Crypto Friendly Leadership Takes Hold in South Korea

Lee is a pro-crypto candidate from the center-left Democratic Party, and won with over 49% of the vote. He plans to modernize the financial system by launching a won-backed stablecoin and allowing pension fund investments in Bitcoin. Meanwhile, California advanced a bill to permit crypto payments for state services. Also in the US, Texas Representative Brandon Gill faces scrutiny for late Bitcoin trade disclosures. South Korea Elects Pro Crypto Leader South Korea’s political landscape took a dramatic turn with the swearing-in of opposition leader Lee Jae-myung as the country’s new president after a decisive snap election victory. Lee represents the center-left Democratic Party, and secured more than 49% of the national vote, defeating conservative rival Kim Moon-soo, who garnered 41%. This is according to the National Election Commission . The election was held on June 3, and happened just six months after the controversial imposition of martial law by former president Yoon Suk-yeol, which plunged the nation into a period of political instability. Remarkably, voter turnout reached almost 80% of the country’s 44.4 million eligible voters, which was the highest level of participation in a presidential election since 1997. A key feature of Lee’s campaign was his strong pro-crypto stance. He pledged to modernize South Korea’s financial infrastructure by introducing a won-backed stablecoin to help curb capital outflows and stimulate innovation. In May, Lee talked about the importance of such a stablecoin when it comes to protecting the country’s wealth and enhancing financial sovereignty. He also committed to allowing the country’s massive $884 billion national pension fund to invest in Bitcoin and other cryptocurrencies, and supports the launch of Bitcoin exchange-traded funds (ETFs) as a means of legitimizing and institutionalizing digital assets in the financial system. His rival, Kim, also supported spot crypto ETFs and called for lighter regulations on crypto adoption. Lee Jae-myung After Lee’s election, Bitcoin prices surged on South Korea’s leading crypto exchanges, Bithumb and Upbit, and reached 149 million Korean won, or about $108,480. This was much higher than global prices due to the recurring “ kimchi premium .” This suggests that there is renewed local appetite for crypto exposure due to anticipated regulatory and policy reforms. While Lee’s broader agenda includes tackling rising living costs, advancing AI and defense sectors, and implementing a four-and-a-half-day workweek, it remains to be seen how prominently his crypto policies will feature in his administration. California Moves to Accept Crypto Payments Crypto is making progress in other parts of the world as well. California is moving closer to formally integrating cryptocurrency into its state operations after a unanimous vote in the State Assembly on June 2 in favor of Assembly Bill 1180. The bill passed 68-0 on its third reading, and now heads to the state Senate. If approved and signed into law by Governor Gavin Newsom, it could take effect on July 1, 2026. The bill mandates the Department of Financial Protection and Innovation (DFPI) to establish a regulatory framework that will allow state fees and other transactions governed by the Digital Financial Assets Law to be paid in cryptocurrency. The DFPI is California’s primary regulator for financial services, and oversees consumer protection and responsible innovation. Under current rules, crypto businesses operating in the state are already required to obtain licenses from the DFPI. Should AB 1180 become law, it will initiate a pilot program running until Jan. 1, 2031, during which time the DFPI must compile a detailed report by 2028. This report will outline all crypto transactions processed by the state, along with any regulatory or technical hurdles that were encountered. If passed, California will join states like Florida, Colorado, and Louisiana in allowing certain government obligations to be paid in crypto. The bill defines crypto transactions broadly as any digital representation of value used as a medium of exchange that does not qualify as legal tender. Although AB 1180 underwent four amendments before its passage, one key section that aimed to define terms related to ride-sharing and personal vehicles was ultimately excluded. Bill AB-1052 The measure is designed to complement another legislative initiative, AB 1052 , which is also known as the “Bitcoin rights” bill. This separate proposal seeks to establish the legal right for California residents to self-custody digital assets and to use them as valid forms of payment in private transactions. This bill passed in a separate 11-0 committee vote in May, and it will also prohibit public agencies from taxing or restricting the use of crypto solely due to its nature as a digital asset. So far, 117 merchants across California accept Bitcoin payments . Brandon Gill Faces Scrutiny Over Late Bitcoin Disclosures While lawmakers are embracing crypto, not all of them are going about it in the right way. Texas Representative Brandon Gill is under scrutiny after failing to meet federal disclosure deadlines for two large Bitcoin purchases. This means that he potentially violated the STOCK Act. Brandon Gill and Donald Trump Gill is a first-term Republican and vocal supporter of former President Donald Trump. He reported buying between $100,001 and $250,000 worth of Bitcoin on both Jan. 29 and Feb. 27 but submitted the disclosures weeks after the 45-day deadline required by the law. The STOCK Actwas enacted to curb insider trading and ensure transparency among lawmakers, buy it imposes only a $200 fine for late filings. Investment research firm Quiver Quantitative recently criticized this fine as ineffective, and even called it a “joke” in a June 2 social media post. Gill’s January purchase came shortly after Trump issued an executive order promoting American dominance in digital assets, while the February acquisition preceded Trump’s announcement of a strategic Bitcoin reserve. At the time, Bitcoin was trading at around $102,000 and $85,000, respectively. BTC’s price action over the past month (Source: CoinMarketCap ) Currently, Bitcoin has climbed above $105,000, which suggests that the trades may have appreciated in value. In May, Gill disclosed two more Bitcoin purchases, which were valued up to $250,000 and $100,000 respectively, both of which were filed on time. He also reported timely investments in the Invesco S&P 500 Equal Weight ETF and a money market fund. In addition to his financial dealings, Gill holds positions on several powerful House committees, including Oversight and Government Reform, Budget, and Judiciary. He also publicly endorsed cryptocurrency by describing it as a vital component of the monetary system that facilitates permissionless peer-to-peer transactions. He is also the sponsor of the “Putting Trust in Transparency Act,” which calls for increased visibility into nonprofit donors. Gill now joins a growing list of lawmakers who have violated the STOCK Act this year. Other members, including Representatives Jamie Raskin, Dwight Evans, and Neal Dunn, have also been cited for late disclosures. Meanwhile, bipartisan momentum is building around legislation that would prohibit members of Congress and their families from trading individual stocks and cryptocurrencies altogether.

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