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The Return of Lawmaker Kim Nam-guk to the Democratic Party
Kim Nam-guk, the central figure in South Korea’s “Coin Gate” scandal, is set to rejoin the Democratic Party, the largest political party in the National Assembly.
Background
Kim Nam-guk is currently a member of the Democratic Alliance for Democracy Party, a coalition of small parties closely linked to the DP. However, the Democratic Alliance for Democracy recently decided to merge with the DP, paving the way for Kim’s return.
Political Implications
The merger will give the Democratic Party a significant majority in the Assembly, following a recent defeat for President Yoon Seok-yul’s People’s Power Party in the General Election.
Controversy and Fallout
Kim’s return to the DP has sparked controversy due to allegations of selling cryptoassets while serving on a crypto regulations-making committee. This controversy led to Kim’s ostracism from the DP last year.
Laws introduced post the Coin Gate scandal now require top judges and civil servants to declare their crypto holdings annually, including those of their immediate families.
Future Outlook
The merger is expected to increase the Democratic Party’s seat count in the 300-seat assembly. Discussions on the approval of spot bitcoin exchange-traded funds (ETFs) are gaining momentum following the election.
Prior to the election, the DP promised to pressure regulators to approve Bitcoin and altcoin spot ETFs, a move that has drawn mixed reactions from the crypto community.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
