Today in crypto: South Korean lawmakers delayed submitting legislation that would allow the issuance of domestic stablecoins. Grayscale said macroeconomic pressures and clearer US regulation are laying the groundwork for crypto’s next bull market, while Bitwise CEO Hunter Horsley said Bitcoin could offer protection against currency collapse in Iran.
South Korea delays crypto bill over stablecoin concerns: Report
South Korean lawmakers have reportedly delayed submission of a cryptocurrency bill that could allow the issuance of domestic stablecoins as key issues remain unresolved.
According to a Tuesday Yonhap News report, officials in South Korea’s government were continuing to work on the Digital Asset Basic Act, but expected to submit the bill sometime in 2026. The reported delay was due to “major issues that raise disagreements with relevant organizations, including stablecoin issuers.”
The bill, proposed by the country’s ruling Democratic Party in June, would permit the issuance of stablecoins pegged to the won and is expected to boost South Korea’s crypto market. Under the proposed bill, stablecoin issuers would reportedly be required to entrust all their reserve assets to authorized custodies, like banks.
According to the report, the disagreements over the crypto bill included whether it was necessary to authorize a group of organizations to oversee stablecoin issuers prior to approval. The country’s Financial Services Commission is reviewing the proposal, but also considering limiting financial institutions’ role in stablecoins to encourage participation from technology companies.
Addressing the issuance of local stablecoins was one of South Korean President Lee Jae-myung’s promises to residents prior to being sworn into office in June.
Store of value demand, regulatory clarity to drive 2026 bull market: Grayscale
Demand for alternative stores of value and clearer regulations are driving what could become crypto’s next bull market, according to Grayscale.
Speaking on CNBC’s “Crypto World,” Grayscale’s head of research Zach Pandl said Monday that the strongest driver remains macroeconomic pressure. Increasing government debt, persistent fiscal deficits and concerns over fiat currency debasement are pushing investors to look beyond traditional assets.
“There’s a lot of things happening in crypto … but the biggest asset in the market, Bitcoin, is driven because of demand for alternative stores of value because of debt and deficits and the risk of fiat currency debasement,” he said.
Pandl added that these macro imbalances are unlikely to fade in the near term, meaning the portfolio shifts should continue into 2026.
Iranian protests over currency collapse show why Bitcoin’s needed
Protests erupted across Iran’s capital of Tehran on Monday as the rial hit record lows against the US dollar, a currency collapse that locals blame on the central bank’s poor fiscal policies as they watch the value of their life savings evaporate.
While there’s no single solution to the economic hardship that Iranians are facing, Bitwise CEO Hunter Horsley suggested that Bitcoin (BTC) is a way for people around the world to protect themselves from plunging currency values.
“Economic mismanagement — The story of the past, present, and future. Bitcoin is a new way for the people to protect themselves,” Horsley said in a post to X Monday.
Economic mismanagement —
The story of the past, present, and future.
Bitcoin is a new way for the people to protect themselves. https://t.co/C8nWz4DPFN
— Hunter Horsley (@HHorsley) December 29, 2025
The rial has lost over 40% purchasing power since the two-week war with Israel in June and is now at a record low of about 1.4 million to the US dollar, the Financial Times noted. Alex Gladstein, chief strategy officer for the Bitcoin-focused Human Rights Foundation pointed out that: “The official rate in the early 1980s was **70 per dollar**.”
The Central Bank of Iran’s governor, Mohammad Reza Farzin, has resigned amid the protests, adding further uncertainty to the country’s future.