South Korea’s SEC Chair Candidate Sparks Debate Over Crypto Value

Lee Eok-won, the nominated chairman of South Korea’s Financial Services Commission (FSC), has ignited controversy with his stance on cryptocurrencies. In written submissions before taking office, Lee argued that cryptocurrencies lack intrinsic value due to their volatile nature and inability to fulfill core currency functions like store of value or medium of exchange. He also opposed pension and investment funds investing in crypto assets, citing the speculative risks involved.