[DigitalToday reporter Hyunwoo Choo] The CLARITY Act, which is expected to reshape the U.S. digital asset market, has been put on track for a Senate vote. With Aug. 7 seen as the Senate’s last effective working day, attention is focused across party lines as well as on Wall Street and in the crypto industry over whether the bill will be processed.

Former SEC Chairman Jay Clayton, known as a central figure in the XRP lawsuit, has also been finally confirmed as director of national intelligence, stirring the Ripple camp. Bitcoin has failed to extend its July rebound and warnings about an "August curse" are growing. South Korea’s market also swung, with won funds flowing into crypto exchanges as investors sought to avoid a sharp drop in the KOSPI.

• CLARITY Act missing from U.S. Senate schedule…Aug. 7 becomes the turning point • JPMorgan: "CLARITY Act drifting could become a headwind for the crypto market" • Democrats split on the U.S. CLARITY Act…Coinbase: "High chance of passage" • Bernstein: "Further crypto market declines inevitable if CLARITY Act fails"

The CLARITY Act, formally the Digital Asset Market Clarity Act, a bill on market structure for U.S. digital assets, is set to reach a Senate floor vote. After Democratic Senate leader Chuck Schumer and Republican Senate leader John Thune confirmed a vote before the August recess, the bill appears to have been revived after disappearing from the Senate calendar until last week. The path to passage remains difficult. Market expectations that put the odds of passage at 75 percent earlier this week are also seen as having fallen into the 30 percent range as disagreements surfaced over whether to allow stablecoin issuers to pay interest and over ethics provisions restricting senior government officials, including President Trump, from involvement in virtual-asset businesses.

Differences in temperature by camp are also clear. JPMorgan and Bernstein warned that if the CLARITY Act again drifts, the crypto market could face additional downside pressure. Coinbase, by contrast, put more weight on passage, expecting a relatively higher chance of securing Democratic defectors. BlackRock assessed that if the bill passes, the United States can continue to hold the lead in digital asset capital markets. Treasury Secretary Scott Bessent has also pressed the Senate for an immediate vote, adding to pressure from the administration.

• Bithumb targets 2028 IPO...to push for preliminary review application next year • Crypto draws inflows on KOSPI plunge…Upbit won-to-tether volume up 600 percent

Bithumb is moving to prepare for an initial public offering in 2028, including strengthening internal controls, switching accounting standards and reorganising governance. Bithumb is pursuing a roadmap to complete preparations this year to strengthen internal controls and transition to Korean International Financial Reporting Standards, apply for a preliminary listing review in 2027 and complete an IPO in 2028.

Across the broader market, an uneasy trend continues. In South Korea, moves of funds with safe-haven characteristics were detected during a sharp KOSPI selloff. Upbit’s won-to-tether trading volume surged 600 percent in a short period, prompting an interpretation that rising stock-market volatility triggered inflows by domestic investors into the crypto market. Bitcoin itself, however, has not sustained its July rebound.

• Bitcoin to extend July rebound…"August curse" coming • No common warning signs before bitcoin plunge…analysis of 7 liquidation chain events

As voices grow louder warning of an "August curse" ahead of August, when volatility seasonally increases, an analysis of 7 recent chain liquidation events found no common warning signal. That is seen as increasing uncertainty in the market instead.

• Does the altseason formula wobble after bitcoin…institutions focus on a few assets • U.S. Treasury sanctions 2 firms tied to Iranian maritime insurance…obstacle to bitcoin payments • Ethereum and Solana activity rises but prices halve

A temperature gap is also clear in the altcoin market. The "altseason" formula, in which funds spread into altcoins after bitcoin strength, has not been working well recently, and institutional investors are taking a conservative strategy of focusing on a small number of blue-chip assets rather than broad diversification. Ethereum and Solana have in fact shown a decoupling, with prices halving even as on-chain activity indicators increased. The U.S. Treasury also added 2 companies tied to Iranian maritime insurance to its sanctions list, which is expected to put a brake on bitcoin payment channels that have been abused as a way to evade sanctions.

• Galaxy Research: "1,196 Coldcard addresses breached...1,082 bitcoin stolen" • Despite major hacking linked to Coldcard…"Self-custody is the answer" • No need to change crypto wallet…quantum-resistant technology emerges without moving funds

News drew attention on security and the industry as well. A Galaxy Research investigation found that 1,196 addresses of hardware wallet Coldcard users were exposed and 1,082 bitcoin were stolen, heightening awareness that hardware wallets are not a complete safe zone. The damage is estimated at more than $88 million. Some questioned the usefulness of self-custody after the Coldcard hacking incident, but the superiority of self-custody still has high value in light of cases of centralised exchange collapses.

There was also technical progress in response to threats from quantum computers. With a technology emerging that can provide quantum resistance without changing an existing wallet or moving funds, it is seen as offering a clue to easing long-term security concerns.