[DigitalToday reporter Hyunwoo Choo] Global digital asset markets showed an unusual pattern of recovering all losses within three days despite a major negative shock from the U.S. Senate rejecting the Clarity Act (Digital Asset Market Structure Act). Moves by the CFTC to fill the legislative vacuum by writing its own rules, along with talk seen as friendly to SEC-led tokenised stocks, helped bitcoin break back above $81,000 on Sept. 19 and rise to around $85,000 on Sept. 22 for the first time in eight months.

• U.S. Senate ultimately rejects Clarity bill… bitcoin falls 3 percent • What impact will the failed U.S. Clarity Act have on the crypto market? • "Being blocked may be a good thing"… Michael Saylor offers a different take on the Clarity Act failure

On Sept. 16, the Senate rejected a cloture vote to end debate on the Clarity Act by 49 in favour to 50 against. Lawmakers also introduced revised ethics provisions spanning 630 pages to address conflicts-of-interest allegations surrounding President Trump's family's cryptocurrency business, but failed to reach a last-minute agreement. As soon as the bill was put to a vote, bitcoin extended losses to the 3 percent range, ethereum to the 5 percent range and XRP to the 10 percent range, shaking the broader market.

• Bitcoin and crypto stocks rebound together after the Clarity bill setback • Bitcoin breaks above $85,000… factors to watch over the Chuseok holiday • A bitcoin $100,000 scenario emerges: "sideways in September, breakout in October"

But the shock from the Clarity Act failure did not last long. Bitcoin retook $81,000 on Sept. 19 on what was seen as a friendly signal from the SEC on tokenised stocks, and crypto-related stocks also rebounded. Falling international oil prices and expectations for a U.S.-China summit added a tailwind to risk assets broadly, lifting bitcoin to around $85,000 on Sept. 21-22 for the first time in eight months. It moved past a resistance line seen as a symbol of entering a bear market after 45 weeks, and trading volume and the number of active addresses also rose ahead of the Chuseok holiday. A scenario also emerged in the market that it could reach $100,000 within the year on a "sideways September and breakout in October."

• Cautious on introducing a financial investment income tax, pushing ahead with digital asset taxation… fairness debate persists • "Ahead of implementing digital asset taxation, incentives for domestic exchanges and auto-reporting are needed" • People Power Party to review timing of digital asset taxation again... abolition of financial investment income tax and fairness issues

As the government makes clear it will implement digital asset taxation from next year, debate continues over fairness with the financial investment income tax, which it says will prioritise market stability. The digital asset industry is calling for a review of the timing, citing insufficient preparation including verification of acquisition costs and taxation standards by transaction type, in addition to differences in tax burdens compared with stocks.

Calls also emerged for incentives that could encourage use of domestic exchanges and for an automatic calculation and reporting system linked to exchanges. With areas remaining where tax authorities have difficulty tracking transactions, including overseas exchanges, personal wallets and over-the-counter trading, the argument is that tax base detection and taxpayer infrastructure should be reinforced before taxation begins.

Relatedly, the People Power Party decided to review the current taxation system again, including the timing of digital asset taxation scheduled for January 2027. It cited difficulty in identifying acquisition costs for trades through overseas exchanges and personal wallets, and said issues of tax fairness across assets have also been raised after the abolition of the financial investment income tax.

• RWA market grows 85 percent from start of year… tokenised stock market seen reaching 55 trillion won by 2030 • Coinbase applies to U.S. CFTC to list single-stock perpetual futures

Despite regulatory uncertainty, tokenisation of real-world assets (RWA) and derivatives markets expanded instead. Industry tallies showed the RWA market grew 85 percent from the start of the year, and a forecast said the tokenised stock market would grow to 55 trillion won by 2030. Some interpreted this week's SEC-led tailwind that helped bitcoin retake $81,000 as not unrelated to regulators' friendly signals on such tokenised assets. In the same context, Coinbase applied to the CFTC to list single-stock perpetual futures using individual shares such as Apple and Tesla as the underlying assets. With a plan to start with a small number of names and later expand to 50 to 60, the attempt to blur the boundary between traditional securities and derivatives has effectively been put to the test at regulators' doorstep.