[DigitalToday reporter Hyunwoo Chu] The biggest topic in the crypto industry was the U.S. Senate's 'Clarity Act (Digital Asset Market Structure Act)'. Expectations rose on talk of a possible vote before the August recess, but action ultimately slipped to September. Even as the bill drifted, bitcoin rose above $65,000 to set a new August high, and institutional buying, including from Morgan Stanley, continued steadily.

Altcoins such as XRP, Shiba Inu and Cardano posted mixed moves amid regulatory uncertainty. Robinhood and Dinari expanded support for tokenisation and trading, speeding up their push into the regulated mainstream. Security risks linked to quantum computing and conflict over an Ethereum upgrade also emerged as new variables.

• Pre-recess passage in August ultimately fails; U.S. Clarity Act vote postponed to September • U.S. Clarity Act pushed to September; White House crypto adviser: "Democrats are responsible" • Coinbase and Circle pull ahead; Clarity Act delay fuels 'regulatory polarisation'

The Clarity bill was ultimately postponed. Passage before the August recess fell through and the vote was pushed to September. A White House crypto adviser put the blame for the delay on Democrats, and disappointment spilled out across the industry. 'Regulatory polarisation' caused by the delay was also cited as a side effect. Large players such as Coinbase and Circle, which already have their own compliance frameworks, are pulling further ahead, while latecomers are stuck in uncertainty, the argument goes. The market reacted immediately and XRP was forced to put the $1 level to the test.

• WSJ: "Clarity bill could become a new risk to the financial system"; urges last-minute changes • Charles Hoskinson: "U.S. Senator Warren wants a total ban on crypto" • President Trump: "I will not hand crypto leadership to China"

Political divisions over the bill were also clear. The Wall Street Journal urged last-minute changes in an editorial, saying the bill could instead add new risks to the financial system. Cardano founder Charles Hoskinson (찰스 호스킨슨) took aim at Senator Elizabeth Warren, saying she effectively wants a total ban on crypto. By contrast, President Trump reaffirmed his intent to foster the industry, saying he would not hand crypto leadership to China. The next focus is whether the gap between an industry calling for deregulation and Democrats and the banking sector emphasising consumer protection can be narrowed before a revote in September.

• Bitcoin breaks above $65,300 on weak U.S. jobs data; sets August high • Bitcoin settles above $65,000; seen as overcoming Clarity Act risk • Nansen founder: "Bitcoin will not fall below $60,000 again"

Despite the bill uncertainty, bitcoin moved the other way. Weak U.S. employment data fed expectations of interest rate cuts, lifting bitcoin above $65,300 to a new August high. It also held the $65,000 level, prompting assessments that it has effectively absorbed Clarity Act risk. The founder of on-chain analytics firm Nansen forecast that bitcoin will not fall below $60,000 again.

• Bitcoin blockchain splits into two; doubts over sustainability of new chain • Former SEC official: "Quantum computers are a time bomb for crypto"

Technical risks also surfaced behind the price tailwind. A hard fork split the bitcoin blockchain into two, but scepticism was widespread about the sustainability of the new chain's ecosystem. A former SEC official described quantum computers as a 'time bomb' for the crypto industry and again stressed the need for long-term security preparedness.

• SharpLink CEO opposes EIP-8363: "It will remove Ethereum's core strength" • XRP: end of the slump tunnel in sight; "bottomed at $0.65 and races to $6" • Shiba Inu 1,700 percent explosion scenario surfaces; analyst flags 'fateful resistance line' • DOGE and XRP lose steam but bitcoin starts rebound; three cryptos diverge • Why Cardano whales are selling ADA now

The CEO of Ethereum treasury strategy firm SharpLink publicly opposed EIP-8363, a proposal for the next upgrade. The argument is that the proposal could instead damage Ethereum's core strengths, and debate inside the community is continuing.

The altcoin market was a mix of extreme outlooks. One analyst predicted XRP could bottom at $0.65 and race to $6, while a 1,700 percent surge scenario for Shiba Inu was also mentioned. Actual moves differed. Dogecoin and XRP lost momentum while only bitcoin began a rebound, leaving the three coins moving in different directions. Cardano faced downward pressure after selling by whales, or large holders, was detected. CryptoQuant, however, said whale accumulation is expanding across bitcoin, ethereum and XRP, interpreting it as a signal that the bear market is in its final stage.

• Scrap the 1 million won threshold for the travel rule; tighten screening of major shareholders at digital asset exchanges • Keep digital asset exchange-bank partnerships; Coinone and Bithumb move toward renewals • Curbs on securities firms-digital asset tie-ups? Regulators keep close watch on 'platform combinations'

The 1 million won threshold in the travel rule applied to transfers of assets between digital asset exchanges will be abolished. Major shareholders and the largest shareholders of a largest-shareholder corporation, along with executives, will be included in the scope of screening for exchange filings, and requirements for financial soundness and social credibility will also be tightened.

Coinone and KakaoBank are in talks to extend their partnership for won deposits and withdrawals by 1 more year. KB Kookmin Bank is also likely to consider a 1-year extension, with its partnership contract with Bithumb set to expire next month. As partnerships between securities firms and digital asset exchanges expand from equity investments to service partnerships and acquisitions, financial authorities have moved to review the 'separation of finance and virtual assets' principle.

This week can be summed up in one sentence: 'The system stopped, but the market did not.' The Clarity Act was pushed to September, but bitcoin set a record high, and institutions and exchanges continued expanding their businesses despite a regulatory vacuum. Whether a revote happens in September and its outcome are expected to be the next guide for altcoin volatility and the flow of institutional funds.