Crypto Oversight in Flux as IRS Crypto Directors Exit Under Controversial Plan

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📈 Preview On Today’s News:

1. - Crypto Oversight in Flux as IRS Crypto Directors Exit Under Controversial Plan

2. - Crypto Votes, Real Power: South Korea's Election May Reshape Global Digital Asset Future

3. - Crypto Power Shift: U.S. Loosens Grip as New SEC Chair Backs Blockchain Boom

Keep reading below for more!

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Today’s News:

1)

Crypto Oversight in Flux as IRS Crypto Directors Exit Under Controversial Plan

Two high-ranking IRS officials, Seth Wilks and Raj Mukherjee, have resigned amid the rollout of the federal “DOGE Plan,” signaling a potential shakeup in U.S. crypto regulation. These directors were instrumental in developing key initiatives like the 1099-DA tax form, a critical step in digital asset reporting. Their departure, effective May 2, 2025, and taken under a deferred resignation agreement with paid leave, aligns with the DOGE Plan’s broader strategy to streamline government operations through workforce reductions. While officials claim the move aims to boost efficiency, critics caution it may weaken tax enforcement and crypto oversight, leaving the future direction of digital asset policy uncertain.

• IRS crypto leaders Seth Wilks and Raj Mukherjee resigned under the DOGE Plan, which aims to cut costs and streamline operations, impacting U.S. crypto regulation.

• Their exit raises concerns about reduced enforcement capacity and the evolving role of cryptocurrency in federal oversight.

2)

Crypto Votes, Real Power: South Korea's Election May Reshape Global Digital Asset Future

South Korea’s upcoming presidential election on June 3, 2025, is emerging as a turning point for cryptocurrency policy, with major candidates placing digital assets at the heart of their platforms. As 36% of voters are crypto investors, both the People Power Party and Democratic Party are vying for support by proposing sweeping regulatory reforms. Candidate Hong Joon-pyo has vowed to dismantle blockchain restrictions, while the Democratic Party backs the Digital Asset Basic Law to enable ETF trading and loosen investment constraints. Given South Korea's pivotal role in past global crypto trends, the election’s outcome could dramatically shift the regulatory and investment landscape, both domestically and worldwide.

• 36% of South Korean voters are crypto investors, prompting major presidential candidates to prioritize digital asset reforms in their campaigns.

• The June 2025 election could lead to major deregulation or tighter controls, potentially impacting ETF approvals, investment freedoms, and the broader global crypto market.

3)

Crypto Power Shift: U.S. Loosens Grip as New SEC Chair Backs Blockchain Boom

The U.S. Securities and Exchange Commission (SEC) has entered a new era of crypto-friendliness following the appointment of Paul Atkins as Chair on April 21, 2025. Succeeding Mark Uyeda, Atkins aligns with President Trump’s executive directive to support the responsible expansion of digital assets and blockchain technologies. The shift marks a strategic easing of crypto regulations to reposition the U.S. as a global leader in digital finance. Markets are already reacting with optimism, anticipating a surge in on-chain activity, institutional participation, and capital inflows. Analysts compare this move to the 2021 regulatory climate that fostered substantial domestic crypto growth.

• Paul Atkins, the new SEC Chair, is leading a regulatory shift to ease restrictions on digital assets, echoing Trump’s pro-crypto executive policy.

• The U.S. crypto sector expects a surge in investment, institutional activity, and DeFi growth as regulatory barriers drop and federal agencies adopt a more supportive stance.

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