According to online reports, Lee Eog-weon, the nominee for chairman of the Korean Financial Services Commission (FSC), said in a written response to the confirmation hearing that cryptocurrencies lack intrinsic value and cannot be used as a store of value or medium of exchange due to high volatility. He also expressed concern about pension investment in crypto assets. This comment immediately triggered strong opposition from the South Korean crypto industry, with industry insiders believing its views to regress, especially as global institutions actively adopt cryptocurrencies. It is worth noting that Li Xuyuan is open to stablecoins and said that he will support South Korea's local stablecoins development plan and seek a balance between innovation and supervision.