TechFlame news, September 1. According to The Block, Lee Seok-won, the chairman nominee of the Korea Financial Services Commission (FSC), stated in a written response to the confirmation hearing that cryptocurrencies lack intrinsic value and cannot be used as a medium of value storage or exchange due to high volatility. At the same time, he expressed concerns about pension investments in crypto assets. The statement immediately sparked backlash from the South Korean crypto industry, and industry insiders saw their views backwards, particularly as global institutions actively adopted cryptocurrencies. Notably, Lee Seok-won is open to stablecoins and stated that he will support South Korea's local stablecoin development plans and seek a balance between innovation and regulation