The US is preparing a "regulatory dream team" for super apps, while South Korea's Basic Digital Asset Act remains adrift.

The United States is rapidly restructuring its digital asset regulatory framework, accelerating its move toward the era of "super apps" encompassing both securities and virtual currencies. The two major cryptocurrency regulatory agencies, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), are actively cooperating by appointing pro-virtual currency leaders and promoting market structure legislation. Meanwhile, South Korea is facing difficulties bridging the gap between financial authorities and the Bank of Korea, delaying the enactment of the Basic Digital Assets Act until next year, raising concerns that the country is falling behind in global competition.

According to industry sources on the 25th, CFTC Chairman Michael Selig was officially inaugurated as the 16th CFTC Chairman on the 22nd (local time) and announced that “Congress is ready to send to the President’s desk a market structure bill that will solidify the United States as the world’s virtual currency capital.”



The Market Structure Act builds on the CLARITY Act, which passed the House of Representatives in July, by clearly distinguishing digital asset regulatory authority between the Securities and Exchange Commission (SEC) and the CFTC. A key element is granting the CFTC significant oversight over major virtual currency spot markets, such as Bitcoin (BTC) and Ethereum (ETH). If passed, the bill is expected to mark a significant turning point for the growth of the US digital asset industry, as it will eliminate regulatory uncertainty centered around the SEC, which has been applying the same standards as traditional securities. The bill is currently under discussion in the Senate Banking and Agriculture Committees, with a markup (the final review stage before bringing the bill to the plenary session) scheduled for January next year.

The fact that both the SEC and CFTC, the two major cryptocurrency regulators in the US, are headed by pro-cryptocurrency figures is also fueling the regulatory shift. CFTC Chairman Selig, the new chairman, is considered a prime example of a pro-cryptocurrency figure. He most recently served as chief legal counsel for the SEC's Virtual Currency Task Force (TF) and senior advisor to SEC Chairman Paul Atkins, where he is recognized for his key role in leading regulatory cooperation between the SEC and CFTC. Chairman Selig also participated in the Presidential Digital Asset Market Working Group and contributed to the White House Digital Asset Report. The report emphasized the need to streamline regulatory authority between the SEC and CFTC and expedite market structure legislation. Regarding Selig's confirmation, White House Virtual Currency and AI Czar David Sachs praised the appointment, saying, "The United States has completed its 'digital asset regulatory dream team.'"

As the government urges Congress to expedite the market structure bill, the US's plan to integrate securities and virtual currency into a super app is gaining traction. The super app licensing initiative, previously announced by SEC Chairman Paul Atkins when announcing a shift in cryptocurrency policy, centers on allowing securities, virtual currency, staking, and derivatives to be handled under a single license. This move shifts away from the existing system of separate SEC, CFTC, and state-specific licenses, allowing a single license to provide a variety of financial services, thereby enhancing the competitiveness of the US financial industry. The CFTC's recent decision to officially allow virtual currency as collateral for derivatives is also seen as a de facto first step toward this shift to a super app system.

While the US is accelerating industrial development by reorganizing its regulatory framework, Korea is facing a prolonged regulatory vacuum. The Digital Asset Basic Act, which outlines a comprehensive regulatory framework for digital assets, was postponed to January next year due to a clash between the Financial Services Commission and the Bank of Korea over stablecoin regulations. Bills related to tokenized securities (STOs) are also struggling to pass the December regular session of the National Assembly, overshadowed by other pending issues.

Accordingly, concerns are growing in the industry that Korea may fall behind in the digital asset industry development race, which is gaining momentum in the US. Kim Min-seung, head of Korbit Research Center, stated, "During the Biden administration, the US cryptocurrency industry growth was essentially stagnant due to litigation-focused regulations based on the perception that 'virtual currencies are risky.' However, the situation has changed." He added, "With the White House, SEC, and CFTC successively shifting their regulatory stances, these pro-virtual currency policies will likely continue."

Reporter Kim Jeong-woo