The Clarity Act, which defines the distinction between securities and commodities in virtual assets and outlines the supervisory authority of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), will be put to its first procedural vote in the U.S. Senate on September 15 (local time). In South Korea, the preparation of a unified Digital Asset Basic Law, which includes the issuance of won-backed stablecoins and regulations on virtual asset exchange ownership, has been delayed, with a legislative turning point expected in November.
According to the virtual asset industry on September 15, the U.S. Senate will hold a vote on the motion to proceed with H.R.3633 (Clarity Act) on the morning of September 16, Korean time. This vote will determine whether the bill will be discussed in the Senate, requiring at least 60 votes from the 100 senators. Even if all 53 Republican senators support it, at least 7 votes from Democrats or independents are needed.
Passing this procedural vote does not guarantee final approval of the bill. The Senate must review and vote on amendments before concluding debate and holding a final vote on the bill itself. If the Senate version differs from the House's previous approval, a reconciliation process between the two chambers will be necessary. However, if the procedural vote fails, the likelihood of passing legislation by the end of the year is significantly reduced, especially considering the upcoming midterm elections and subsequent congressional schedule.
While the U.S. is clarifying the legal nature and regulatory framework for virtual assets, the preparation of a unified Digital Asset Basic Law, referred to as the 'second phase of virtual asset legislation' in South Korea, has been delayed. Earlier this year, the Democratic Party formed a task force (TF) and initiated discussions with the government, but a final proposal has yet to be released.
Key issues in domestic legislation include the entity authorized to issue won-backed stablecoins and ownership limits for major shareholders of virtual asset exchanges. Lawmakers have proposed that banks should hold more than 50% of the shares in companies issuing won-backed stablecoins, with a limit of one share exceeding that threshold. For exchange major shareholders, a general limit of 20% has been discussed, with a potential increase to 34% if certain criteria, such as innovation, are met.
The bank-centered issuance plan is seen as a way to ensure the credibility of won-backed stablecoins and financial stability, but critics argue it may restrict participation from fintech and information technology companies. Similarly, while limiting major shareholder ownership in exchanges could prevent concentration of power, it has raised concerns about potential violations of property rights and decreased management stability.
The Democratic Party plans to hold a public hearing by the end of this month and begin a thorough review in the legislative subcommittee in November. They aim to process the bill by late November or early January at the latest, but the timeline remains uncertain due to ongoing national audits and budget reviews for the next year.
As the existing Digital Asset TF is expected to be reorganized under the Democratic Party's 'AI Transition Financial, Stock Market, and Economic System Improvement Promotion Team,' how to consolidate individual bills proposed or prepared by lawmakers into a single proposal remains a challenge.
An industry insider stated, "Considering the national audit and next year's budget schedule, passing the bill by the end of the year seems difficult. Even if U.S. legislation progresses, it will be challenging to immediately reflect it in our system without resolving key domestic issues and regulatory frameworks."
* This article has been translated by AI.
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