- South Korea’s ruling party demanded Do Kwon attend a parliamentary hearing on the TerraUSD crash.
- The party also called other crypto exchange officials for the hearing.
- Country’s Regulatory agencies have opened emergency inspections into LUNA, UST transactions.
Stressing its side for cryptocurrency, South Korea’s ruling party called crypto developer Do Kwon, to attend a parliamentary hearing on TerraUSD’s crash. In the recent presidential election, the president-elect Yoon Suk-yeol of the ruling party — the People Power Party — focused on crypto developments in the country.
In detail, Yun Chang-Hyun, a representative from the ruling party, invited Do Kwon and other crypto exchange officials to discuss the subject. He reportedly said there were some doubts about the behavior of exchanges during the crash.
“Even if the price of the coin plummets, the exchange will thicken,” the lawmaker said. Yun Chang-Hyun went on to add that the delay in legislation only increased investors’ losses. Following these remarks, he further talked about inviting Do Kwon and other officials to participate in the session.
We should bring related exchange officials, including CEO Kwon Do-hyung of Luna, which has become a recent problem, to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors.
Importantly, the Financial Services Commission and Financial Supervisory Service of Korea have reportedly asked crypto exchanges to share information about UST and Luna transactions. Moreso, the agencies have asked exchanges to provide a remedy for the UST crash and the reason for the decline.
In the context of the TerraUSD price fall, Gary Gensler, Chairperson of US SEC remarked that crypto assets are very speculative and investors need more protection or they could lose trust in the crypto markets.
We have this basic bargain: You the investing public can make your choices about the risk you take, but there is supposed to be full and fair disclosure, and people are not supposed to lie to you.
In the past few weeks, cryptocurrencies have been waving a red signal, with BTC, stablecoins, and TerraUSD falling off the cliff. However, as of now, major coins are striving to get back up. Currently, TerraUSD (LUNA) trades at $0.000184, with an 8.3% dip in the past 24 hours.