The KOSPI broke above 8,400 for the first time, posting a 100 percent gain so far this year. Samsung Electronics and SK Hynix surged to lead a semiconductor rally. Expectations for stronger memory demand driven by the spread of AI are cited as a reason for the rise. Retail money has also flowed into leveraged semiconductor ETFs, adding to an overheated mood in the stock market.

• Retail investors: "We forgot about bitcoin long ago"...KOSPI surges 100 percent in 2026 on Samsung Electronics and SK Hynix

• KOSPI settles above 8,000; market capitalisation at 6,581 trillion won...up 91 percent this year • SK Hynix tops $1 trillion in market value...second in South Korea after Samsung Electronics

By contrast, trading value in South Korea's cryptocurrency market has fallen about 80 percent and the kimchi premium has turned negative. Some have raised the possibility that funds could shift back to bitcoin and altcoins if stock market volatility increases. President Lee Jae-myung's pledges on a won stablecoin and spot bitcoin ETFs are also seen as variables.

Against this backdrop, the Clarity Act, key legislation expected to drive the institutionalisation of the U.S. cryptocurrency market, has reached a decisive moment. The bill passed the Senate Banking Committee on May 14 by 15 to 9. It now faces a vote in the full Senate, but the legislative schedule ahead is far from smooth.

According to Web3 research firm Tiger Research, there are only about 9 weeks of practical time for legislation until the Senate's summer recess in early August. If the full Senate does not pass it in that window, political scheduling tied to the November midterm elections could push the chance for comprehensive crypto market structure legislation to after 2030, a warning has also been raised.

• U.S. Clarity Act: 9 'make-or-break' weeks before August recess...delays could push it to 2030 • After Clarity Act passage, watch the birth of a 'Yield-as-a-Service' market

The Clarity Act is a bill that clarifies which agency will oversee digital assets. It lays out a dual framework under which the Commodity Futures Trading Commission would oversee decentralised assets such as bitcoin and ether, while the Securities and Exchange Commission would oversee digital assets with securities characteristics. If passed, it is expected to open significant opportunities for domestic and overseas blockchain companies that have hesitated to enter the U.S. market because of regulatory uncertainty.

• Grayscale points to 4 altcoins likely to benefit most from the Clarity Act

Grayscale named ether, Solana, BNB Chain and Canton Network as the four blockchains that would see the largest inflows of institutional funds after the Clarity Act passes. It analysed that networks with deep on-chain financial infrastructure and sensitivity to regulatory clarity could benefit. It also said a 'Yield-as-a-Service' market would rise in earnest beyond simple token trading after passage. If the bill clarifies the legal status of staking, lending and yield protocols, institution-grade yield infrastructure based on them could become a new growth axis.

• Kevin Warsh becomes Fed chair...67 percent chance of a 2026 rate hike • Why bitcoin is not rising despite crypto-friendly Fed chair Kevin Warsh

Bitcoin instead weakened even though Kevin Warsh, known as crypto-friendly, took office as Federal Reserve chair. An analysis said so-called 'sell the news' sentiment was at work.

Warsh has previously made sceptical remarks about bitcoin's volatility, but he has taken a position recognising bitcoin's role as a store of value similar to gold. The issue is that he is seen as a strong proponent of tight monetary policy. In an environment likely to feature shrinking liquidity and higher interest rates, risk assets including bitcoin tend to come under pressure. In the market, some forecasts have put the chance of a 2026 rate hike at 67 percent.

• U.S. Congress introduces bitcoin reserve bill 'ARMA'...seeks mandatory 20-year holding period • Draft of U.S. bitcoin reserve bill released...limits disposal of government holdings for 20 years

As legislative momentum around the Clarity Act heats up, moves to lock in a strategic bitcoin reserve as permanent federal law have also begun in earnest. Republican Congressman Nick Begich introduced the American Reserve Modernization Act, or ARMA, on the 21st with 16 bipartisan co-sponsors.

The ARMA bill has three main elements. First, it mandates by law that the federal government cannot dispose of its bitcoin for at least 20 years. Second, under the principle of budget neutrality, it would secure up to 1 million bitcoin as a strategic reserve over 5 years without using taxpayer funds. Third, it mandates quarterly proof-of-reserve reports and independent audits to strengthen transparency. The core strategy is for federal agencies to build the national reserve with bitcoin seized through criminal investigations instead of selling it on the market as they have done.

The U.S. government currently holds about 328,000 BTC, worth about $25.4 billion at market value, it is known. If ARMA is enacted, it would open a path for the United States to officially become the world's largest national holder of bitcoin. The bill also has the character of codifying a strategic bitcoin reserve plan that President Trump signed by executive order in March 2025.

• Ethereum Foundation infighting spreads...Vitalik Buterin to reduce his influence • Long-term Ethereum investment thesis re-emerges...watch tokenised assets and staking share

It was a week in which the Ethereum ecosystem suffered noise inside and out. As criticism in the community intensified over the role and operating method of the Ethereum Foundation (EF), co-founder Vitalik Buterin (비탈릭 부테린) stated his position directly.

Vitalik rejected calls from parts of the community to defend token prices or step up aggressive marketing. He said the Ethereum Foundation's priority is to uphold so-called 'CROPS' principles: censorship resistance, open-source code, long-term research, cybersecurity and decentralisation. He said short-term price boosts or investor-soothing marketing do not fit the foundation's mission. He also said he would intentionally reduce his own influence within the foundation, reaffirming commitment to decentralised governance principles.

Ethereum was also revisited from a long-term investment perspective. An analysis said growth in real-world asset tokenisation (RWA) and an expansion in staking share would support structural demand for the Ethereum network. As BitMine, which espouses an Ethereum treasury strategy, is even being discussed for possible inclusion in the Russell 3000 index, institutional interest in Ethereum-linked investment products appears to be rising gradually.

• They said they would tokenise everything...gold now accounts for virtually all tokenised product markets • 3 altcoins to watch as U.S.-Iran tensions ease

Notable developments also emerged in the tokenisation market. An analysis said the market for tokenised gold products is effectively dominating tokenisation tied to gold. Despite an RWA narrative of 'tokenising everything', the fact that actual tokenisation outcomes are concentrated in gold shows the market's selective adoption behaviour. Three altcoins, including XRP, were also mentioned as relatively likely to draw attention as U.S.-Iran geopolitical tensions ease. The analysis said they could benefit if funds flow into risk assets broadly under an easing scenario.