by case whether to permit each project.
"You can't build an industry by turning the cold water on and the hot water back on depending on the political situation," Lee said. A benchmark-country system is needed to create a stable and predictable regulatory environment, he added.
He also stressed the need for a national strategy. The government, he said, has become complacent because of the semiconductor boom. While it remains focused on defensive policies aimed at preventing problems such as overheating in the property market, it has lost sight of a strategy to capture new digital-asset markets. Blockchain now needs to be elevated into a national strategy, he said.
WonSCO should target cross-border payments first
Lee said a won-based stablecoin, or WonSCO, should expand into international payments rather than remain limited to domestic transactions. He proposed securing real-world use cases first by linking overseas payments by South Korean users and domestic payments by foreign visitors through a single blockchain payment network.
Lee pointed to subscriptions for overseas artificial intelligence services as an early use case for WonSCO.
"The amount our people spend on AI subscriptions could eventually reach tens of trillions of won," he said. "A country with South Korea's purchasing power can ask overseas AI companies to accept subscription payments through a blockchain method we designate."
He said a system in which domestic users' payment funds pass through WonSCO before reaching overseas merchants could cut fees charged by existing card and remittance networks, while also helping establish an international user base for the stablecoin.
Lee also said South Korea should gradually allow domestic payments using dollar stablecoins held by foreigners. He proposed introducing them first as debit-style payments subject to limits, allowing use at restaurants, shops and on transit cards in South Korea.
"If you start with areas where demand is clear, such as overseas service subscriptions and payments by foreign tourists, you can create real use cases for stablecoins," Lee said. "You can begin with capped payments and gradually widen their circulation in South Korea."
Real estate and semiconductors can also become blockchain financial products
In real estate, Lee proposed gradually allowing tokenized securities offerings, or STOs, beginning with commercial property. Commercial real estate is better suited to fractional investment and securitized products because rental income and asset values can be estimated relatively clearly, he said.
He also proposed a blockchain-based futures market for memory semiconductors. The idea is to standardize memory chips by performance and generation, turn them into futures products like crude oil or grain, use blockchain as the trading infrastructure and WonSCO as the settlement method.
"Memory semiconductors are standardized under international standards, and their product life cycles are long," Lee said. "They can be turned into futures products, like Dubai crude or Chicago grain."
A futures market would allow semiconductor companies to hedge against falling prices and reduce uncertainty in medium- to long-term production and investment plans, he said.
"If South Korea builds a semiconductor futures market on blockchain, it could create a market more advanced than existing commodity exchanges," he said. "If South Korea sets the trading model for memory semiconductors and the settlement standard for stablecoins first, it can draw other countries and companies into that market."
The industry needs to show business models that make money
Lee also said the digital-asset industry needs to present business models capable of generating real profit. It first needs to show which regulations are blocking which businesses, and what products and markets could be created if those rules were eased. That, he said, would give the government momentum to move policy.
"Right now, the industry seems focused only on breaking through regulation, and I don't hear much about what kind of market it would build and how it would make money once the system is in place," Lee said. "There needs to be a specific discussion of what business someone wants to pursue and which regulation is preventing it."
He also cited STOs backed by music copyrights and intellectual property, as well as fractional investment in aircraft engines, as viable business models.
"People participating in the blockchain market need a goal beyond getting rich overnight, one tied to developing the industry," Lee said. "If South Korea shows it intends to develop digital assets not as speculation but as an industry, overseas markets will also gain trust in it."
Lee also said the global Web3 private conference EastPoint: Seoul 2026, scheduled for Sept. 28, should move beyond regulatory debate and present business models that can actually work.
"I hope companies attending EastPoint discuss not only what kind of market they will build once the rules are in place, but also how they will generate real profits," he said. "South Korea can avoid missing the industry's golden window only if concrete ideas accumulate, such as tourist payments or a semiconductor futures market."
Separate exchanges and brokerage to open competition, Lee says
WonSCO should target cross-border payments first
Proposes blockchain finance tied to real estate and semiconductors
"Blockchain should not be seen simply as technology for trading virtual assets. South Korea needs to approach it as a national strategy — designing trading structures and payment standards first, then moving to capture new financial and industrial markets."
Lee Jun-seok, leader of South Korea's minor opposition Reform Party, said blockchain should be cultivated as a national strategic industry. He argued that South Korea should connect digital assets with finance, payments, real estate and semiconductors to seize emerging global markets.
In an interview with Bloomingbit on Aug. 6, Lee said South Korea first needs a national-level strategy defining what kind of market it wants to build and dominate through blockchain. If the country designs trading structures, payment methods and standards for financial products ahead of others, it can secure leadership in global markets, he added.
As concrete measures, Lee proposed a consolidated order book that separates exchange and brokerage functions, the use of a won-based stablecoin known as WonSCO for international payments, and blockchain-based financial products tied to real estate and semiconductors.
Separate exchanges and brokerage to open competition, Lee says
Lee called restructuring the trading system a prerequisite for building new digital-asset markets. Individual exchanges now control both order books and customer access, fragmenting prices and liquidity while making it harder for new players to enter, he said.
"In the stock market, the market operator and securities firms acting as brokers are separated, which gives retail investors a smoother and fairer trading environment," Lee said. "By contrast, in the virtual-asset market, exchanges run both the order book and brokerage, creating a structure that disadvantages ordinary investors."
He proposed a "consolidated order book" jointly operated by existing exchanges and financial investors. Under that model, domestic and overseas firms would connect to a unified market and compete on customer service, fees and financial products.
"Under the current structure, it is effectively impossible for a new entrant to build its own order book and compete," he said. "If a unified market is established, not only domestic companies but also overseas exchanges and financial firms could enter South Korea and compete."
Lee also said regulation must become more predictable. He proposed a benchmark-country system under which businesses allowed in digital-asset hubs such as Singapore would, in principle, also be allowed in South Korea, replacing the current approach in which authorities decide case by case whether to permit each project.
"You can't build an industry by turning the cold water on and the hot water back on depending on the political situation," Lee said. A benchmark-country system is needed to create a stable and predictable regulatory environment, he added.
He also stressed the need for a national strategy. The government, he said, has become complacent because of the semiconductor boom. While it remains focused on defensive policies aimed at preventing problems such as overheating in the property market, it has lost sight of a strategy to capture new digital-asset markets. Blockchain now needs to be elevated into a national strategy, he said.
WonSCO should target cross-border payments first
Lee said a won-based stablecoin, or WonSCO, should expand into international payments rather than remain limited to domestic transactions. He proposed securing real-world use cases first by linking overseas payments by South Korean users and domestic payments by foreign visitors through a single blockchain payment network.
Lee pointed to subscriptions for overseas artificial intelligence services as an early use case for WonSCO.
"The amount our people spend on AI subscriptions could eventually reach tens of trillions of won," he said. "A country with South Korea's purchasing power can ask overseas AI companies to accept subscription payments through a blockchain method we designate."
He said a system in which domestic users' payment funds pass through WonSCO before reaching overseas merchants could cut fees charged by existing card and remittance networks, while also helping establish an international user base for the stablecoin.
Lee also said South Korea should gradually allow domestic payments using dollar stablecoins held by foreigners. He proposed introducing them first as debit-style payments subject to limits, allowing use at restaurants, shops and on transit cards in South Korea.
"If you start with areas where demand is clear, such as overseas service subscriptions and payments by foreign tourists, you can create real use cases for stablecoins," Lee said. "You can begin with capped payments and gradually widen their circulation in South Korea."
Real estate and semiconductors can also become blockchain financial products
In real estate, Lee proposed gradually allowing tokenized securities offerings, or STOs, beginning with commercial property. Commercial real estate is better suited to fractional investment and securitized products because rental income and asset values can be estimated relatively clearly, he said.
He also proposed a blockchain-based futures market for memory semiconductors. The idea is to standardize memory chips by performance and generation, turn them into futures products like crude oil or grain, use blockchain as the trading infrastructure and WonSCO as the settlement method.
"Memory semiconductors are standardized under international standards, and their product life cycles are long," Lee said. "They can be turned into futures products, like Dubai crude or Chicago grain."
A futures market would allow semiconductor companies to hedge against falling prices and reduce uncertainty in medium- to long-term production and investment plans, he said.
"If South Korea builds a semiconductor futures market on blockchain, it could create a market more advanced than existing commodity exchanges," he said. "If South Korea sets the trading model for memory semiconductors and the settlement standard for stablecoins first, it can draw other countries and companies into that market."
The industry needs to show business models that make money
Lee also said the digital-asset industry needs to present business models capable of generating real profit. It first needs to show which regulations are blocking which businesses, and what products and markets could be created if those rules were eased. That, he said, would give the government momentum to move policy.
"Right now, the industry seems focused only on breaking through regulation, and I don't hear much about what kind of market it would build and how it would make money once the system is in place," Lee said. "There needs to be a specific discussion of what business someone wants to pursue and which regulation is preventing it."
He also cited STOs backed by music copyrights and intellectual property, as well as fractional investment in aircraft engines, as viable business models.
"People participating in the blockchain market need a goal beyond getting rich overnight, one tied to developing the industry," Lee said. "If South Korea shows it intends to develop digital assets not as speculation but as an industry, overseas markets will also gain trust in it."
Lee also said the global Web3 private conference EastPoint: Seoul 2026, scheduled for Sept. 28, should move beyond regulatory debate and present business models that can actually work.
"I hope companies attending EastPoint discuss not only what kind of market they will build once the rules are in place, but also how they will generate real profits," he said. "South Korea can avoid missing the industry's golden window only if concrete ideas accumulate, such as tourist payments or a semiconductor futures market."
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South Korea to Classify Seized, Donated Bitcoin as State Assets and Auction Them PromptlySouth Korea plans to legally classify virtual assets such as Bitcoin acquired through criminal asset forfeiture or donations as state assets and, in principle, auction them off immediately after taking possession.
The government unveiled the plan on Aug. 6 at a meeting of the emergency economic headquarters and ministers overseeing the economy and structural reform. The measure was included in its "K-Asset Innovation Project," a broader overhaul of the state asset management system.
Under the plan, the government will fully revise the current State Property Act into a Framework Act on State Assets. The new law would expand the existing real estate-centered management system to cover virtual assets, intellectual property rights, stocks and equity stakes. A draft bill is to be prepared by the end of this year.
The revision would also spell out in law the basis for managing and disposing of virtual assets acquired by the state through criminal asset forfeiture or donations. The government's virtual-asset holdings totaled about 78 billion won ($56.3 million) as of April and have so far been managed under internal guidelines.
The government also plans to include legal grounds for custody through private virtual-asset exchanges and for recovering virtual assets held on overseas exchanges and in digital wallets.
Virtual assets acquired by the state would, in principle, be put up for auction immediately after acquisition. Officials are also reviewing whether to allow split auctions when large sales could affect the market.
South Korea to Classify Seized, Donated Bitcoin as State Assets and Auction Them Promptly
South Korea plans to legally classify virtual assets such as Bitcoin acquired through criminal asset forfeiture or donations as state assets and, in principle, auction them off immediately after taking possession.
The government unveiled the plan on Aug. 6 at a meeting of the emergency economic headquarters and ministers overseeing the economy and structural reform. The measure was included in its "K-Asset Innovation Project," a broader overhaul of the state asset management system.
Under the plan, the government will fully revise the current State Property Act into a Framework Act on State Assets. The new law would expand the existing real estate-centered management system to cover virtual assets, intellectual property rights, stocks and equity stakes. A draft bill is to be prepared by the end of this year.
The revision would also spell out in law the basis for managing and disposing of virtual assets acquired by the state through criminal asset forfeiture or donations. The government's virtual-asset holdings totaled about 78 billion won ($56.3 million) as of April and have so far been managed under internal guidelines.
The government also plans to include legal grounds for custody through private virtual-asset exchanges and for recovering virtual assets held on overseas exchanges and in digital wallets.
Virtual assets acquired by the state would, in principle, be put up for auction immediately after acquisition. Officials are also reviewing whether to allow split auctions when large sales could affect the market.
The government unveiled the plan on Aug. 6 at a meeting of the emergency economic headquarters and ministers overseeing the economy and structural reform. The measure was included in its "K-Asset Innovation Project," a broader overhaul of the state asset management system.
Under the plan, the government will fully revise the current State Property Act into a Framework Act on State Assets. The new law would expand the existing real estate-centered management system to cover virtual assets, intellectual property rights, stocks and equity stakes. A draft bill is to be prepared by the end of this year.
The revision would also spell out in law the basis for managing and disposing of virtual assets acquired by the state through criminal asset forfeiture or donations. The government's virtual-asset holdings totaled about 78 billion won ($56.3 million) as of April and have so far been managed under internal guidelines.
The government also plans to include legal grounds for custody through private virtual-asset exchanges and for recovering virtual assets held on overseas exchanges and in digital wallets.
Virtual assets acquired by the state would, in principle, be put up for auction immediately after acquisition. Officials are also reviewing whether to allow split auctions when large sales could affect the market.
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Today’s Key Economic and Crypto Events: US Jobless Claims, Q2 Productivity DataToday’s Key Economic Events
▶ Aug. 6 (Thursday): US preliminary second-quarter nonfarm productivity and unit labor costs at 9:30 p.m. Korea Standard Time; US initial jobless claims at 9:30 p.m. Korea Standard Time; US June wholesale inventories at 11 p.m. Korea Standard Time
Today’s Key Cryptocurrency Events
▶ Aug. 6 (Thursday): Bitrue listing of Sershynt (PROVE)
Today’s Key Economic and Crypto Events: US Jobless Claims, Q2 Productivity Data
Today’s Key Economic Events
▶ Aug. 6 (Thursday): US preliminary second-quarter nonfarm productivity and unit labor costs at 9:30 p.m. Korea Standard Time; US initial jobless claims at 9:30 p.m. Korea Standard Time; US June wholesale inventories at 11 p.m. Korea Standard Time
Today’s Key Cryptocurrency Events
▶ Aug. 6 (Thursday): Bitrue listing of Sershynt (PROVE)
▶ Aug. 6 (Thursday): US preliminary second-quarter nonfarm productivity and unit labor costs at 9:30 p.m. Korea Standard Time; US initial jobless claims at 9:30 p.m. Korea Standard Time; US June wholesale inventories at 11 p.m. Korea Standard Time
Today’s Key Cryptocurrency Events
▶ Aug. 6 (Thursday): Bitrue listing of Sershynt (PROVE)
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US Senate CLARITY Act Talks Gain Momentum, Leaving Pre-Recess Vote PossibleBipartisan negotiations over the CLARITY Act, the US Senate's digital-asset market structure bill, have accelerated, keeping alive the possibility of a vote before the summer recess.
Punchbowl News reporter Brendan Pedersen wrote on Aug. 5 that the CLARITY Act is "not dead yet" and that a vote before Congress breaks for recess remains possible.
Senate Majority Leader John Thune has not yet filed for cloture on the bill, a step required before a floor vote can proceed. The Senate is scheduled to begin its summer recess on Aug. 7, leaving little time.
Still, talks between Democrats and Republicans have moved quickly over the past 24 hours. Senate aides are working through the remaining policy disputes and are focused on crafting a compromise that moderate Democrats could support in a cloture vote.
Pedersen said a breakthrough in the negotiations could also change the position of Democratic leaders. With Senate Minority Leader Chuck Schumer also seeking a bipartisan agreement, a cloture vote on the CLARITY Act could become the Senate's final item of business before the summer recess.
For a vote to happen in the coming days, lawmakers would need to reach a scheduling agreement on other bills already before the chamber, Pedersen said. They would also need progress on the remaining CLARITY Act issues and a bipartisan agreement on the timing of the cloture process.
Even if those conditions are not met, Thune could still delay the Senate's recess and force a vote, he added. The bill's path will depend on the outcome of the negotiations.
US Senate CLARITY Act Talks Gain Momentum, Leaving Pre-Recess Vote Possible
Bipartisan negotiations over the CLARITY Act, the US Senate's digital-asset market structure bill, have accelerated, keeping alive the possibility of a vote before the summer recess.
Punchbowl News reporter Brendan Pedersen wrote on Aug. 5 that the CLARITY Act is "not dead yet" and that a vote before Congress breaks for recess remains possible.
Senate Majority Leader John Thune has not yet filed for cloture on the bill, a step required before a floor vote can proceed. The Senate is scheduled to begin its summer recess on Aug. 7, leaving little time.
Still, talks between Democrats and Republicans have moved quickly over the past 24 hours. Senate aides are working through the remaining policy disputes and are focused on crafting a compromise that moderate Democrats could support in a cloture vote.
Pedersen said a breakthrough in the negotiations could also change the position of Democratic leaders. With Senate Minority Leader Chuck Schumer also seeking a bipartisan agreement, a cloture vote on the CLARITY Act could become the Senate's final item of business before the summer recess.
For a vote to happen in the coming days, lawmakers would need to reach a scheduling agreement on other bills already before the chamber, Pedersen said. They would also need progress on the remaining CLARITY Act issues and a bipartisan agreement on the timing of the cloture process.
Even if those conditions are not met, Thune could still delay the Senate's recess and force a vote, he added. The bill's path will depend on the outcome of the negotiations.
Punchbowl News reporter Brendan Pedersen wrote on Aug. 5 that the CLARITY Act is "not dead yet" and that a vote before Congress breaks for recess remains possible.
Senate Majority Leader John Thune has not yet filed for cloture on the bill, a step required before a floor vote can proceed. The Senate is scheduled to begin its summer recess on Aug. 7, leaving little time.
Still, talks between Democrats and Republicans have moved quickly over the past 24 hours. Senate aides are working through the remaining policy disputes and are focused on crafting a compromise that moderate Democrats could support in a cloture vote.
Pedersen said a breakthrough in the negotiations could also change the position of Democratic leaders. With Senate Minority Leader Chuck Schumer also seeking a bipartisan agreement, a cloture vote on the CLARITY Act could become the Senate's final item of business before the summer recess.
For a vote to happen in the coming days, lawmakers would need to reach a scheduling agreement on other bills already before the chamber, Pedersen said. They would also need progress on the remaining CLARITY Act issues and a bipartisan agreement on the timing of the cloture process.
Even if those conditions are not met, Thune could still delay the Senate's recess and force a vote, he added. The bill's path will depend on the outcome of the negotiations.
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US Senate CLARITY Act Talks Stall as Democrats Press for Ethics, AML FixesThe US Senate's effort to advance the CLARITY Act, a market-structure bill for digital assets, has reached a standstill as Democrats insist three issues be resolved before the measure can move forward: ethics provisions, anti-money laundering rules and bill language tied to the Senate Agriculture Committee.
The Block reported on Aug. 5 that Senate Majority Leader John Thune had yet to file for cloture to bring the CLARITY Act to the floor. The Senate is scheduled to begin a monthlong summer recess on Aug. 8, narrowing the window for a procedural vote this week. Thune still intends to push ahead with that vote, the report said.
A Senate Democratic aide quoted by The Block described the talks as a "standstill." Democrats want movement on three core issues before backing the bill: ethics provisions, protections against illicit finance and language from legislation prepared by the Senate Agriculture Committee.
The biggest dispute centers on President Donald Trump's potential conflicts of interest in crypto. Democrats are calling for stronger safeguards tied to Trump's digital-asset businesses, including his memecoin and World Liberty Financial, or WLF.
They also argue the bill does not go far enough on anti-money laundering and consumer protection. Some law-enforcement agencies are concerned the CLARITY Act's broad exemptions for decentralized finance, or DeFi, could make it harder to combat financial crime.
Negotiations are also continuing over how language drafted by the Senate Agriculture Committee should be incorporated into the final bill.
TD Cowen said the Senate may still be as many as 10 votes short of the 60 needed to pass the CLARITY Act. The firm also said moving the bill this week would require either delaying the Senate's recess or speeding up procedure through unanimous consent, but viewed both scenarios as unlikely.
Still, the Democratic aide said the CLARITY Act would not be dead in August and could still pass in September if the outstanding issues are resolved.
US Senate CLARITY Act Talks Stall as Democrats Press for Ethics, AML Fixes
The US Senate's effort to advance the CLARITY Act, a market-structure bill for digital assets, has reached a standstill as Democrats insist three issues be resolved before the measure can move forward: ethics provisions, anti-money laundering rules and bill language tied to the Senate Agriculture Committee.
The Block reported on Aug. 5 that Senate Majority Leader John Thune had yet to file for cloture to bring the CLARITY Act to the floor. The Senate is scheduled to begin a monthlong summer recess on Aug. 8, narrowing the window for a procedural vote this week. Thune still intends to push ahead with that vote, the report said.
A Senate Democratic aide quoted by The Block described the talks as a "standstill." Democrats want movement on three core issues before backing the bill: ethics provisions, protections against illicit finance and language from legislation prepared by the Senate Agriculture Committee.
The biggest dispute centers on President Donald Trump's potential conflicts of interest in crypto. Democrats are calling for stronger safeguards tied to Trump's digital-asset businesses, including his memecoin and World Liberty Financial, or WLF.
They also argue the bill does not go far enough on anti-money laundering and consumer protection. Some law-enforcement agencies are concerned the CLARITY Act's broad exemptions for decentralized finance, or DeFi, could make it harder to combat financial crime.
Negotiations are also continuing over how language drafted by the Senate Agriculture Committee should be incorporated into the final bill.
TD Cowen said the Senate may still be as many as 10 votes short of the 60 needed to pass the CLARITY Act. The firm also said moving the bill this week would require either delaying the Senate's recess or speeding up procedure through unanimous consent, but viewed both scenarios as unlikely.
Still, the Democratic aide said the CLARITY Act would not be dead in August and could still pass in September if the outstanding issues are resolved.
The Block reported on Aug. 5 that Senate Majority Leader John Thune had yet to file for cloture to bring the CLARITY Act to the floor. The Senate is scheduled to begin a monthlong summer recess on Aug. 8, narrowing the window for a procedural vote this week. Thune still intends to push ahead with that vote, the report said.
A Senate Democratic aide quoted by The Block described the talks as a "standstill." Democrats want movement on three core issues before backing the bill: ethics provisions, protections against illicit finance and language from legislation prepared by the Senate Agriculture Committee.
The biggest dispute centers on President Donald Trump's potential conflicts of interest in crypto. Democrats are calling for stronger safeguards tied to Trump's digital-asset businesses, including his memecoin and World Liberty Financial, or WLF.
They also argue the bill does not go far enough on anti-money laundering and consumer protection. Some law-enforcement agencies are concerned the CLARITY Act's broad exemptions for decentralized finance, or DeFi, could make it harder to combat financial crime.
Negotiations are also continuing over how language drafted by the Senate Agriculture Committee should be incorporated into the final bill.
TD Cowen said the Senate may still be as many as 10 votes short of the 60 needed to pass the CLARITY Act. The firm also said moving the bill this week would require either delaying the Senate's recess or speeding up procedure through unanimous consent, but viewed both scenarios as unlikely.
Still, the Democratic aide said the CLARITY Act would not be dead in August and could still pass in September if the outstanding issues are resolved.
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Analysis: Nearly Half of Bitcoin Supply Is Underwater, Signaling Bear Market's Late StageNearly half of the circulating supply of Bitcoin is being held at a loss, according to CryptoQuant data.
On August 5, CryptoQuant contributor Darkfost wrote on X that only 52% of Bitcoin supply is currently in profit, leaving close to half of all coins underwater.
Historically, the indicator has marked a key turning point in bear markets when it falls to around 50%. In every bear market, there was ultimately a period when more Bitcoin was held at a loss than at a profit. The metric briefly dipped below 50% in June and July this year, but did not remain there for long, suggesting the current bear market is already well advanced.
Darkfost added that it remains unclear where the market's final bottom will form. While the exact bottom price cannot be known, the market is entering the final phase of the bear market. Historically, that has been a hallmark of the process leading to a final bottom.
Analysis: Nearly Half of Bitcoin Supply Is Underwater, Signaling Bear Market's Late Stage
Nearly half of the circulating supply of Bitcoin is being held at a loss, according to CryptoQuant data.
On August 5, CryptoQuant contributor Darkfost wrote on X that only 52% of Bitcoin supply is currently in profit, leaving close to half of all coins underwater.
Historically, the indicator has marked a key turning point in bear markets when it falls to around 50%. In every bear market, there was ultimately a period when more Bitcoin was held at a loss than at a profit. The metric briefly dipped below 50% in June and July this year, but did not remain there for long, suggesting the current bear market is already well advanced.
Darkfost added that it remains unclear where the market's final bottom will form. While the exact bottom price cannot be known, the market is entering the final phase of the bear market. Historically, that has been a hallmark of the process leading to a final bottom.
On August 5, CryptoQuant contributor Darkfost wrote on X that only 52% of Bitcoin supply is currently in profit, leaving close to half of all coins underwater.
Historically, the indicator has marked a key turning point in bear markets when it falls to around 50%. In every bear market, there was ultimately a period when more Bitcoin was held at a loss than at a profit. The metric briefly dipped below 50% in June and July this year, but did not remain there for long, suggesting the current bear market is already well advanced.
Darkfost added that it remains unclear where the market's final bottom will form. While the exact bottom price cannot be known, the market is entering the final phase of the bear market. Historically, that has been a hallmark of the process leading to a final bottom.
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Circle Q2 Revenue Rises 7%; Shares Gain 7% in PremarketCircle, the issuer of the fiat-backed stablecoin USDC, reported strong second-quarter results, helped by higher revenue and continued growth in the USDC ecosystem.
Circle said on its website on Aug. 5 that total revenue and reserve income for the second quarter rose 7% from a year earlier to $701 million. Net income was $48 million, up $503 million from the same period a year earlier.
The USDC ecosystem also continued to expand. USDC in circulation stood at $73.3 billion at the end of the second quarter, up 19% from a year earlier, while on-chain transaction volume surged 151% to $14.8 trillion.
Circle is also moving ahead with new businesses. The company plans to launch the public mainnet for the Arc blockchain on Sept. 16.
Shares were trading at $67.53 in U.S. premarket trading, up 6.76% from the previous close, following the earnings report.
Circle Q2 Revenue Rises 7%; Shares Gain 7% in Premarket
Circle, the issuer of the fiat-backed stablecoin USDC, reported strong second-quarter results, helped by higher revenue and continued growth in the USDC ecosystem.
Circle said on its website on Aug. 5 that total revenue and reserve income for the second quarter rose 7% from a year earlier to $701 million. Net income was $48 million, up $503 million from the same period a year earlier.
The USDC ecosystem also continued to expand. USDC in circulation stood at $73.3 billion at the end of the second quarter, up 19% from a year earlier, while on-chain transaction volume surged 151% to $14.8 trillion.
Circle is also moving ahead with new businesses. The company plans to launch the public mainnet for the Arc blockchain on Sept. 16.
Shares were trading at $67.53 in U.S. premarket trading, up 6.76% from the previous close, following the earnings report.
Circle said on its website on Aug. 5 that total revenue and reserve income for the second quarter rose 7% from a year earlier to $701 million. Net income was $48 million, up $503 million from the same period a year earlier.
The USDC ecosystem also continued to expand. USDC in circulation stood at $73.3 billion at the end of the second quarter, up 19% from a year earlier, while on-chain transaction volume surged 151% to $14.8 trillion.
Circle is also moving ahead with new businesses. The company plans to launch the public mainnet for the Arc blockchain on Sept. 16.
Shares were trading at $67.53 in U.S. premarket trading, up 6.76% from the previous close, following the earnings report.
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Oil Drops 5% as Trump Says Strait of Hormuz to Reopen SoonTrump Says U.S. Is Holding ‘Very Good Discussions’ With Iran
President Donald Trump signaled that an agreement with Iran to reopen the Strait of Hormuz could be reached soon. One proposal would have Gulf and European countries, rather than ships using the route, bear transit fees.
In an interview with Fox News on August 4, Trump said the U.S. was having “very good discussions” with Iran. “The Strait of Hormuz will open soon, and if it doesn’t, Iran will face a powerful attack,” he said.
Other senior officials also indicated a deal with Iran was near. Secretary of State Marco Rubio told reporters at the State Department on August 4 that Oman and Iran were discussing ways to allow more ships to pass safely through the Strait of Hormuz in the short term while longer-term talks on denuclearization continue. The U.S. is involved in those talks, he added. Treasury Secretary Scott Bessent told CNBC the same day that an agreement to reopen the strait could be reached later on August 4 or on August 5, based on U.S. Eastern time.
More detailed proposals are also emerging on transit fees for the waterway. The Telegraph reported that Iran was considering a plan under which European countries would cover the cost of maintaining and managing the Strait of Hormuz through “voluntary contributions.”
International oil prices fell more than 5% on the day. Brent crude futures for October delivery settled at $79.36 a barrel on ICE Futures Europe in London, down 5.3% from the previous session and below $80 for the first time in about three weeks.
Kim Dong-hyun, Hankyung.com reporter 3code@hankyung.com
Oil Drops 5% as Trump Says Strait of Hormuz to Reopen Soon
Trump Says U.S. Is Holding ‘Very Good Discussions’ With Iran
President Donald Trump signaled that an agreement with Iran to reopen the Strait of Hormuz could be reached soon. One proposal would have Gulf and European countries, rather than ships using the route, bear transit fees.
In an interview with Fox News on August 4, Trump said the U.S. was having “very good discussions” with Iran. “The Strait of Hormuz will open soon, and if it doesn’t, Iran will face a powerful attack,” he said.
Other senior officials also indicated a deal with Iran was near. Secretary of State Marco Rubio told reporters at the State Department on August 4 that Oman and Iran were discussing ways to allow more ships to pass safely through the Strait of Hormuz in the short term while longer-term talks on denuclearization continue. The U.S. is involved in those talks, he added. Treasury Secretary Scott Bessent told CNBC the same day that an agreement to reopen the strait could be reached later on August 4 or on August 5, based on U.S. Eastern time.
More detailed proposals are also emerging on transit fees for the waterway. The Telegraph reported that Iran was considering a plan under which European countries would cover the cost of maintaining and managing the Strait of Hormuz through “voluntary contributions.”
International oil prices fell more than 5% on the day. Brent crude futures for October delivery settled at $79.36 a barrel on ICE Futures Europe in London, down 5.3% from the previous session and below $80 for the first time in about three weeks.
Kim Dong-hyun, Hankyung.com reporter 3code@hankyung.com
President Donald Trump signaled that an agreement with Iran to reopen the Strait of Hormuz could be reached soon. One proposal would have Gulf and European countries, rather than ships using the route, bear transit fees.
In an interview with Fox News on August 4, Trump said the U.S. was having “very good discussions” with Iran. “The Strait of Hormuz will open soon, and if it doesn’t, Iran will face a powerful attack,” he said.
Other senior officials also indicated a deal with Iran was near. Secretary of State Marco Rubio told reporters at the State Department on August 4 that Oman and Iran were discussing ways to allow more ships to pass safely through the Strait of Hormuz in the short term while longer-term talks on denuclearization continue. The U.S. is involved in those talks, he added. Treasury Secretary Scott Bessent told CNBC the same day that an agreement to reopen the strait could be reached later on August 4 or on August 5, based on U.S. Eastern time.
More detailed proposals are also emerging on transit fees for the waterway. The Telegraph reported that Iran was considering a plan under which European countries would cover the cost of maintaining and managing the Strait of Hormuz through “voluntary contributions.”
International oil prices fell more than 5% on the day. Brent crude futures for October delivery settled at $79.36 a barrel on ICE Futures Europe in London, down 5.3% from the previous session and below $80 for the first time in about three weeks.
Kim Dong-hyun, Hankyung.com reporter 3code@hankyung.com
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Burry Warns Selloff Like 1987 Crash Could Hit StocksInvestor Michael Burry warned that the current rally in US stocks could end in a selloff similar to the 1987 market crash, even as the S&P 500 trades at a record high. Burry is best known for predicting the 2008 global financial crisis and was the real-life inspiration for the film “The Big Short.”
Burry told CNBC on August 4 that he still believes the index may be nearing a major top and that a decline like the one seen in 1987 could follow. That was the year of Black Monday, when US stocks plunged about 20%.
Burry has repeatedly warned of an artificial-intelligence bubble. He said new money is likely to flow into the market when the S&P 500 reaches fresh highs, creating a self-reinforcing cycle in the rally.
He also said volatility-targeting funds are effectively forced to add leverage when volatility remains low. Rising share prices and subdued volatility can spur automatic buying by systematic strategies, allowing leverage to build and potentially magnifying losses once a selloff begins. The three major US stock indexes closed higher for a fourth straight session that day.
Burry also appears to be maintaining short positions in several names, including the iShares Semiconductor ETF (SOXX), Micron Technology, Nvidia, Caterpillar, Palantir Technologies, Tesla and Applied Materials.
He said he remains confident in those positions over the long term, but would close them to limit losses if the trades move against him. He added that he is still profitable on every short except Nvidia.
Han Myung-hyun, Hankyung.com reporter wise@hankyung.com
Burry Warns Selloff Like 1987 Crash Could Hit Stocks
Investor Michael Burry warned that the current rally in US stocks could end in a selloff similar to the 1987 market crash, even as the S&P 500 trades at a record high. Burry is best known for predicting the 2008 global financial crisis and was the real-life inspiration for the film “The Big Short.”
Burry told CNBC on August 4 that he still believes the index may be nearing a major top and that a decline like the one seen in 1987 could follow. That was the year of Black Monday, when US stocks plunged about 20%.
Burry has repeatedly warned of an artificial-intelligence bubble. He said new money is likely to flow into the market when the S&P 500 reaches fresh highs, creating a self-reinforcing cycle in the rally.
He also said volatility-targeting funds are effectively forced to add leverage when volatility remains low. Rising share prices and subdued volatility can spur automatic buying by systematic strategies, allowing leverage to build and potentially magnifying losses once a selloff begins. The three major US stock indexes closed higher for a fourth straight session that day.
Burry also appears to be maintaining short positions in several names, including the iShares Semiconductor ETF (SOXX), Micron Technology, Nvidia, Caterpillar, Palantir Technologies, Tesla and Applied Materials.
He said he remains confident in those positions over the long term, but would close them to limit losses if the trades move against him. He added that he is still profitable on every short except Nvidia.
Han Myung-hyun, Hankyung.com reporter wise@hankyung.com
Burry told CNBC on August 4 that he still believes the index may be nearing a major top and that a decline like the one seen in 1987 could follow. That was the year of Black Monday, when US stocks plunged about 20%.
Burry has repeatedly warned of an artificial-intelligence bubble. He said new money is likely to flow into the market when the S&P 500 reaches fresh highs, creating a self-reinforcing cycle in the rally.
He also said volatility-targeting funds are effectively forced to add leverage when volatility remains low. Rising share prices and subdued volatility can spur automatic buying by systematic strategies, allowing leverage to build and potentially magnifying losses once a selloff begins. The three major US stock indexes closed higher for a fourth straight session that day.
Burry also appears to be maintaining short positions in several names, including the iShares Semiconductor ETF (SOXX), Micron Technology, Nvidia, Caterpillar, Palantir Technologies, Tesla and Applied Materials.
He said he remains confident in those positions over the long term, but would close them to limit losses if the trades move against him. He added that he is still profitable on every short except Nvidia.
Han Myung-hyun, Hankyung.com reporter wise@hankyung.com
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Analysis: Bitcoin’s Long Era of Beating Stocks May Be Nearing an EndBitcoin’s long streak of outperforming the stock market over the past 14 years may come under threat this year, according to an analysis.
CoinDesk reported on August 5 that the Bitcoin-to-S&P 500 ratio has moved decisively above its 200-week simple moving average for the first time on record. The ratio refers to the amount of Bitcoin needed to buy the S&P 500 index.
CoinDesk said the ratio had fallen steadily since 2010. In 2012, it took 300 Bitcoin to buy the S&P 500 index. Now, 0.12 Bitcoin is enough.
The recent strength in U.S. equities, however, could upend that trend. CoinDesk said there have been past periods when U.S. stocks temporarily outperformed Bitcoin, but this is the first time the chart has broken above the 200-week SMA.
A reversal in that trend could also darken Bitcoin’s long-term outlook. If the premise that Bitcoin consistently generates higher returns than stocks starts to weaken, CoinDesk wrote, the narrative of Bitcoin as a store of value could deteriorate. Optimism that Bitcoin will surge in the next bull market could also falter.
Analysis: Bitcoin’s Long Era of Beating Stocks May Be Nearing an End
Bitcoin’s long streak of outperforming the stock market over the past 14 years may come under threat this year, according to an analysis.
CoinDesk reported on August 5 that the Bitcoin-to-S&P 500 ratio has moved decisively above its 200-week simple moving average for the first time on record. The ratio refers to the amount of Bitcoin needed to buy the S&P 500 index.
CoinDesk said the ratio had fallen steadily since 2010. In 2012, it took 300 Bitcoin to buy the S&P 500 index. Now, 0.12 Bitcoin is enough.
The recent strength in U.S. equities, however, could upend that trend. CoinDesk said there have been past periods when U.S. stocks temporarily outperformed Bitcoin, but this is the first time the chart has broken above the 200-week SMA.
A reversal in that trend could also darken Bitcoin’s long-term outlook. If the premise that Bitcoin consistently generates higher returns than stocks starts to weaken, CoinDesk wrote, the narrative of Bitcoin as a store of value could deteriorate. Optimism that Bitcoin will surge in the next bull market could also falter.
CoinDesk reported on August 5 that the Bitcoin-to-S&P 500 ratio has moved decisively above its 200-week simple moving average for the first time on record. The ratio refers to the amount of Bitcoin needed to buy the S&P 500 index.
CoinDesk said the ratio had fallen steadily since 2010. In 2012, it took 300 Bitcoin to buy the S&P 500 index. Now, 0.12 Bitcoin is enough.
The recent strength in U.S. equities, however, could upend that trend. CoinDesk said there have been past periods when U.S. stocks temporarily outperformed Bitcoin, but this is the first time the chart has broken above the 200-week SMA.
A reversal in that trend could also darken Bitcoin’s long-term outlook. If the premise that Bitcoin consistently generates higher returns than stocks starts to weaken, CoinDesk wrote, the narrative of Bitcoin as a store of value could deteriorate. Optimism that Bitcoin will surge in the next bull market could also falter.
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Bitwise Says Digital-Asset Industry Will Grow Even Without CLARITY ActThe digital-asset industry will keep growing even if the U.S. Senate fails to pass the CLARITY Act, the market-structure bill for digital assets whose path forward remains uncertain.
Cointelegraph reported on August 5 that Bitwise Chief Investment Officer Matt Hougan said many investors expect clarity on the bill this week. But he said the digital-asset industry has already reached a point of no return and will continue expanding even if the legislation fails.
The Senate is heading into its summer recess, and the bill would need to clear procedural hurdles by August 5 to keep moving. Market concern has grown that if the CLARITY Act does not pass before the recess, action on the measure could be pushed into next year.
Expectations for passage have also declined. Galaxy Research last month lowered its estimate for the bill's chances of passing this year to 30%. On Polymarket, the probability stood at 23%.
Hougan also said that if the CLARITY Act does not pass this year, the Securities and Exchange Commission and the Commodity Futures Trading Commission could move directly to write related rules. The SEC is prepared to draft rules covering the main issues addressed in the CLARITY Act, he said, adding that the industry could keep growing for about another two and a half years even if legislation is delayed.
He added, however, that regulatory interpretations are less stable than legislation enacted by Congress and could change with future court rulings or a change in administration.
Bitwise Says Digital-Asset Industry Will Grow Even Without CLARITY Act
The digital-asset industry will keep growing even if the U.S. Senate fails to pass the CLARITY Act, the market-structure bill for digital assets whose path forward remains uncertain.
Cointelegraph reported on August 5 that Bitwise Chief Investment Officer Matt Hougan said many investors expect clarity on the bill this week. But he said the digital-asset industry has already reached a point of no return and will continue expanding even if the legislation fails.
The Senate is heading into its summer recess, and the bill would need to clear procedural hurdles by August 5 to keep moving. Market concern has grown that if the CLARITY Act does not pass before the recess, action on the measure could be pushed into next year.
Expectations for passage have also declined. Galaxy Research last month lowered its estimate for the bill's chances of passing this year to 30%. On Polymarket, the probability stood at 23%.
Hougan also said that if the CLARITY Act does not pass this year, the Securities and Exchange Commission and the Commodity Futures Trading Commission could move directly to write related rules. The SEC is prepared to draft rules covering the main issues addressed in the CLARITY Act, he said, adding that the industry could keep growing for about another two and a half years even if legislation is delayed.
He added, however, that regulatory interpretations are less stable than legislation enacted by Congress and could change with future court rulings or a change in administration.
Cointelegraph reported on August 5 that Bitwise Chief Investment Officer Matt Hougan said many investors expect clarity on the bill this week. But he said the digital-asset industry has already reached a point of no return and will continue expanding even if the legislation fails.
The Senate is heading into its summer recess, and the bill would need to clear procedural hurdles by August 5 to keep moving. Market concern has grown that if the CLARITY Act does not pass before the recess, action on the measure could be pushed into next year.
Expectations for passage have also declined. Galaxy Research last month lowered its estimate for the bill's chances of passing this year to 30%. On Polymarket, the probability stood at 23%.
Hougan also said that if the CLARITY Act does not pass this year, the Securities and Exchange Commission and the Commodity Futures Trading Commission could move directly to write related rules. The SEC is prepared to draft rules covering the main issues addressed in the CLARITY Act, he said, adding that the industry could keep growing for about another two and a half years even if legislation is delayed.
He added, however, that regulatory interpretations are less stable than legislation enacted by Congress and could change with future court rulings or a change in administration.
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BOK Creates Asset Tokenization Unit to Prepare Pilot for Tokenized Government BondsThe Bank of Korea has created a new Asset Tokenization Team under its Digital Currency Office as it prepares a pilot program for tokenized government bonds.
Edaily reported on August 5 that the BOK set up the new unit in an organizational reshuffle carried out last week alongside its regular second-half personnel changes. The team will oversee a pilot project to tokenize government bonds in connection with central bank digital currency, or CBDC, infrastructure.
The BOK has been conducting experiments through Project Hangang to implement central bank money and bank deposits in the form of deposit tokens. The creation of the new team expands that effort into asset tokenization, including the issuance and distribution of real-world assets such as government bonds in digital token form.
The Asset Tokenization Team will work on building a Unified Ledger framework that handles deposit tokens, central bank money and asset tokens on a single platform. In that structure, deposit tokens and asset tokens are managed on the same ledger based on central bank money, allowing remittances, clearing and settlement to be processed in a single workflow.
In the latest reorganization, the North Korean Economy Research Office under the BOK's Economic Research Institute was also renamed the Economic Security Office. The move reflects the rising prominence of economic security issues as trade, resources and technology become more closely tied to national security.
Separately, the BOK recently created a director-level strategic meeting to address agenda items related to the Bank for International Settlements. It is also discussing ways to build future financial infrastructure, including deposit tokens and tokenized government bonds, the report said.
BOK Creates Asset Tokenization Unit to Prepare Pilot for Tokenized Government Bonds
The Bank of Korea has created a new Asset Tokenization Team under its Digital Currency Office as it prepares a pilot program for tokenized government bonds.
Edaily reported on August 5 that the BOK set up the new unit in an organizational reshuffle carried out last week alongside its regular second-half personnel changes. The team will oversee a pilot project to tokenize government bonds in connection with central bank digital currency, or CBDC, infrastructure.
The BOK has been conducting experiments through Project Hangang to implement central bank money and bank deposits in the form of deposit tokens. The creation of the new team expands that effort into asset tokenization, including the issuance and distribution of real-world assets such as government bonds in digital token form.
The Asset Tokenization Team will work on building a Unified Ledger framework that handles deposit tokens, central bank money and asset tokens on a single platform. In that structure, deposit tokens and asset tokens are managed on the same ledger based on central bank money, allowing remittances, clearing and settlement to be processed in a single workflow.
In the latest reorganization, the North Korean Economy Research Office under the BOK's Economic Research Institute was also renamed the Economic Security Office. The move reflects the rising prominence of economic security issues as trade, resources and technology become more closely tied to national security.
Separately, the BOK recently created a director-level strategic meeting to address agenda items related to the Bank for International Settlements. It is also discussing ways to build future financial infrastructure, including deposit tokens and tokenized government bonds, the report said.
Edaily reported on August 5 that the BOK set up the new unit in an organizational reshuffle carried out last week alongside its regular second-half personnel changes. The team will oversee a pilot project to tokenize government bonds in connection with central bank digital currency, or CBDC, infrastructure.
The BOK has been conducting experiments through Project Hangang to implement central bank money and bank deposits in the form of deposit tokens. The creation of the new team expands that effort into asset tokenization, including the issuance and distribution of real-world assets such as government bonds in digital token form.
The Asset Tokenization Team will work on building a Unified Ledger framework that handles deposit tokens, central bank money and asset tokens on a single platform. In that structure, deposit tokens and asset tokens are managed on the same ledger based on central bank money, allowing remittances, clearing and settlement to be processed in a single workflow.
In the latest reorganization, the North Korean Economy Research Office under the BOK's Economic Research Institute was also renamed the Economic Security Office. The move reflects the rising prominence of economic security issues as trade, resources and technology become more closely tied to national security.
Separately, the BOK recently created a director-level strategic meeting to address agenda items related to the Bank for International Settlements. It is also discussing ways to build future financial infrastructure, including deposit tokens and tokenized government bonds, the report said.
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US Spot-Bitcoin ETFs Draw $211.5 Million for Second Straight Day of InflowsUS spot-Bitcoin exchange-traded funds extended their inflow streak, taking in more than $200 million.
Data from Trader T showed the funds recorded net inflows of $211.5 million in the previous session on August 5. That marked a second straight trading day of net inflows.
BlackRock's IBIT led the group with $170.35 million in net inflows. Fidelity's FBTC drew $19.58 million, Ark Invest's ARKB brought in $9.17 million, Bitwise's BITB added $8.72 million and Morgan Stanley's MSBT posted $3.68 million.
The remaining products recorded no net flows.
US Spot-Bitcoin ETFs Draw $211.5 Million for Second Straight Day of Inflows
US spot-Bitcoin exchange-traded funds extended their inflow streak, taking in more than $200 million.
Data from Trader T showed the funds recorded net inflows of $211.5 million in the previous session on August 5. That marked a second straight trading day of net inflows.
BlackRock's IBIT led the group with $170.35 million in net inflows. Fidelity's FBTC drew $19.58 million, Ark Invest's ARKB brought in $9.17 million, Bitwise's BITB added $8.72 million and Morgan Stanley's MSBT posted $3.68 million.
The remaining products recorded no net flows.
Data from Trader T showed the funds recorded net inflows of $211.5 million in the previous session on August 5. That marked a second straight trading day of net inflows.
BlackRock's IBIT led the group with $170.35 million in net inflows. Fidelity's FBTC drew $19.58 million, Ark Invest's ARKB brought in $9.17 million, Bitwise's BITB added $8.72 million and Morgan Stanley's MSBT posted $3.68 million.
The remaining products recorded no net flows.
143
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Senate Republicans Skip CLARITY Act Cloture Filing, Risking Vote Delay This WeekA vote this week on the CLARITY Act, a US crypto market-structure bill, could be delayed after Senate Republicans did not file for cloture to bring the measure to the floor.
Eleanor Terrett, host of Crypto in America, said Aug. 5 that Senate Majority Leader John Thune did not file for cloture on the bill. She cited ongoing procedures tied to a continuing resolution, or CR, efforts to secure enough votes for passage, and negotiations over key issues as factors.
Democrats and Republicans are still negotiating ethics provisions, the Blockchain Regulatory Certainty Act, or BRCA, and whether to allow interest payments on stablecoins. The White House has not yet taken an official position on a compromise proposal related to the ethics language.
Thune could still file for cloture as early as Aug. 6 once the CR process is completed. If he does, a procedural vote could follow about 30 hours later.
Terrett said unresolved issues remain, but some senators want to move ahead with a vote to formally put lawmakers on the record regardless of whether the bill ultimately passes.
Senate Republicans Skip CLARITY Act Cloture Filing, Risking Vote Delay This Week
A vote this week on the CLARITY Act, a US crypto market-structure bill, could be delayed after Senate Republicans did not file for cloture to bring the measure to the floor.
Eleanor Terrett, host of Crypto in America, said Aug. 5 that Senate Majority Leader John Thune did not file for cloture on the bill. She cited ongoing procedures tied to a continuing resolution, or CR, efforts to secure enough votes for passage, and negotiations over key issues as factors.
Democrats and Republicans are still negotiating ethics provisions, the Blockchain Regulatory Certainty Act, or BRCA, and whether to allow interest payments on stablecoins. The White House has not yet taken an official position on a compromise proposal related to the ethics language.
Thune could still file for cloture as early as Aug. 6 once the CR process is completed. If he does, a procedural vote could follow about 30 hours later.
Terrett said unresolved issues remain, but some senators want to move ahead with a vote to formally put lawmakers on the record regardless of whether the bill ultimately passes.
Eleanor Terrett, host of Crypto in America, said Aug. 5 that Senate Majority Leader John Thune did not file for cloture on the bill. She cited ongoing procedures tied to a continuing resolution, or CR, efforts to secure enough votes for passage, and negotiations over key issues as factors.
Democrats and Republicans are still negotiating ethics provisions, the Blockchain Regulatory Certainty Act, or BRCA, and whether to allow interest payments on stablecoins. The White House has not yet taken an official position on a compromise proposal related to the ethics language.
Thune could still file for cloture as early as Aug. 6 once the CR process is completed. If he does, a procedural vote could follow about 30 hours later.
Terrett said unresolved issues remain, but some senators want to move ahead with a vote to formally put lawmakers on the record regardless of whether the bill ultimately passes.
108
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US, Iran Near Temporary Deal to Reopen Strait of Hormuz, Axios SaysThe US, Iran and Oman are nearing a temporary agreement to reopen the Strait of Hormuz.
Axios reported on August 4, citing multiple Middle East sources and a US government official, that Washington is aiming to announce an interim deal on August 6.
The arrangement is intended to revive a ceasefire between the US and Iran and restart nuclear talks. President Donald Trump has held off on plans for large-scale airstrikes to give diplomacy more time, while keeping open the option of military action if the agreement falls apart.
The draft under discussion would create a temporary 60-day shipping system involving Oman and Iran. Ships entering the Persian Gulf would use the northern route through Iranian territorial waters, while vessels leaving the gulf would take the southern route through Omani waters. No transit fees would be charged. The two sides also plan to begin clearing mines from the strait's central channel within 30 days.
After the mine-clearing is completed, negotiations would continue on a permanent shipping framework using the central channel.
In addition to Oman and Iran, Qatar, Pakistan and Saudi Arabia have participated in mediation efforts, Axios said. On the US side, Middle East envoy Steve Witkoff has recently held several rounds of talks with Iranian Foreign Minister Abbas Araghchi and Omani Foreign Minister Badr Albusaidi.
US, Iran Near Temporary Deal to Reopen Strait of Hormuz, Axios Says
The US, Iran and Oman are nearing a temporary agreement to reopen the Strait of Hormuz.
Axios reported on August 4, citing multiple Middle East sources and a US government official, that Washington is aiming to announce an interim deal on August 6.
The arrangement is intended to revive a ceasefire between the US and Iran and restart nuclear talks. President Donald Trump has held off on plans for large-scale airstrikes to give diplomacy more time, while keeping open the option of military action if the agreement falls apart.
The draft under discussion would create a temporary 60-day shipping system involving Oman and Iran. Ships entering the Persian Gulf would use the northern route through Iranian territorial waters, while vessels leaving the gulf would take the southern route through Omani waters. No transit fees would be charged. The two sides also plan to begin clearing mines from the strait's central channel within 30 days.
After the mine-clearing is completed, negotiations would continue on a permanent shipping framework using the central channel.
In addition to Oman and Iran, Qatar, Pakistan and Saudi Arabia have participated in mediation efforts, Axios said. On the US side, Middle East envoy Steve Witkoff has recently held several rounds of talks with Iranian Foreign Minister Abbas Araghchi and Omani Foreign Minister Badr Albusaidi.
Axios reported on August 4, citing multiple Middle East sources and a US government official, that Washington is aiming to announce an interim deal on August 6.
The arrangement is intended to revive a ceasefire between the US and Iran and restart nuclear talks. President Donald Trump has held off on plans for large-scale airstrikes to give diplomacy more time, while keeping open the option of military action if the agreement falls apart.
The draft under discussion would create a temporary 60-day shipping system involving Oman and Iran. Ships entering the Persian Gulf would use the northern route through Iranian territorial waters, while vessels leaving the gulf would take the southern route through Omani waters. No transit fees would be charged. The two sides also plan to begin clearing mines from the strait's central channel within 30 days.
After the mine-clearing is completed, negotiations would continue on a permanent shipping framework using the central channel.
In addition to Oman and Iran, Qatar, Pakistan and Saudi Arabia have participated in mediation efforts, Axios said. On the US side, Middle East envoy Steve Witkoff has recently held several rounds of talks with Iranian Foreign Minister Abbas Araghchi and Omani Foreign Minister Badr Albusaidi.
26
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Arthur Hayes Says AI Bust Could Spur $1 Million Bitcoin After 2028Arthur Hayes, co-founder of BitMEX, said Bitcoin could top $1 million after the artificial-intelligence bubble bursts.
In a Substack post on August 4, Hayes wrote that the investment frenzy around AI data centers and power grids from 2026 to 2028 could end in a credit crisis. If the U.S. government then rolls out massive liquidity support, Bitcoin could rise above $1 million.
He argued that the current boom in AI data-center construction is driven less by technological innovation than by real-estate development and credit expansion. Data centers and power-grid buildouts are being funded with heavy borrowing, and if those loans turn sour, the fallout could resemble the credit collapse of the 2008 global financial crisis.
Hayes also said Bitcoin has recently lagged as liquidity has flowed into the AI industry. Still, he said Bitcoin is building a base in the $60,000 to $70,000 range, with $50,000 likely to serve as a strong support level even in a sharp downturn.
He added that if the AI bubble bursts, the U.S. government would likely inject even more money into the economy than it did during the 2008 financial crisis to rescue AI companies and financial institutions. In that case, the dollar's value would be diluted and Bitcoin would be the biggest beneficiary asset.
"Bitcoin is the capital market's fire alarm, reflecting currency debasement and capital-allocation failures before anything else," Hayes wrote. "Once large-scale liquidity injections begin, Bitcoin could rise above $1 million."
Arthur Hayes Says AI Bust Could Spur $1 Million Bitcoin After 2028
Arthur Hayes, co-founder of BitMEX, said Bitcoin could top $1 million after the artificial-intelligence bubble bursts.
In a Substack post on August 4, Hayes wrote that the investment frenzy around AI data centers and power grids from 2026 to 2028 could end in a credit crisis. If the U.S. government then rolls out massive liquidity support, Bitcoin could rise above $1 million.
He argued that the current boom in AI data-center construction is driven less by technological innovation than by real-estate development and credit expansion. Data centers and power-grid buildouts are being funded with heavy borrowing, and if those loans turn sour, the fallout could resemble the credit collapse of the 2008 global financial crisis.
Hayes also said Bitcoin has recently lagged as liquidity has flowed into the AI industry. Still, he said Bitcoin is building a base in the $60,000 to $70,000 range, with $50,000 likely to serve as a strong support level even in a sharp downturn.
He added that if the AI bubble bursts, the U.S. government would likely inject even more money into the economy than it did during the 2008 financial crisis to rescue AI companies and financial institutions. In that case, the dollar's value would be diluted and Bitcoin would be the biggest beneficiary asset.
"Bitcoin is the capital market's fire alarm, reflecting currency debasement and capital-allocation failures before anything else," Hayes wrote. "Once large-scale liquidity injections begin, Bitcoin could rise above $1 million."
In a Substack post on August 4, Hayes wrote that the investment frenzy around AI data centers and power grids from 2026 to 2028 could end in a credit crisis. If the U.S. government then rolls out massive liquidity support, Bitcoin could rise above $1 million.
He argued that the current boom in AI data-center construction is driven less by technological innovation than by real-estate development and credit expansion. Data centers and power-grid buildouts are being funded with heavy borrowing, and if those loans turn sour, the fallout could resemble the credit collapse of the 2008 global financial crisis.
Hayes also said Bitcoin has recently lagged as liquidity has flowed into the AI industry. Still, he said Bitcoin is building a base in the $60,000 to $70,000 range, with $50,000 likely to serve as a strong support level even in a sharp downturn.
He added that if the AI bubble bursts, the U.S. government would likely inject even more money into the economy than it did during the 2008 financial crisis to rescue AI companies and financial institutions. In that case, the dollar's value would be diluted and Bitcoin would be the biggest beneficiary asset.
"Bitcoin is the capital market's fire alarm, reflecting currency debasement and capital-allocation failures before anything else," Hayes wrote. "Once large-scale liquidity injections begin, Bitcoin could rise above $1 million."
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Strategy Fuels Fresh Bitcoin Sale Speculation With 1,030 BTC TransferMichael Saylor-led Strategy may be moving toward another sale of its Bitcoin holdings.
On Aug. 4, on-chain analytics platform Lookonchain reported that a wallet linked to Strategy transferred 1,030 BTC, worth about $66.14 million, to an external address about two hours earlier.
Lookonchain said the transfer could precede an additional Bitcoin sale by Strategy.
Strategy Fuels Fresh Bitcoin Sale Speculation With 1,030 BTC Transfer
Michael Saylor-led Strategy may be moving toward another sale of its Bitcoin holdings.
On Aug. 4, on-chain analytics platform Lookonchain reported that a wallet linked to Strategy transferred 1,030 BTC, worth about $66.14 million, to an external address about two hours earlier.
Lookonchain said the transfer could precede an additional Bitcoin sale by Strategy.
On Aug. 4, on-chain analytics platform Lookonchain reported that a wallet linked to Strategy transferred 1,030 BTC, worth about $66.14 million, to an external address about two hours earlier.
Lookonchain said the transfer could precede an additional Bitcoin sale by Strategy.
8
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ADPJulyPrivatePayrollsMissedExpectations
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#adpjulyprivatepayrollsmissedexpectations
😂 THE US JUST ADDED 44K PRIVATE JOBS IN JULY. IS THE LABOR MARKET BREAKING?
Not so fast. 👀
ADP reported 44,000 new private jobs — way below the 65K–75K consensus, and down sharply from 95K in June. Looks ugly on the surface.
But here's the weird part: wages for job-switchers jumped 7% — the fastest pace in almost a year.
If companies were truly running out of demand for workers, why are they still paying more to attract them? 🤯
The twist runs even deeper: tighter immigration enforcement may be slowing US labor-force growth — which means the “breakeven” number of jobs needed each month to keep unemployment stable could also be sliding toward zero.
44K looks weak by historical standards. But under the new rules of the game, it might not be weak at all.
🧠 Square Insight:
Don’t read ADP as “the labor market is collapsing.”
Read it as: labor demand is cooling while labor supply may be shrinking too.
And remember — ADP ≠ NFP.
The official NFP print drops in 2 days.
If it beats expectations — was ADP just noise, or is the labor market quietly cracking underneath? 👀
#Macro #Jobs #FederalReserve #SquareInsight
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