Jang: "Ruling party-government confusion is fueling uncertainty in the virtual asset market... Response is far too late"

"The U.S. GENIUS Act could trigger a dollar offensive"

Jang Donghyeok, leader of the People Power Party, criticized the government and ruling party on November 4 over confusion surrounding cryptocurrency policy, saying, "They cannot even get on the same page and keep changing course, only increasing uncertainty in the market."

Jang made the remarks as he attended the "Good Morning! Wednesday Policy Academy," hosted by the Yeouido Institute at the National Assembly Members' Office Building that day. The event focused on digital assets and financial innovation.

Jang Donghyeok, leader of the People Power Party, delivers opening remarks at the “Good Morning Wednesday Policy Academy” held at the National Assembly Members’ Office Building on the 4th.

Jang said, "Just a month ago, the government said it would expedite the issuance of a notice and impose taxes as scheduled. But as young people have mounted fierce opposition, the Democratic Party of Korea has stepped in to try to postpone it once again."

"Digital assets are precisely the area where politicians need to respond most swiftly," Jang said. "With economic nationalism spreading in recent years, led by the United States, techno-nationalism is gaining more influence than ever in the financial sector."

He also said, "More than 160 trillion won worth of crypto assets had already moved overseas last year, and fees paid to overseas exchanges are estimated at 5 trillion won. In this situation, the implementation of the GENIUS Act in the United States could trigger a full-scale dollar offensive."

"The government's response is, frankly, far too late," Jang said, pointing out that "the government has yet to even set a direction for developing a won-denominated stablecoin market, a pledge made by President Lee Jae-myung." He added, "While the ruling party is rushing through political bills such as special counsel bills, it has failed to properly consult with the government on the Digital Asset Basic Act."

Jang said, "The People Power Party began preparing to build a market ecosystem early on, introducing a bill on won-denominated stablecoins last year. We have consistently opposed collecting taxes before the necessary preparations are in place." He added, "We must take responsibility for leading discussions on the Digital Asset Basic Act ourselves, rather than trusting the government and the ruling party."

This content was produced with the assistance of AI translation services.