From July 28 to August 1, the virtual asset market showed mixed directions, centered on the results of the Federal Open Market Committee (FOMC) meeting and the release of inflation indicators. Bitcoin closed at $114,594, down 2.7% from the previous week, while Ethereum recorded $3,636, down 0.8%, maintaining a stable trend. In the altcoin market, assets such as Etana (ENA, +21.27%), Conflux (CFX, +20.56%), and XDC Network (XDC, +17.02%) led individual gains.
This week's key issues in the market were the results of the July FOMC meeting and the release of the June Personal Consumption Expenditures (PCE) price index. The Federal Reserve kept the base interest rate steady at 4.25% to 4.50% while maintaining a cautious currency policy stance, and Chair Jerome Powell also indicated a cautious attitude toward interest rate cuts for the time being. This statement acted as a factor that limited the upward trend of risk assets as it somewhat weakened market expectations for rate cuts. The released June PCE price index rose 2.6% year-over-year and 0.3% month-over-month, exceeding market expectations. This reignited inflation concerns, impacting expectations for rate cuts.
◇ Democratic Party of Korea officially pushes for stablecoin systemization... STO legislation outlines to emerge in August
On July 28, Democratic Party of Korea lawmaker Ahn Do-geol proposed a bill entitled 'Law on the Issuance and Distribution of Value-Stable Digital Assets,' initiating the comprehensive legislative process for the systemization of stablecoins for the first time in Korea. This bill limits the issuing entities to financial institutions and companies with a capital of over 5 billion won, and includes requirements for reserves, user protection, and responses to currency and foreign exchange policies, being regarded as a blueprint for securing digital economic sovereignty. The Financial Services Commission, the Ministry of Economy and Finance, and the Bank of Korea formed a joint consultative body to respond to market risks, and the issuer is also required to disclose reserves monthly and undergo external audits quarterly.
On the same day, the National Policy Committee delayed its review of the token securities (STO) related bills again, raising concerns about the pace of systemization. However, the main proponent, lawmaker Min Byung-deok of the Democratic Party of Korea, noted, "We will definitely process the STO bill in August," lending strength to the possibility of discussions in the next session. The industry anticipates that both stablecoins and STOs are likely to be included in government agendas, in line with the government's strategy for a digital asset hub, and expects some legislative progress by the end of the year.
◇ U.S. SEC launches 'Project Crypto' with White House report
The United States is beginning to make a significant leap toward becoming a global center for virtual assets. On the 31st of last month (local time), the U.S. Securities and Exchange Commission (SEC) launched 'Project Crypto,' formalizing its strategy to take the lead in a blockchain-based financial order. The SEC introduced various policies for clarifying regulations on the distribution, custody, and transaction of digital assets, ensuring self-custody wallets, allowing the distribution of tokenized securities, and promoting integrated financial services based on super applications. Additionally, it stated that it would introduce 'bright-line' standards for distribution methods such as Initial Coin Offerings (ICO) and airdrops to prevent the exclusion of U.S. investors.
The White House digital asset strategy report, released two days ago, also bolstered this trend. The 168-page report, prepared following an executive order from President Trump, comprehensively presented strategies ranging from a national treasury strategy for long-term holding of digital assets to the protection of personal storage rights, an accommodating approach to Decentralized Finance (DeFi), and clear tax guidelines. Notably, it shows the United States' determination to strengthen its digital asset hegemony by establishing a strategic reserve plan that includes not only Bitcoin and Ethereum but also major altcoins, along with redefining the roles of the SEC and the Commodity Futures Trading Commission (CFTC).
In connection with this, Hwang Hyo-jun, a researcher at Janlge, stated, "After Bitcoin hit a new high, profit-taking selling has come out, and the ensuing macro issues have caused expectations for interest rate cuts to retreat, leading to a limited market flow," and added, "In the short term, it is important to closely monitor changes in indicators as the direction of the market may be influenced by key indicators to be announced in the future."
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a company and foundation targeting the adoption of Web3, providing essential operational solutions and trust-based community building services based on on-chain data. It operates the crypto data intelligence platform Janlge, and the Janlge research team is creating content to showcase trends in the virtual asset investment industry based on global virtual asset information and data.