This week, significant changes are happening in the world of digital assets on many fronts. Elon Musk's platform X announced that it will launch a full range of financial services in 2025. CEO Linda Yaccarino stated that 600 million users of the network will eventually "be able to conduct all their transactions on the platform." The company is testing a beta version of X Money's payment and banking services. It may release a credit or debit card under the X brand later this year.
As part of President Lee Jae-myung's pro-crypto program, South Korea's Financial Supervisory Commission announced that it will review the fees charged by domestic cryptocurrency exchanges. This is a step towards clearer regulation. The investigation will examine current price deals on major platforms like Upbit to determine if they are too high for consumers compared to international standards.
President Trump increased pressure on Congress to expedite stablecoin regulation. He wrote on Truth Social that he wants the GENIUS Act on his desk "as soon as possible" before the August recess. On Tuesday, the Senate passed the bill with a vote of 68 to 30. Democrats were concerned that Trump's crypto business could create conflicts of interest, which slowed progress.
