Gopax Newsletter — Week 2 of September SEC Delays Ethereum, Solana, and Ripple XRP ETF Decision Again - The SEC has postponed its decision on allowing BlackRock, Fidelity, and Franklin Templeton to allow staking for Ethereum ETFs and Franklin Templeton's application for XRP and SOL spot ETFs. - In May, there was an authoritative interpretation that "some liquid staking is not a security," but the reflection of staking in ETFs has not progressed quickly. With the number of pending virtual asset ETFs increasing to 90, the industry predicts that "30-40 major asset ETFs could be launched within the next 12 months." This suggests that institutional capital inflow could surge once regulatory uncertainty is resolved. 💡 While the delay continues, demand is accumulating. The timing of whether staking will be allowed and the "first approval" of altcoin ETFs appears to be key. Coupang Joins Tempo as an Early Partner, Accelerating Stablecoin Payment Testing Coupang is an early partner of Stripe and Paradigm's Layer 1 blockchain, Tempo, and is currently conducting a testnet. This increases the possibility of introducing infrastructure specialized for real-world payments and stablecoins. The introduction of stablecoin payments is expected to reduce card and payment gateway fees and facilitate real-time settlement. Assuming a 0.5% payment fee on Coupang sales, this could result in annual savings of approximately KRW 200 billion. However, domestic regulatory uncertainty remains a stumbling block. The timing of introduction will likely depend on the speed of legislative enactment of the KRW stablecoin. Overseas expansion, reduced FX costs, and increased access to payment data are cited as incentives for adoption. 💡 As Big Tech's competition for the L1 payment standard intensifies, Coupang can seek structural advantages in costs, settlement, and global seller onboarding. [Virtual asset companies, venture industry restrictions lifted… Accelerating the development of deep tech] The Ministry of SMEs and Startups approved a revision to the Enforcement Decree of the Venture Business Act, removing virtual asset trading and brokerage from the list of restricted industries. - Reflecting the changing industrial landscape and maturing user protection systems, we have established a foundation to support the deep-tech ecosystem of digital assets, including blockchain, cryptography, smart contracts, and security. - With the lifting of the ban, companies will have greater access to venture certification, investment attraction, policy financing, and tax benefits, and this is expected to fuel the scale-up of domestic innovative companies. 💡 The inflow of venture capital has opened. However, meeting internal control, AML, and user protection requirements remains a key challenge.[US August Producer Price Index -0.1%… Expectations of a September Interest Rate Cut Strengthen] - August PPI fell 0.1% month-on-month, below consensus (+0.3%), and 2.6% year-on-year, below the forecast (3.3%). The easing trend was reaffirmed following the July PPI surge. This is interpreted as a signal of easing inflation pressures, and the probability of a 25bp FOMC cut is reflected at 90%, with a 50bp cut at 10%. - The possibility of re-entering the period of improved risk asset sentiment has increased due to rising expectations of a rate cut. However, volatility will likely persist until the CPI and lagging employment indicators are confirmed. 💡 In a data-dependent environment, a slowdown in the PPI strengthens the base for a rate cut. A 25bp rate cut is the baseline scenario if the CPI shows a similar tone, while a 50bp rate cut is open if growth and employment slowdowns are confirmed. ✉️Go to the full newsletter: