Uncertainty may increase around the timing of Naver’s combination with Dunamu and the outlook for Naver Financial’s stablecoin (digital token designed to track a stable value) business as digital-asset regulation advances slowly in the United States and South Korea. Daishin Securities said setbacks involving legislation related to the U.S. CLARITY Act could weaken momentum behind South Korea’s efforts to establish a legal framework for digital assets. Daishin analyst Jung Hae-chang cited unresolved questions over issuer rules, exchange ownership stakes and global regulatory arbitrage as factors reducing the incentive for lawmakers to act quickly. Jung also said the Naver Financial-Dunamu combination could face further delays, while noting that passage of a basic digital-assets law has not been explicitly designated as a mandatory prerequisite for the deal.