South Korean lawmakers have criticized Lee Eok-won, the nominee for the put up of chairman on the Monetary Providers Fee, for purchasing shares within the Bitcoin (BTC)-keen US agency Technique.
Per the South Korean media shops Jose Ilbo and News1, Lee Eok-won claimed that he had solely invested in blue-chip US shares “with a purpose to see what investor sentiment is like.”
Lee Eok-won was talking in response to lawmakers at a Nationwide Meeting affirmation listening to on September 2.
Technique Shares Controversy for FSC Nominee
The FSC is the nation’s prime monetary regulator and has the ultimate say on the nation’s crypto laws. Nonetheless, President Lee Jae-myung has beforehand referred to as for the FSC’s abolition.
Latest developments seem to recommend that the President might have reversed or delay his plans to scrap the FSC.
A number of lawmakers and media shops have criticized the selection of Lee Eok-won as FSC chairman after discovering he has a big portfolio of abroad shares, together with NVIDIA and Tesla shares.
Critics say that this runs counter to the President’s insurance policies. Lee Jae-myung needs to breathe new life into the home inventory market, which has stagnated for a number of years.
Korea’s client costs rose 1.7 % on yr in August, the slowest enhance in 9 months, with a brief reduce in cell phone expenses staving off an inverse final result of the largest soar in over two years. https://t.co/HFLGNsXmvZ
— The Korea JoongAng Each day (@JoongAngDaily) September 2, 2025
‘Not a Good Search for Gov’t’
The principle opposition Folks Energy Get together lawmaker Kim Sang-hoon took goal on the authorities, saying:
“[Nominating Lee Eok-won] is just not a superb search for this administration, which is supposedly attempting to usher within the period of the ‘KOSPI 5,000.’”
The federal government launched a particular KOSPI 5,000 committee in late June, as a part of a bid to spice up the worth of the home market by over 50%.
PPP lawmakers referred to as Lee Eok-won’s nomination “inappropriate” because of his holdings in companies like Technique, the world’s largest Bitcoin treasury firm. The nominee responded:
“I wasn’t good at coping with shares [during my time at the ministry]. [After I left the post,] I went out and acquired some market expertise. I needed to see how the inventory market labored and see what investor sentiment was like.”
Kim, a member of the Nationwide Meeting’s Political Affairs Committee, stated:
“Who would select put money into the KOSPI when [the FSC Nominee] is specializing in US shares as a substitute of the home market?”
Competitors heats up between card companies, massive tech over simple pay serviceshttps://t.co/G2HDW6KgnY
— The Korea Occasions (@koreatimescokr) September 1, 2025
‘No Intrinsic Worth in Crypto’
Lee Eok-won was appointed as the primary deputy minister of the Ministry of Financial system and Finance in March 2021.
Lately submitted information reveals that the nominee’s whole inventory and fund investments are price 71.26 million gained (over $51,000). He invested virtually $8,000 of this quantity in direct US inventory purchases, together with Technique shares.
Lee Eok-won has additionally confronted criticism this week from crypto advocates after his feedback on the worth of cryptoassets.
The nominee stated that BTC and different cash have “no intrinsic worth” and couldn’t be categorised as currencies or monetary merchandise.
He additionally poured chilly water on discuss that the federal government and pension funds might be allowed to launch strategic Bitcoin reserves.
Home crypto advocates declare that statements like these sound like they belong to a bygone period. They are saying that regulatory chiefs in South Korea made related feedback through the Bitcoin growth of 2017-2018.
President Lee Jae Myung will be a part of world leaders on the United Nations Basic Meeting in New York on Sept. 23, delivering a keynote tackle that may contact on the Korean Peninsula, democracy and international challenges.https://t.co/Xn8FixQpCZ
— The Korea Occasions (@koreatimescokr) September 2, 2025
Critics Name Feedback ‘Outdated’
News1 wrote that a number of crypto trade insiders assume that Lee Eok-won’s perspective lags “behind international traits.”
An unnamed crypto trade worker stated that Lee Eok-won’s feedback mirrored “an invalid and inappropriate opinion. The identical particular person stated:
“The argument that crypto has no intrinsic worth is inappropriate at a time when giant US and different international companies are utilizing cryptoassets as strategic reserves. Cryptoassets like Bitcoin possess digital utility, together with safety and transferability.”
Lee Eok-won was non-committal when requested in regards to the probabilities of the FSC approving a Bitcoin ETF. He stated:
“I perceive that there are numerous expectations and considerations in regards to the impression of introducing a Bitcoin spot ETF. We’ll assess international regulatory traits to determine a potential technique of introduction […] and focus on the matter with the Nationwide Meeting.”
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