"I Thought It Would Pass This Time"... Kakao Pay Plunges After Digital Asset Market Clarity Act Fails to Advance [STOCK NOW]

[Financial News] South Korean cryptocurrency-related stocks are falling across the board after the Digital Asset Market Clarity Act, which would establish a legal framework for the cryptocurrency market in the United States, failed to advance.
As of 9:24 a.m. on the 16th, Kakao Pay was trading at 41,650 won, down 8.96% from the previous session on the Korea Exchange.
On the KOSDAQ market, Hecto Financial (-12.93%), NHN KCP (-7.52%), and Danal (-8.38%) were also declining.
The United States Senate held a procedural vote on whether to bring the Digital Asset Market Clarity Act up for debate, but the bill failed to secure the votes needed to advance, with 49 senators voting in favor and 50 against, foreign media reported on the 15th local time.
The Digital Asset Market Clarity Act would classify crypto assets as securities or commodities and clarify the regulatory jurisdictions of the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
In South Korea, there had been expectations that passage of the Digital Asset Market Clarity Act would reduce institutional uncertainty surrounding the cryptocurrency and digital payments industries.
Kakao Pay, in particular, drew attention as a potential domestic stablecoin beneficiary after Kakao Group signed a strategic memorandum of understanding (MOU) with Circle Internet Group, the issuer of the world's second-largest dollar stablecoin, USD Coin (USDC). 

[email protected] Joo Won-kyu Reporter