US Crypto 'Clarity' Bill Faces Last-Minute Hurdles as Senate Vote is Postponed

The US 'Clarity' bill, which aims to bring clarity and regulation to the crypto market, faces last-minute hurdles as its Senate vote is increasingly likely to be postponed until next week. This uncertainty raises concerns about the fate of the legislation before the August recess.

Industry groups continue to call for the passage of the bill, citing its potential to establish a single set of rules for the US crypto market. Tom Lee, co-founder of Fundstrat and chairman of BitMine Immersion Technologies, believes that the Clarity bill could be a turning point on par with the 1934 launch of the SEC, key to a crypto market recovery.

Meanwhile, South Korea's crypto market is witnessing established financial companies moving faster. Domestic won-based digital-asset exchanges are reshaping their business foundations by bringing in financial firms as new shareholders. NH Investment & Securities has set up a dedicated organisation to respond to the institutionalisation of digital assets and the legal framework for tokenised securities (STO).

Other notable developments include Visa's stablecoin strategy, Galaxy Digital and MARA Holdings' expansion into Texas, and Circle's acquisition of IBM's blockchain patent portfolio. The Digital Asset eXchange Alliance (DAXA) will support non-won digital-asset exchanges in complying with the system ahead of an expansion of the scope of the Telecommunications Fraud Damage Refund Act.