CryptoQuant CEO compares South Koreas hostile Bitcoin stance to Gary Gensler situation
CryptoQuant CEO Ki Young Ju has raised concerns about South Koreas readiness to approve spot Bitcoin exchange-traded funds (ETFs).
In a Nov. 26 post on X (formerly Twitter), Ju compared the regulatory climate in South Korea to the contentious stance of the US Securities and Exchange Commission (SEC) Chair Gary Gensler, suggesting that such an environment might delay ETF approval.
South Koreas Financial Services Commission (FSC) has stepped up its restrictive policies by rejecting ETFs linked to digital assets. This approach has led to skepticism about the future of the current regulatory framework without a leadership overhaul.
Ju stated:
Im very skeptical it will move forward until the regime changes and the head of the Korean SEC is replaced. Were in a Gary Gensler situation.
Gensler, a polarizing figure in the crypto world, is known for his stringent approach to overseeing digital assets. Under his leadership, the SEC pursued legal action against major crypto firms, including Binance and Coinbase. A court also forced the agency to revisit its repeated rejection of spot Bitcoin ETFs before finally approving them in January 2024. Gensler is set to step down as SEC Chair on Jan. 20, 2025.
Slams South Koreas Bitcoin approach
Meanwhile, Jus comments also included sharp criticism of South Koreas broader approach to Bitcoin.
The CryptoQuant CEO suggested that a figure like MicroStrategys Michael Saylor would face severe legal challenges if he operated in South Korea due to the countrys unfriendly stance toward the top crypto.
He said:
South Korea is not a Bitcoin-friendly country. Its hard to encourage companies or the govt to adopt a Bitcoin treasury strategy when we dont have politicians who truly understand Bitcoin.
Ju noted the disconnect among South Koreas leaders contributes to this challenging environment. He said that the president lacks an understanding of Bitcoin, the FSC is openly hostile, and the Korean IRS focuses solely on taxation, creating a fragmented approach to crypto regulation.
However, despite the governments hostile stance, South Korean citizens remain enthusiastic participants in the crypto market. Domestic exchanges like Upbit often rank among the worlds top platforms by trading volume, reflecting a vibrant local appetite for digital assets.
The post CryptoQuant CEO compares South Koreas hostile Bitcoin stance to Gary Gensler situation appeared first on CryptoSlate.
Text source: CryptoSlate
