Why the 'Clarity Act' is difficult to pass by August: 'Political justification' has disappeared | Seo Dong-ju, Kim Dong-hwan, Kim Kyu-jin, Tiger Research CEO [Crypto PLUS]

Summary

Kim Kyu-jin, CEO of Tiger Research, explains why the US Clarity Act is unlikely to pass in August due to lost political incentive and midterm dynamics, and argues the market has already priced in that uncertainty. He also highlights that global crypto exchanges are rapidly becoming ‘everything exchanges’ trading stocks, bonds, and commodities with high leverage—a structural trend that will persist and is reinforced by Korean capital outflows.

• The Clarity Act has an 80% chance of missing the August deadline because both parties lack political incentive to push it through before the midterm elections.
• Top crypto donors (Ripple, Coinbase, Crypto.com) create a complex dynamic, but the bill’s urgency has faded as the market already expects delays.
• Bitcoin is resilient and a sharp drop is unlikely even if the bill fails; structural demand from ETFs and institutions supports the price.
• Corporate blockchain adoption is advancing regardless of legislation—Hyundai Card recently executed an Avalanche-based stablecoin remittance.
• Global crypto exchanges are evolving into ‘everything exchanges,’ expanding into equities and bonds with high leverage, a fact that is structurally positive for platforms like Coinbase and Robinhood.
• Korean daily crypto capital outflows to overseas platforms exceed KRW 1 trillion; further domestic leverage restrictions would accelerate the exit.
• Bitcoin remains a long-term accumulation asset with up to 5% portfolio allocation.