ChainCatcher news, as the presidential election on June 3 approaches, the South Korean Democratic Party has made cryptocurrency regulation one of the core campaign issues, establishing a "Digital Asset Committee" aimed at centralizing the authority for cryptocurrency policy-making in the presidential office. The committee held its first meeting on May 13 at the National Assembly in Seoul, bringing together legislators, government officials, and representatives from local exchanges such as Upbit, Bithumb, Coinbit, and Gopax. Committee Chairman Min Byeong-deok stated that the current "one exchange, one bank" system restricts the development of cryptocurrency businesses and needs reform.The committee is drafting key legislation known as the "Second Phase Bill," which aims to establish a digital asset framework for South Korea, covering regulatory innovation and user protection. Additionally, the regulation of stablecoins has become a focal point of discussion, especially stablecoins pegged to the Korean won. Democratic presidential candidate Lee Jae-myung advocates for a swift market launch and proposes the issuance of a won-pegged stablecoin. However, the Bank of Korea (BOK) insists that discussions must involve early-stage participation to prevent instability in national monetary policy.This reform aims to promote the development of the cryptocurrency industry and attract the support of young voters. Reports indicate that over 16 million people in South Korea are involved in cryptocurrency trading.

ChainCatcher news, according to The Block, senior Democratic Senator Richard Blumenthal issued a letter of inquiry to World Liberty Financial and Fight Fight Fight LLC on Tuesday, launching an investigation into Trump's activities in the cryptocurrency space. The investigation focuses on potential conflicts of interest related to the TRUMP token and the WLFI (World Liberty Financial) project. Blumenthal stated that these activities may violate government ethics and federal laws, while requesting the relevant companies to provide information on ownership and financial structures.

ChainCatcher news, according to The Verge, after suddenly withdrawing support for the Senate's first stablecoin regulatory bill, Senate Democrats announced on Tuesday that they will introduce a new bill prohibiting federal officials and their families from issuing digital assets, directly targeting the stablecoins and meme coins currently held by Trump and his family.The bill's sponsor, Oregon Democratic Senator Sen. Jeff Merkley, stated, "Currently, anyone hoping to establish a relationship with the president can profit personally by purchasing cryptocurrencies that he owns or controls, which is an extremely corrupt act that threatens our national security and erodes public trust in government. We must put an end to this corruption immediately."

ChainCatcher news, according to Bloomberg, in the U.S. Senate, a bipartisan coalition supporting stablecoin legislation has fractured, as a group of key Democratic lawmakers threatened to use a lengthy debate procedure to block the bill unless it undergoes "numerous" amendments------while Republicans had hoped to pass the bill this month.Newly elected Senator Ruben Gallego from Arizona, who is pro-crypto, led the statement. He had previously supported the bipartisan bill in the Senate Banking Committee, aimed at regulating cryptocurrencies pegged to the dollar. This Saturday, he, along with eight other Democratic senators, issued a statement warning that they would initiate a filibuster against the latest draft of the bill.

ChainCatcher message, the meme coin TRUMP announces that Trump will have dinner with the first 220 holders of the token. U.S. Senator Chris Murphy from Connecticut stated, "This not only reflects Trump's nature, but the TRUMP coin scam may be the most blatant act of corruption by a president in history."

According to ChainCatcher, Representative Adrian Boafo from Maryland and New York Assemblyman Clyde Vanel co-sent a letter to Congressional Democratic leaders, calling for the establishment of a federal cryptocurrency regulatory framework to prevent fragmented regulatory policies across states. The letter was sent to Senators Elizabeth Warren, Amy Klobuchar, and Representatives Maxine Waters and Angie Craig, emphasizing that currently, 35 states have introduced various cryptocurrency legislations, ranging from legal recognition of digital assets to restrictive measures. Without federal guidance, market uncertainty will further intensify, affecting business and financial development.Boafo and Vanel are concerned that Democrats like Warren and Waters, who have long held anti-crypto positions, may hinder bipartisan cooperation and impact the implementation of the regulatory framework. The two emphasized that Democrats have consistently led in promoting technology policy and bipartisan collaboration, and they hope to continue advocating for unified and clear digital market regulation to ensure the U.S. remains competitive in the crypto economy.

ChainCatcher news, according to Jin Shi reports, in the latest NBC News poll, support for the Democratic Party in the United States has fallen to a historic low. After suffering a crushing defeat to Trump in the election, the Democratic Party is looking for a way forward.The survey shows that only more than a quarter of registered voters (27%) express a positive attitude towards the Democratic Party, which is the lowest support rate for the party since the survey began in 1990. Only 7% of people have a "very positive" attitude towards the Democratic Party. "Based on these numbers, the Democratic Party does not need to rebrand; it needs a reboot," said a polling expert.The survey indicates that nearly two-thirds (65%) of Democrats say they want Congressional Democrats to stick to their positions, even if it may sacrifice bipartisan progress, while only 32% want them to compromise with Trump on legislation. This is in stark contrast to April 2017, when 59% of Democrats expressed a desire for Congressional Democrats to compromise with Trump.

ChainCatcher news, according to the International Business Times, U.S. Representative Gerald Connolly, a Democrat from Virginia, is pressuring the U.S. Treasury to halt plans to establish a strategic Bitcoin reserve. In a letter to Treasury Secretary Scott Bessent, Connolly pointed out that the plan, issued by Trump through an executive order, has "obvious conflicts of interest" and provides "no clear benefit to the American people."As a senior Democrat on the House Oversight and Government Reform Committee, Connolly questioned the necessity of establishing a Bitcoin reserve, noting that the U.S. has historically created strategic commodity reserves through "congressional legislation" rather than investing in the highly volatile cryptocurrency market. He also emphasized that the reserve would benefit Trump and his family and allies, rather than American taxpayers.

ChainCatcher News, House Oversight and Government Reform Committee Democratic leader Gerald Connolly urged the U.S. Treasury to halt plans to create a strategic cryptocurrency reserve, following President Donald Trump's pursuit of establishing a national Bitcoin reserve and personal cryptocurrency reserves.On Thursday, the Virginia Democrat pointed out in a letter to the Treasury that Trump's push for a reserve presents a "clear conflict of interest." Gerald Connolly stated that Trump did not consult Congress and did not "seek congressional authorization" to establish the reserve. The letter stated, "Establishing a strategic cryptocurrency reserve would come at the expense of American taxpayers, enriching the president and his closest allies. I urge you to stop all plans to establish a strategic cryptocurrency reserve and request a briefing for the staff of the Oversight and Government Reform Committee."

ChainCatcher news, according to Business Insider, the attitude of the U.S. political sphere towards cryptocurrency is warming at a pace that exceeds industry expectations, with bipartisan lawmakers beginning to actively engage with the crypto space after years of skepticism. Ledger's Global Policy Director Seth Hertlein stated, "'Embrace' is too strong a word, but I do think there is a clear thaw happening." He emphasized, "Cryptocurrency was a huge topic in the last election, and I don't think anyone in Washington can ignore that. Cryptocurrency is here to stay; it cannot be ignored or stifled, and that is something both party leaders must face."The report noted that Trump has shifted from being firmly opposed to Bitcoin to supporting candidates for cryptocurrency and plans to launch a digital asset strategic reserve. Surprisingly, Democrats are also beginning to reconsider their anti-crypto stance. Cryptocurrency lobbying groups indicate that Democrats' hostility towards the industry has noticeably diminished, as Elizabeth Warren's anti-crypto views expressed earlier this January are gradually becoming outdated. This Tuesday, the U.S. Senate passed a measure to block Biden-era regulatory actions by an overwhelming majority, with a final tally of 70 votes in favor and 28 against, far exceeding Hertlein's expectation of 2-3 Democratic supporters.21Shares U.S. Business Director Federico Brokate emphasized that cryptocurrency is not a politicized asset class: "Different aspects of the cryptocurrency value chain are happening in traditional red or blue states." He believes the Democratic platform is naturally suited for decentralized finance.SkyBridge Capital founder Anthony Scaramucci criticized Democrats for being "really behind" on cryptocurrency issues. He stated that he had told the Biden team alongside Mark Cuban and Michael Novogratz, "You need to stop the anti-crypto actions." Scaramucci believes, "Democrats are not seeing the power of this industry, which indicates they are derelict in their duties now. If they do not change their stance on cryptocurrency, they will face many problems. But if I were them, I would at least remain neutral on Bitcoin."

ChainCatcher news, according to a report by Cointelegraph citing ABC News, California Democratic representative Sam Liccardo is preparing to introduce the "Modern Conflicts of Interest and Malfeasance Enforcement Act" (MEME Act), which will prohibit public officials from profiting from digital assets.The bill prohibits a wide range of public officials and their associates from issuing, sponsoring, and endorsing any securities, commodities, or digital assets. The applicable subjects include the President, Vice President, members of Congress, senior executive branch officials, and their spouses and dependent children. Liccardo stated that the bill has the support of a dozen Democratic lawmakers who are working to gain bipartisan support.Liccardo pointed out, "The Trump family's issuance of meme coins exploits the public for personal gain economically and raises concerns about insider trading and foreign influence on the executive branch." The bill is expected to be formally introduced on February 27.

ChainCatcher News, the Web3 Working Group of the Liberal Democratic Party of Japan's Digital Society Promotion Headquarters held its second study session, focusing on the review of regulations related to crypto assets (virtual currencies).The meeting discussed the different regulatory approaches to crypto assets compared to traditional securities and explored the direction for future regulatory revisions. Participants believed that, in addition to investor protection, it is necessary to consider the coordination with overseas regulations and the smoothness of transactions, suggesting further improvements to disclosure regulations, market access, and conduct standards.In addition, some experts pointed out that the existing regulatory framework should be abandoned, and more detailed regulatory discussions should be conducted based on the characteristics of crypto assets.

ChainCatcher news, a new study from the University of Pennsylvania shows that 41% of Republicans own cryptocurrency, while the figure for Democrats is 32%.This two-year study surveyed over 22,000 Americans, revealing that Republicans are more confident in cryptocurrency, particularly in the Southeast, with states like Texas leading in cryptocurrency adoption.In contrast, interest is lower in the Northeast and Pacific Northwest.

ChainCatcher news, according to Coinpost, the Web3 working group of the Liberal Democratic Party's Digital Society Promotion Headquarters, led by Representative Akihisa Shiozaki, reported that the LDP's Policy Research Council officially approved the "Emergency Proposal on Transforming Cryptocurrency Assets into Beneficial National Economic Assets" on the 19th.The report pointed out that under the current tax system, income generated from cryptocurrency transactions is generally classified as miscellaneous income and is subject to comprehensive taxation at a maximum rate of 55% (combined income tax and resident tax), which is harsher than in other countries. The report also mentioned that the taxation of cryptocurrency assets is stricter than in other countries.In light of the above points, and whether cryptocurrency assets should be considered financial assets for public investment, the following should be considered:Change the treatment of gains and losses from cryptocurrency transactions to implement a "separate declaration taxation" system at a 20% tax rate.Allow losses from cryptocurrency income to be carried forward for deduction (to be used within the next 3 years).Apply the "separate declaration taxation" system to cryptocurrency derivatives trading as well.

ChainCatcher news, former South Korean Democratic Party lawmaker Kim Nam-guk attended the first public trial today at the Southern Seoul Court for allegedly concealing cryptocurrency holdings and falsely reporting assets in the 2021 and 2022 National Assembly property declarations. Former lawmaker Kim is accused of adjusting the total amount of assets by transferring part of his cryptocurrency deposits to a bank account and converting the remaining portion into cryptocurrency, thereby obstructing the National Assembly's Ethics Committee's review of asset changes. The court has decided to sentence him to 6 months in prison. The incident is still under further investigation.

ChainCatcher news, Republican Congressman John Duarte of California's 13th district admitted defeat in the election for the last seat in the House of Representatives. The U.S. House elections are now completely over, with the Republicans ultimately securing 220 seats and the Democrats obtaining 215 seats.

ChainCatcher news, according to Yonhap News Agency, after South Korean President Yoon Suk-yeol announced the implementation of martial law and lifted the order more than six hours later, the largest opposition party, the Democratic Party, urged Yoon Suk-yeol to resign immediately, stating that if he does not resign right away, they will initiate impeachment proceedings.On the same day, the Democratic Party issued a resolution containing the above content after convening an emergency parliamentary meeting. The resolution stated: "Yoon Suk-yeol's announcement of the implementation of emergency martial law is a clear violation of the constitution, and he did not comply with any of the necessary conditions for announcing (martial law). The announcement of emergency martial law itself is invalid and constitutes a serious constitutional violation, which is a serious act of internal turmoil and a perfect reason for impeachment."The Democratic Party stated, "If Yoon Suk-yeol does not resign immediately, we will represent the will of the people and immediately enter the impeachment process."

ChainCatcher news, according to a report by Jinshi citing the Korean Central News Agency, South Korean Democratic Party leader Lee Jae-myung stated that President Yoon Suk-yeol's declaration of martial law is an unconstitutional act.