South Korea’s ruling party to revamp crypto task force as U.S. rules lag

South Korea’s Democratic Party plans to restructure its digital asset task force around September, lawmaker Park Min-kyu said Wednesday. The move comes as the party weighs how fast to push forward the Basic Digital Asset Act – and whether a slower U.S. regulatory timetable gives Seoul a chance to leapfrog.

Park spoke at a seminar in Seoul titled “The US Strategy for Digital Asset Dominance and Korea’s Response.” He joined fellow Democratic Party lawmaker Min Byung-deok, who had just returned from a Washington trip. That trip included Min, Park and colleague Kang Min-kuk. They met officials from the White House, Senate, House of Representatives, the SEC and the New York Stock Exchange.

What struck Park most: the U.S. is betting heavily on stablecoins. “The visit confirmed that the US is channeling strategic focus and energy into a digital-asset ecosystem built around stablecoins,” he said. Washington intends to preserve dollar dominance through digital assets – especially stablecoins – and coordination between the White House, regulators and private companies is tight. White House staff handling digital assets act as quarterbacks, Park added, coordinating across agencies. Regulators listen to what companies want and build rules to let them operate safely.

On the domestic front, Park said the Democratic Party’s digital asset task force will likely be reconfigured. Some existing members may stay; others could be added or removed. The party’s floor leadership and the policy committee chair will decide the final lineup. But that chair is appointed by the new party leader after the party convention – meaning the task force cannot resume work until the policy chief is named in late August.

Discussions among the task force, expert advisers, the presidential office and relevant ministries are set for August and September. Those talks will determine how and when to propose the Basic Digital Asset Act – the long-awaited legislative framework for crypto in South Korea.

Park also referenced Min’s observation that passage of the U.S. Clarity Act could be delayed. Rather than treating that as a setback, Park argued, South Korea should use the window to speed up its own bill. “South Korea should use the window to prepare the Basic Digital Asset Act and related follow-up legislation at the same time,” he said.

The timeline is clear: after the party convention picks a new leader and policy chief, the task force will reconvene. The legislative push then depends on the August-September consultation period. For now, the Democratic Party is indicating it will not wait on Washington – and that stablecoin-centric regulation is the North Star.