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OKX Founder Supports Regulated Stable Currencies and Discusses BUSD Case

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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…

OKX Founder Supports Regulated Stable Currencies and Discusses BUSD Case

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

Interpretation of the news:


The founder of OKX, Xu Mingxing, recently stated that the cryptocurrency exchange fully supports the use of regulated stable currencies such as USDC. Additionally, he confirmed that OKX has no plans to launch its own stable currency. This announcement can be interpreted as a move by OKX to align itself with regulatory standards and avoid any potential legal complications.

Regarding the ongoing case involving BUSD, a stablecoin offered by Paxos, Xu expressed his opinion that the Security and Exchange Commission (SEC) may not win the case. He argued that BUSD does not have any profit expectations and should not be classified as securities. This position is in line with the argument put forth by Paxos, which has argued that BUSD is a commodity rather than a security.

However, Xu also noted that the New York Department of Financial Services (NYDFS) has the authority to halt the use of BUSD or revoke Paxos’ license if they deem it necessary. This warning suggests that even if the SEC’s case is unsuccessful, other regulatory bodies may have the power to take action against BUSD.

Overall, Xu’s announcement represents a tangible step towards regulatory compliance for OKX. By endorsing the use of regulated stable currencies such as USDC, OKX positions itself as a responsible player in the cryptocurrency ecosystem. Additionally, Xu’s comments on the BUSD case show that regulatory challenges remain a significant concern for the industry, even for stablecoins that do not have obvious profit incentives.

In terms of keywords, this article covers the founder of OKX, the use of regulated stable currencies such as USDC, the ongoing case involving BUSD and potential regulatory actions by the NYDFS. These topics are all relevant to the cryptocurrency industry and reflect the ongoing debate around regulatory standards in this field.

In conclusion, Xu’s announcement and commentary on the BUSD case provide insight into OKX’s strategy and regulatory compliance. This development is noteworthy for those interested in the cryptocurrency industry, as it reflects broader trends towards standardization and regulatory compliance.

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