PPP Rep. Jung Sung-kook just filed the first formal bill proposing a 3-year delay on crypto taxation, pushing the start date from January 2027 to January 2030, rather than the outright repeal Song Eon-seok's earlier bill sought. The rationale is framed as buying time for proper system-building rather than blocking taxation entirely, giving taxpayers predictability and preventing regulatory confusion while investor protections and a fair tax framework get worked out first. This adds a third distinct position to the crypto tax fight: DP wants 2027 implementation as legislated, Song's PPP bill wants the tax provision deleted entirely, and now Jung's PPP bill wants a middle path, delay to 2030, not repeal. The equity argument stays consistent with PPP's prior position, since the financial investment income tax on stocks was scrapped, stock capital gains are effectively untaxed, so taxing crypto gains at a flat 22% is inconsistent treatment. That argument is already sitting in the Finance Committee via Song's bill, currently headed to subcommittee, where DP is expected to push back hard on repeal given Koo Yun-chul's repeated confirmations that 2027 implementation proceeds as scheduled. Worth noting Jung has a track record on crypto-friendly legislation specifically, he previously filed the first bill in this Assembly session to allow institutional investors to hold crypto through spot ETFs including Bitcoin and Ethereum. This delay bill continues that pattern, positioning PPP as running multiple parallel tracks (repeal via Song, delay via Jung, institutional access via Jung) rather than a single unified crypto tax position. With three competing bills now on the table, DP's "implement as scheduled," PPP's "repeal entirely," and PPP's own "delay to 2030," the actual outcome depends heavily on how the newly-reconstituted Finance Committee, with DP holding the chair and floor-leader position but PPP holding meaningful committee seats, resolves this over the coming months.

.@VP Vance tells @MaryMargOlohan the Biden administration KNEW about rampant PPP fraud and didn't take it seriously: "Of course they did. It was an open secret... If you don't have confidence that the federal government is going to protect your money, why pay taxes at all?"