Stablecoin

Richard

<p><strong>Richard Heart, the controversial CEO of the cryptocurrency HEX, took to X (Twitter) today to offer his unsolicited opinions on stablecoins and the SEC. In a series of tweets, Heart pontificated on whether stablecoins should be considered “trading stamps” and exempted from SEC regulations.</strong></p>
<p>While Heart raises interesting hypotheticals, his injection into the stablecoin debate comes across as self-serving. As the leader of his own cryptocurrency, Heart has a vested interest in less stringent regulatory oversight. By suggesting stablecoins deserve special exemptions, he invites skepticism about his motives.</p>
<p><a href="https://x.com/RichardHeartWin/status/1730120930658054591?s=20" target="_blank" rel="noopener noreferrer nofollow">In his first tweet</a>, Heart questioned whether stablecoins could be classified as “trading stamps” which have already “been exempted from lots of SEC and Banking regulatory stuff.” He hinted that stablecoins are analogous to the trading stamps of “70 years ago” which have largely been “Forgotten ancient tech.”</p>
<blockquote class="twitter-tweet">
 <p lang="en" dir="ltr">What if stable coins are just "trading stamps." And what if many laws, precedents and no action letters already exempted them from lots of SEC and Banking regulatory stuff? What if we're all so young, we just didn't know it was already a thing 70 years ago. Forgotten ancient tech <a href="https://t.co/WktbNsH8bM" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/WktbNsH8bM</a></p>— Richard Heart (@RichardHeartWin) <a href="https://twitter.com/RichardHeartWin/status/1730120930658054591?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 30, 2023</a>
</blockquote>
<p>Heart<a href="https://x.com/RichardHeartWin/status/1730117287603036598?s=20" target="_blank" rel="noopener noreferrer nofollow"> followed up</a> this speculative tweet with an excerpt from older SEC regulations which suggest trading stamps redeemable for cash or merchandise would not meet the SEC’s definition of a “security.” Heart highlighted this decades-old SEC language and claimed “It’s pretty hard to get the SEC to admit what is outside their control.”</p>
<p>While Heart raises thought-provoking historical parallels, his unprovoked straying into legal interpretations around stablecoins seems thinly veiled. As cryptocurrencies brace for looming SEC regulations, Heart conveniently uses stablecoins to advocate for less oversight.</p>
<p>Considering HEX markets itself as a certificate of deposit-like product, perhaps Heart fears his cryptocurrency may fall victim to intensifying stablecoin scrutiny. By cherry-picking favorable SEC language from the past, Heart lays the groundwork to shield his own venture from regulation.</p>
<p>Rather than genuinely searching for clarity around stablecoins, Heart appears to be pursuing deregulation by proxy. As the CEO of his own cryptocurrency creation, Heart has an unavoidable conflict of interest when intruding into stablecoin policy debates. His superficial appeal to trading stamp precedents fails to outweigh concerns over his underlying motivations.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy thetrades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/hex-founder-richard-hearts-self-serving-stablecoin-opinions-invite-skepticism/" rel="noopener noreferrer nofollow">HEX Founder Richard Heart’s Self-Serving Stablecoin Opinions Invite Skepticism</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

HEX Founder Richard Heart’s Self-Serving Stablecoin Opinions Invite Skepticism

Table of Contents

CaptainAltcoin

Other articles published on Nov 30, 2023

Sui Surpasses $150M in TVL, Showcasing Blistering DeFi Momentum (30 Nov)

XRP Community is Engaging in Conspiracy Theory: Charles Hoskinson

More Gaining Than Paying in EXGOLAND’s Metaverse

MicroStrategy Files for $750M Stock Offer After Buying 16.1K BTC

Turkish Crypto Exchange Associated with Hull City Sponsorship at Center of Fraud Scandal

Online bank SoFi exits crypto market, urges customers to withdraw assets

Join our free newsletter for daily crypto updates!