Us 'Crypto Week' Opening...Ethereum, Stablecoin Benefit Expected To Rebound
The U.S. House of Representatives has designated the period from the 14th to the 18th as 'Crypto Week' and plans to focus on discussing key virtual asset-related bills, raising market expectations. In particular, Ethereum is attracting attention as a primary beneficiary of the stablecoin-related bill, with investment sentiment rebounding.
According to CoinMarketCap on the 13th, Bitcoin attempted to renew its all-time high by approaching $119,000 at one point but is currently stabilizing around the $117,700 level. Ethereum, priced at $2,955, has risen 17% in the past week and is undergoing some adjustments due to profit-taking.
The key bills to be discussed during this 'Crypto Week' are the CLARITY Act for clarifying virtual asset regulations, the GENIUS Act detailing the issuance and supervision framework for stablecoins, and the ban on Central Bank Digital Currencies (CBDC). French Hill, Chairman of the House Financial Services Committee, expressed a commitment to virtual asset legislation, stating that a full House vote is forthcoming.
The financial sector assesses that the regulatory uncertainty in the virtual asset market may be significantly reduced depending on whether these bills pass. Kim Hyun-jung, a researcher at Kiwoom Securities, analyzed that the clarification of authority among regulatory agencies and the reinforcement of status as institutional assets could be an important turning point.
Particularly with rising expectations for stablecoin activation, interest in Ethereum is growing. Hong Seong-wook, a researcher at NH Investment & Securities, evaluated that as the blockchain where stablecoins are most issued, the visibility of the stablecoin bill passing is improving investment sentiment towards Ethereum.
Alongside this, there is also analysis suggesting that the expansion of stablecoins could lead to increased demand for U.S. Treasury bonds. Jeong Hyun-jong, a researcher at Korea Investment & Securities, pointed out that while demand for short-term Treasuries may increase to secure assets for stablecoin collateral, caution against supply-demand distortion of the Treasury market or sharp interest rate rises is necessary.
The results of this week's U.S. congressional discussions could significantly impact the institutional basis and investment flows of the virtual asset market, drawing keen attention from investors.