Amid the stablecoin craze, overseas individual investors, known as 'seohakgaemi,' are experiencing sleepless nights during the so-called 'Crypto Week.'
According to the Korea Securities Depository on the 16th, the most heavily net bought overseas stock by domestic investors as of the previous day (based on settlement date) this month was Circle Internet (CRCL), based in the United States. Coinbase (COIN) ranked third, maintaining its place among the highest net purchases since last month, previously held by Nvidia and Tesla.
As Crypto Week began, interest appears to have intensified. The U.S. House of Representatives is set to address three key bills regarding virtual assets this week, from the 14th to the 18th. These include the ▲ Genius Bill ▲ Clarity Bill ▲ Anti-Central Bank Digital Currency (CBDC) Monitoring Act.
The Genius Bill outlines regulations including issuer licensing and stability measures for dollar-linked stablecoins. The core of the bill is to incorporate stablecoins into the regulatory system.
Also known as the Virtual Assets Clarification Bill, the Clarity Bill is a market structure law that distinguishes the legal definitions and supervisory authority of virtual assets. It establishes whether virtual assets in the U.S. are classified as securities or commodities, with the regulatory agencies also being divided into the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The Anti-Central Bank Digital Currency (CBDC) Monitoring Act prohibits the Federal Reserve from issuing and operating Central Bank Digital Currency (CBDC).
The market expects that if these three bills pass, a clear regulatory framework for virtual assets will be established, accelerating the virtual asset-friendly policies of the Trump administration in the United States.
However, the legislative process in the U.S. House of Representatives is currently experiencing difficulties, leading to high volatility. Earlier, on the 15th (local time), the House failed to pass a 'procedural vote' before formally deliberating the three bills. The procedural vote is a preliminary step to establish rules for addressing the bills. Consequently, Circle's stock price dropped by 4.58% in just one day.
President Trump took direct action to resolve the issue, persuading House representatives and gathering votes, leading to the procedural vote passing on the 16th (local time). Circle's stock price surged by 19.39% that day.
Hwang Soo-wook, a researcher at MERITZ Securities, noted, "Digital assets are breaking record highs, but the key to benefiting from the bills is the digital coin-based payment system," adding that "the related value chain will likely be central to the benefits."
In the future, once the bills go through an official vote and President Trump signs them, the virtual asset bills will take effect. Though no significant obstacles are expected, investors continue to monitor movements due to the unpredictable nature of politics.
Considering the significant rise in stock prices due to expectations, there is also a need to be mindful of the possibility of a correction. Currently, Circle's stock price is slightly declining in after-hours trading.