News
20 May 2025, 13:10
South Korean presidential front-runner targets youth vote with push for crypto ETFs, won-based stablecoin
Exactly two weeks away from South Korea’s presidential election, Democratic Party candidate Lee Jae-myung is appealing to the country’s youth with a promise to legalize spot cryptocurrency exchange-traded funds (ETFs) and create a won-based stablecoin. According to Lee, the crypto economy could create wealth-building opportunities for younger generations. The East Asian country is one of the world’s most active crypto investor populations, with an estimated 15 million residents having exposure to digital assets. Lee’s campaign is targeting this economically anxious voting bloc, many of whom are hoping to accumulate wealth in digital currencies. According to local news outlet the Korea Herald, both Lee Jae-myung of the Democratic Party of Korea and his rival Kim Moon-soo of the People Power Party made pro-crypto digital asset policy pledges ahead of the upcoming presidential election. South Korea political candidate pushes for crypto reforms Lee’s camp is calling for law changes that legalize spot crypto ETFs, to allow assets like Bitcoin to be traded on South Korean stock exchanges. The presidential aspirant said he is committed to building an integrated digital asset monitoring system and reducing transaction fees to make it safe for investors. He reiterated that these financial products could help hedge against crypto’s volatility when added to a diversified investment portfolio, much different from risk profiles of stocks and bonds. Financial authorities are looking at some amendments to the Capital Markets Act that would classify cryptos as valid underlying assets for ETFs on Korean exchanges . Advocates believe this could boost the number of crypto holders in the country. Notably, Lee has proposed letting large institutional players such as the National Pension Fund invest in digital assets once price stability thresholds are met. Beyond crypto ETFs, Lee’s vision for South Korea’s economy includes the development of a domestic stablecoin backed by the Korean won. He argues that creating a regulated stablecoin market could help the government preserve national wealth and reduce its reliance on foreign digital currencies. In a policy roundtable held last week with several economic content creators, the democratic party candidate warned of capital leakage through the current dependence on US dollar-backed stablecoins such as USDT and USDC. “ We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas ,” Lee explained. He proposed using the won as an alternative to foreign stablecoins, which could also support the domestic financial system. South Korea presently prohibits the issuance of stablecoins tied to the won, leaving Korean exchanges dependent on foreign-issued assets. Data from Q1 2025 showed 56.8 trillion won (approximately $40.8 billion) in outflows from Korean crypto exchanges, nearly half of which were linked to dollar-based stablecoins. Authorities cautiously optimistic about crypto ETFs Per a public statement released on Monday, Lee Keun-ju, president of the Korea Fintech Industry Association, said Korean markets need ETFs to link the digital economy with existing capital markets. “ A Bitcoin spot ETF is not simply a product, ” Lee Keun-ju stated. “ It can be the gateway to broadening the connection between the digital asset ecosystem and the capital market .” Still, he asserted that legal and infrastructural upgrades would be necessary to support these policy goals. The country’s financial system will need time to adapt to the regulatory and technological demands of crypto ETF integration. The Democratic Party is preparing to introduce the Digital Asset Basic Act this week. This legislation will serve as the foundation for legal oversight of the sector, detailing regulations for the issuance, circulation, and exchange of digital assets in South Korea. If passed, the bill would also formally recognize digital assets as part of Korea’s financial and legal infrastructure. However, plans of creating a national Bitcoin reserve faltered after the Bank of Korea ruled out proposals in mid-March, citing the crypto’s volatile nature. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
20 May 2025, 13:10
Genesis Sues DCG and Barry Silbert to Recover Billions Over Alleged Misconduct
Key Takeaways: Genesis filed two lawsuits against DCG and Barry Silbert seeking recovery of over $3.2 billion. The Delaware suit alleges reckless management and misrepresentation of Genesis’ financial health. The New York bankruptcy suit outlines $1B+ in alleged fraudulent transfers to DCG and affiliates. Crypto lending platform Genesis Global has launched a legal offensive against its parent company, Digital Currency Group (DCG), and CEO Barry Silbert, accusing them of engineering a series of insider transactions that ultimately drove the firm into bankruptcy. In a complaint filed in the Delaware Court of Chancery, Genesis said Silbert and his associates of “recklessly operated, exploited, and then bankrupted” the crypto lender through self-dealing and misleading financial disclosures, according to a Monday announcement . The lawsuit alleges that Silbert misrepresented Genesis’s financial health to enrich himself, DCG, and Grayscale Investments. Although Grayscale is referenced, it is not named as a defendant. Genesis Seeks $2.2 Billon Genesis is seeking to recover at least $2.2 billion in Bitcoin, Ethereum, and other crypto assets through the Delaware suit, with the goal of redistributing the recovered funds to creditors still awaiting payment. A second lawsuit, filed in the U.S. Bankruptcy Court for the Southern District of New York, focuses on over $1 billion in allegedly fraudulent fiat and crypto transfers. These transactions include eight transfers totaling roughly $450 million to DCG, as well as more than $297 million in crypto assets sent to DCG International. Another $34 million was paid to DCG in what Genesis now claims were bogus tax-related payments. It’s gonna be a big week… The Genesis LOC’s two major lawsuits against DCG, Silbert and a network of insiders are now available to the public. The partially redacted complaint in Delaware Chancery Court alleges Silbert and DCG’s control and exploitation of Genesis, pursuing… — GenesisLOC (@TheGenesisLOC) May 19, 2025 According to court filings, these transfers took place as Genesis was facing severe liquidity stress triggered by the 2022 collapse of Terra-Luna and the broader market downturn. However, the filings also reveal that Genesis was already insolvent by the end of 2021, burdened by $14 billion in outstanding loans. “Genesis faced extraordinary systemic risk and had virtually no internal controls to mitigate that risk,” the New York complaint states. DSG Was Warned by as Early as 2021 The filing further reveals that DCG was warned as early as November 2021 by consulting firm Oliver Wyman about Genesis’s financial vulnerabilities but failed to act. The financial troubles of Genesis began with the collapse of 3AC, which triggered liquidity issues, and worsened with the implosion of FTX later that year. In January 2023, Genesis filed for Chapter 11 bankruptcy , disclosing over $3.5 billion in debts to its top 50 creditors, including major names like Gemini and VanEck. Following court approval, the company finalized its restructuring plan in August 2024 and has since started returning over $4 billion in assets to its creditors. Earlier this year, the Securities and Exchange Commission (SEC) announced enforcement actions against DCG and Genesis, citing violations of securities laws. The SEC accused DCG and Genesis of defrauding investors through misrepresentation, resulting in penalties and legal action. DCG agreed to settle the charges by paying a $38 million fine. The post Genesis Sues DCG and Barry Silbert to Recover Billions Over Alleged Misconduct appeared first on Cryptonews .
20 May 2025, 13:03
Widening Government Strategy Holdings Suggests Increased Structural Demand for BTC: StanChart
Government entities increased their holdings of Strategy (MSTR), a bitcoin BTC proxy, in the first quarter according to new data from the U.S. Securities and Exchange Commission (SEC), investment bank Standard Chartered (STAN) said in a research report on Tuesday. In some cases "MSTR holdings by government entities reflect a desire to gain bitcoin exposure where local regulators do not allow direct BTC holdings," wrote Geoff Kendrick, head of digital assets research at Standard Chartered. Strategy, which pioneered the bitcoin treasury model where corporates hold the crypto on their balance sheet as a reserve asset, currently holds 576,230 BTC worth around $59 billion at current market prices. The bank noted that both Norway's Government Pension Fund and the Swiss National Bank (SNB) increased their Strategy holdings by the equivalent of 700 bitcoin in the first quarter. The South Korean National Pension Service and the Korea Investment Corporation expanded their holdings by a combined 700 BTC equivalent, the report said. U.S. state retirement funds, including California, New York and North Carolina, together added to their holdings the equivalent of 1,000 bitcoin, the bank said. AP Funds in Sweden and Landesbank in Liechtenstein grew their MSTR holdings marginally, the bank noted. France's Caisse des Dépôts et Consignations (CDC) and the Saudi Central Bank both added a small position in MSTR for the first time, Standard Chartered said. Bitcoin exchange-traded fund (ETF) direct holding data was "disappointing" overall in the first quarter, the report added. The bank said the most recent 13F data supports its central thesis that bitcoin will reach $500,000 before President Trump leaves office as the cryptocurrency attracts a wider range of institutional buyers. Read more: Strategy Expands Bitcoin Holdings With Latest Multi-Million Dollar Purchase
20 May 2025, 12:57
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20 May 2025, 12:46
Geoff Kendrick Predicts Bitcoin Will Surge to $500,000 by 2028 Amid Institutional Moves
COINOTAG News, May 20th – Geoff Kendrick from Standard Chartered Bank highlighted that the latest U.S. Securities and Exchange Commission (SEC) 13F report signals a robust outlook for Bitcoin, projecting
20 May 2025, 12:40
What The SEC’s Crypto Roundtable Series Mean For Digital Assets
The SEC Crypto Task Force (CTF) is hosting a five-part roundtable series on digital assets, decentralized finance (DeFi), and the evolving role of AI in these industries.
