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Finance

South Korea FSC files complaint against 11 over alleged 100 billion won stock manipulation

South Korea's Financial Services Commission said its Securities and Futures Commission filed a complaint with prosecutors against 11 people and 4 related companies linked to an organised stock manipulation case. The suspects include a wealthy operator of a general hospital and a large private academy, asset management executives, a financial company branch manager and a minority shareholder activist. Authorities said they targeted DI Dongil, deployed more than 100 billion won and later attempted to expand to another stock before the conduct was halted by account payment suspension and searches.

Crypto

U.S. senator says CLARITY bill will make everyone a bit uncomfortable, compromise unavoidable

A U.S. senator warns the CLARITY bill to overhaul digital asset regulation will make both banks and the crypto industry uncomfortable, as reducing uncertainty requires balancing competing interests. Banks are concerned about fund outflows into stablecoins and digital assets, with some estimates projecting $500 billion could leave banks by 2028. The SEC and CFTC have also announced a cooperation framework under Project Crypto covering asset classification, alternative compliance models and data regulation reform.