After key legislation related to virtual assets was passed in the United States, the global cryptocurrency market surpassed a market capitalization of $4 trillion (approximately 5,574 trillion won) for the first time in history.
According to the Financial Times (FT), major virtual asset prices surged immediately after the U.S. House of Representatives passed three key bills related to virtual currencies, including the 'Genius Act,' which codified the legal incorporation of stablecoins. As of the 18th, the total market capitalization exceeded $4 trillion.
Bitcoin surpassed $123,000 (approximately 171.4 million won) per unit, while major altcoins like Ethereum and Solana also saw significant price increases. This is interpreted as a positive response following the establishment of a regulatory framework for virtual currencies by the U.S. Congress.
In particular, the 'Genius Act' has passed both House and Senate deliberations and has received the signature of President Donald Trump. The law clarifies the legal definition of stablecoins, issuance procedures, and disclosure standards, thereby laying the groundwork for institutional utilization.
In addition, the 'Clarity Act,' which specifies regulations for digital assets, and the 'CBDC Surveillance Avoidance Act,' which prohibits the issuance of Central Bank Digital Currency (CBDC) by the Federal Reserve, have passed the House and are awaiting Senate deliberation.
FT reported that expectations are growing that major banks on Wall Street, investment institutions, and corporations will actively enter the virtual currency market following this legislative action. CEOs of Bank of America (BOA), Citigroup, and JPMorgan Chase have indicated that they plan to issue their own stablecoins if the Genius Act is implemented.
President Trump is preparing to sign an executive order allowing the $9 trillion U.S. retirement market to invest in virtual assets.
However, concerns are also raised that if virtual assets become closely integrated with the existing financial system, it could lead to overall financial instability in the event of a future market collapse.
Senator Elizabeth Warren criticized, "The Genius Act lacks fundamental safeguards to ensure that stablecoins do not collapse the entire financial system." She also pointed out concerns that stablecoins issued by private corporations could concentrate economic power in the hands of certain corporations.