Last month a delegate Republic of Korea met with representatives Securities and Exchange Commission The Crypto Task Force will gain a better understanding of US policy initiatives in developing crypto asset regulations and how Korea could potentially align with the US in developing new rules for digital assets.
The Korean delegation consisted of bipartisan elected officials as well as staff, embassy officials and public crypto participants.
The delegation specifically discussed GENIUS Act, The law that defines the framework for “payment stablecoins” and how issuers and holders will be treated is already signed law. In the US, the preference has been to support privately issued digital money over central bank digital currency, which is seen as potentially violating privacy rights and creating an environment for government abuse.
The delegation also discussed CLARITY ActCrypto market infrastructure legislation remaining in legislative limbo in the US Senate.
Koreans want to “ensure global consistency” in their legislative approach. This makes perfect sense, as fragmented global rules could undermine the benefits of digital assets.
The meeting between Korean and US officials underlined the urgent need to pass the CLARITY Act in the Senate and sign the bill into law. The US is poised to chart a global path for digital asset regulation but has already fallen behind due to the previous administration’s shortcomings.
Korea is a major participant in the digital asset industry, with approximately 30% of the population holding crypto. The development of digital assets is “a national strategic priority”.
Meanwhile, in the United States, there continue to be stubborn public officials and lobbyists representing traditional finance who would rather undermine the CLARITY Act. Some observers believe that if the legislation is not approved before the August recess in Congress, the legislation could die, thereby missing an important opportunity for the United States to better compete globally.
