OKX Founder Xu Mingxing Rejects Stablecoin Launch and Supports Regulated Stable Currencies
It is reported that Xu Mingxing, the founder of OKX, reiterated that OKX highly supports regulated stable currencies such as USDC and has no plans to launch OK…
It is reported that Xu Mingxing, the founder of OKX, reiterated that OKX highly supports regulated stable currencies such as USDC and has no plans to launch OKX stable currencies. He believes that the SEC may not win the case because BUSD certainly has no profit expectation and should not be securities; However, NYDFS can request to stop BUSD or stop the license of Paxos.
Xu Mingxing: SEC may not win the case because BUSD certainly has no profit expectation
Interpret the above information:
OKX founder Xu Mingxing has emphasized his support for regulated stable currencies like USDC and has no plans to launch OKX stable currencies, according to reports. Mingxing believes that the SEC may not win their case since BUSD has no profit expectation and should not be considered securities. However, the New York State Department of Financial Services (NYDFS) can request that they halt BUSD or stop the Paxos license.
Stablecoins are digital currencies that are linked to other assets like gold or a fiat currency like the US dollar, in order to maintain price stability. There are several types of stablecoins, including centralized, decentralized, and algorithmic. They are becoming increasingly popular in the cryptocurrency industry because of their ability to provide stability and act as a hedge against market volatility.
Mingxing’s position on regulated stable currencies could be seen as an attempt to maintain trust with regulators while also positioning OKX as a provider of trustworthy and secure trading services. This, in turn, could help to maintain customer trust in the platform, particularly as concerns about potential fraud and hacks continue to rise.
However, Mingxing’s comments about the SEC case are more contentious. The SEC has long been investigating the cryptocurrency industry for potential securities law violations, particularly with respect to initial coin offerings (ICOs), which have been accused of offering unregistered securities to investors. BUSD, which is a stablecoin backed by USD reserves and issued by the Paxos Trust Company, aims to provide a stable and secure alternative to traditional cryptocurrencies.
The fact that Mingxing believes that BUSD is not a security is certainly surprising, particularly given the ongoing regulatory scrutiny of the cryptocurrency industry. The NYDFS, for example, has been particularly active in regulating the industry, issuing numerous BitLicenses and taking enforcement actions against companies that violate its rules.
In conclusion, Mingxing’s comments on regulated stable currency support and stablecoin launch plans at OKX, will likely create a strong impression on regulators in the industry. It highlights their willingness to work within the current regulatory framework while staying current with technological advancements in the industry. However, the controversial nature of his comments regarding the SEC case and BUSD could come back to haunt the company if they are found to be in violation of securities laws in the future.
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