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On April 1, Federal Reserve Governor Michael Barr stated that the development of stablecoins must be built on strict regulation, warning that without effective constraints, the long history of 'private currencies causing problems' could repeat itself. In his remarks, Barr pointed out that although the 'GENIUS Stablecoin Act' has provided an initial regulatory framework for the industry, the key lies in subsequent enforcement, including ongoing monitoring of reserve assets and mechanisms to prevent illegal uses. He emphasized that stablecoins can only be truly considered 'stable' if they can maintain par value redemption under various market conditions. The liquidity and safety of reserve assets are particularly critical during market pressures or heightened risks from issuers. Additionally, Barr noted that stablecoin issuers have an incentive to increase yields for profit, which may lead them to take on higher risks in managing reserve assets, potentially posing a threat to financial stability. Currently, the regulatory issues surrounding stablecoins remain one of the significant points of divergence in U.S. cryptocurrency legislation, also affecting the progress of related bills to some extent.

[Fed's Barr Warns of Stablecoin Risks, Emphasizes Need for Enhanced Regulation and Reserve Scrutiny]On April 1, Federal Reserve Governor Michael Barr stated that the development of stablecoins must be built on strict regulation, warning that without effective constraints, the long history of 'private currencies causing problems' could repeat itself. In his remarks, Barr pointed out that although the 'GENIUS Stablecoin Act' has provided an initial regulatory framework for the industry, the key lies in subsequent enforcement, including ongoing monitoring of reserve assets and mechanisms to prevent illegal uses. He emphasized that stablecoins can only be truly considered 'stable' if they can maintain par value redemption under various market conditions. The liquidity and safety of reserve assets are particularly critical during market pressures or heightened risks from issuers. Additionally, Barr noted that stablecoin issuers have an incentive to increase yields for profit, which may lead them to take on higher risks in managing reserve assets, potentially posing a threat to financial stability. Currently, the regulatory issues surrounding stablecoins remain one of the significant points of divergence in U.S. cryptocurrency legislation, also affecting the progress of related bills to some extent.

Fed's Barr Warns of Stablecoin Risks, Emphasizes Need for Enhanced Regulation and Reserve Scrutiny

On April 1, Japanese industrial company MHI Group announced the adoption of JPMorgan's blockchain technology to enable instant cross-border transfers.

[MHI Group Adopts JPMorgan's Blockchain Technology for Instant Cross-Border Transfers]On April 1, Japanese industrial company MHI Group announced the adoption of JPMorgan's blockchain technology to enable instant cross-border transfers.

MHI Group Adopts JPMorgan's Blockchain Technology for Instant Cross-Border Transfers

On April 1, a Reuters/Ipsos poll found that two-thirds of Americans believe the U.S. should quickly end its involvement in the war with Iran, even if it means failing to achieve the goals set by the Trump administration. In the survey conducted from last Friday to Sunday, about 66% of respondents expressed this view, while 27% stated that the U.S. should strive to achieve all its objectives in Iran, even if the conflict persists for a long time. 6% of respondents did not answer the question. Among Republicans, 40% supported ending the conflict quickly even without achieving U.S. goals, while 57% favored a prolonged involvement. In the survey of 1,021 people, 60% of respondents disapproved of U.S. military strikes against Iran, while 35% approved. Two-thirds of respondents indicated they expect gasoline prices to worsen in the coming year, with 40% of Republicans sharing this concern.

[Poll: Two-Thirds of Americans Believe War with Iran Should End Soon]On April 1, a Reuters/Ipsos poll found that two-thirds of Americans believe the U.S. should quickly end its involvement in the war with Iran, even if it means failing to achieve the goals set by the Trump administration. In the survey conducted from last Friday to Sunday, about 66% of respondents expressed this view, while 27% stated that the U.S. should strive to achieve all its objectives in Iran, even if the conflict persists for a long time. 6% of respondents did not answer the question. Among Republicans, 40% supported ending the conflict quickly even without achieving U.S. goals, while 57% favored a prolonged involvement. In the survey of 1,021 people, 60% of respondents disapproved of U.S. military strikes against Iran, while 35% approved. Two-thirds of respondents indicated they expect gasoline prices to worsen in the coming year, with 40% of Republicans sharing this concern.

Poll: Two-Thirds of Americans Believe War with Iran Should End Soon

On April 1, Jaret Seiberg, Managing Director at TD Cowen, expressed an increasingly pessimistic outlook on the prospects of the Clarity Act, the crypto market structure bill, in a research report released on Monday. He believes the probability of the Senate advancing the bill and it passing the House is only one-third. The bill currently remains stalled in the U.S. Senate, as Congress has entered a two-week Easter recess. Seiberg pointed out that a recent compromise proposal on stablecoin yields, pushed by Senators Thom Tillis and Angela Alsobrooks, is 'insufficient' to advance the bill. This proposal prohibits earning yields on idle stablecoin balances but allows activity-based rewards when using stablecoins. Seiberg believes this compromise may not satisfy either party: it would hinder crypto platforms from using stablecoins for liquidity management, while for banks, it would incentivize crypto platforms to push stablecoins for everyday payments, threatening core deposit business. Seiberg stated that the bill is most likely to advance in late July before Congress's August recess, at which point recess pressure may force senators to reach a compromise. He also noted that even senators who were previously optimistic are lowering their expectations, with Senator Mark Warner reducing the probability of the bill's passage from 80% to 50% to 60%.

[TD Cowen: One-Third Chance for Crypto Market Structure Bill to Pass This Year]On April 1, Jaret Seiberg, Managing Director at TD Cowen, expressed an increasingly pessimistic outlook on the prospects of the Clarity Act, the crypto market structure bill, in a research report released on Monday. He believes the probability of the Senate advancing the bill and it passing the House is only one-third. The bill currently remains stalled in the U.S. Senate, as Congress has entered a two-week Easter recess. Seiberg pointed out that a recent compromise proposal on stablecoin yields, pushed by Senators Thom Tillis and Angela Alsobrooks, is 'insufficient' to advance the bill. This proposal prohibits earning yields on idle stablecoin balances but allows activity-based rewards when using stablecoins. Seiberg believes this compromise may not satisfy either party: it would hinder crypto platforms from using stablecoins for liquidity management, while for banks, it would incentivize crypto platforms to push stablecoins for everyday payments, threatening core deposit business. Seiberg stated that the bill is most likely to advance in late July before Congress's August recess, at which point recess pressure may force senators to reach a compromise. He also noted that even senators who were previously optimistic are lowering their expectations, with Senator Mark Warner reducing the probability of the bill's passage from 80% to 50% to 60%.

TD Cowen: One-Third Chance for Crypto Market Structure Bill to Pass This Year

On April 1, MagicEden announced that the wallet will enter export-only mode and be removed from the app store tomorrow. Users are reminded to export their assets or wallets.

[MagicEden: Wallet to be Removed and Enter Export-Only Mode Tomorrow]On April 1, MagicEden announced that the wallet will enter export-only mode and be removed from the app store tomorrow. Users are reminded to export their assets or wallets.

MagicEden: Wallet to be Removed and Enter Export-Only Mode Tomorrow

The US Dollar Index fell 0.54% on March 31, closing at 99.965 in the foreign exchange market.

[US Dollar Index Falls 0.54% on March 31]The US Dollar Index fell 0.54% on March 31, closing at 99.965 in the foreign exchange market.

US Dollar Index Falls 0.54% on March 31

On April 1, OpenAI completed a $122 billion financing round, bringing the company's valuation to $852 billion. This marks the largest financing round for the company to date, supporting its expensive investments in chips, data centers, and talent. Most of the funds in this months-long preparation came from three major tech companies. Amazon agreed to invest $50 billion in this round, while NVIDIA and SoftBank Group each invested $30 billion. A significant portion of Amazon's investment ($35 billion) is contingent on OpenAI's ability to go public or achieve a technological milestone in general artificial intelligence. OpenAI also raised over $3 billion from individual investors through bank channels for the first time. The company reported that it currently generates $2 billion in revenue per month, with enterprise sales accounting for 40% of its revenue, expected to rise to 50% by the end of the year.

[OpenAI Completes $122 Billion Financing Round, Valuation Reaches $852 Billion]On April 1, OpenAI completed a $122 billion financing round, bringing the company's valuation to $852 billion. This marks the largest financing round for the company to date, supporting its expensive investments in chips, data centers, and talent. Most of the funds in this months-long preparation came from three major tech companies. Amazon agreed to invest $50 billion in this round, while NVIDIA and SoftBank Group each invested $30 billion. A significant portion of Amazon's investment ($35 billion) is contingent on OpenAI's ability to go public or achieve a technological milestone in general artificial intelligence. OpenAI also raised over $3 billion from individual investors through bank channels for the first time. The company reported that it currently generates $2 billion in revenue per month, with enterprise sales accounting for 40% of its revenue, expected to rise to 50% by the end of the year.

OpenAI Completes $122 Billion Financing Round, Valuation Reaches $852 Billion

On April 1, U.S. stock indices saw significant gains, with the Nasdaq rising 3.83%, the S&P 500 increasing by 2.91% marking its best single-day performance since May, and the Dow Jones up 2.49%. On a monthly basis, the Nasdaq has still declined by 4.75%, the S&P 500 has dropped 5.09%, and the Dow Jones has fallen 5.38%.

[U.S. Stock Indices Surge, Nasdaq Up 3.83%]On April 1, U.S. stock indices saw significant gains, with the Nasdaq rising 3.83%, the S&P 500 increasing by 2.91% marking its best single-day performance since May, and the Dow Jones up 2.49%. On a monthly basis, the Nasdaq has still declined by 4.75%, the S&P 500 has dropped 5.09%, and the Dow Jones has fallen 5.38%.

U.S. Stock Indices Surge, Nasdaq Up 3.83%

On April 1, the White House stated on Tuesday that the U.S. military is prepared to thwart any attacks from Iran. This response comes after threats from the Iranian Islamic Revolutionary Guard Corps (IRGC) against American businesses in the Middle East. "The U.S. military has always been ready to deter any attacks from Iran, and the 90% decrease in the regime's ballistic missile and drone attacks is clear evidence of that," a White House official stated. Reports indicate that the IRGC announced earlier on Tuesday that it would take action against U.S.-owned businesses in the region starting April 1, as retaliation for attacks against Iran.

[White House Responds to IRGC Threats Against U.S. Businesses: Prepared to Thwart Iran]On April 1, the White House stated on Tuesday that the U.S. military is prepared to thwart any attacks from Iran. This response comes after threats from the Iranian Islamic Revolutionary Guard Corps (IRGC) against American businesses in the Middle East. "The U.S. military has always been ready to deter any attacks from Iran, and the 90% decrease in the regime's ballistic missile and drone attacks is clear evidence of that," a White House official stated. Reports indicate that the IRGC announced earlier on Tuesday that it would take action against U.S.-owned businesses in the region starting April 1, as retaliation for attacks against Iran.

White House Responds to IRGC Threats Against U.S. Businesses: Prepared to Thwart Iran

According to Forkast, South Korea’s top financial regulator the Financial Services Commission (FSC) said Wednesday that virtual assets or cryptocurrencies should not be termed “digital assets.” The FSC presented its conclusion to the country’s unicameral legislature, the National Assembly, in a review of proposals for the upcoming Digital Asset Act that targets crypto investor protection. The proposal for the Digital Asset Act recommended renaming virtual assets, which includes cryptocurrencies and non-fungible tokens (NFTs). But the FSC the term “digital asset” is an umbrella term encompassing virtual assets (cryptocurrencies) and central bank digital currency (CBDC), in line with the subcategorization used in the U.S. executive order that the Biden administration issued in March 2022. The FSC also held off from defining NFTs as a part of virtual assets under the term “digital assets,” as the regulatory body says the proposal is missing a clear definition of NFTs. South Korean regulators and lawmakers aim to enact the Digital Asset Act within this year. The Act is considered a subset of the Digital Asset Basic Act that strengthens protection for crypto users and tightens rules for service providers. The National Assembly discussion on the Digital Asset Act proposal is scheduled for Nov. 29.

Detail

【S.Korea’s top regulator says virtual assets or cryptocurrencies should not be termed “digital assets”】According to Forkast, South Korea’s top financial regulator the Financial Services Commission (FSC) said Wednesday that virtual assets or cryptocurrencies should not be termed “digital assets.” The FSC presented its conclusion to the country’s unicameral legislature, the National Assembly, in a review of proposals for the upcoming Digital Asset Act that targets crypto investor protection. The proposal for the Digital Asset Act recommended renaming virtual assets, which includes cryptocurrencies and non-fungible tokens (NFTs). But the FSC the term “digital asset” is an umbrella term encompassing virtual assets (cryptocurrencies) and central bank digital currency (CBDC), in line with the subcategorization used in the U.S. executive order that the Biden administration issued in March 2022. The FSC also held off from defining NFTs as a part of virtual assets under the term “digital assets,” as the regulatory body says the proposal is missing a clear definition of NFTs. South Korean regulators and lawmakers aim to enact the Digital Asset Act within this year. The Act is considered a subset of the Digital Asset Basic Act that strengthens protection for crypto users and tightens rules for service providers. The National Assembly discussion on the Digital Asset Act proposal is scheduled for Nov. 29.

S.Korea’s top regulator says virtual assets or cryptocurrencies should not be termed “digital assets”

Article

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S.Korea’s top regulator says virtual assets or cryptocurrencies should not be termed “digital assets”

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