MoonPay announced on Wednesday via its official social media that it has appointed Carolyn Fam as Chief Legal and Administration Officer (CLAO). Fam has served as acting chair since January, during which time she was the only Republican on the CFTC. She was originally scheduled to step down after President Trump's nominee, Brian Quintenz, was confirmed by the Senate, but the changeover was delayed due to opposition from Gemini co-founders Cameron Winklevoss and Tyler Winklevoss, leading the White House to withdraw the nomination and instead nominate Michael Selick (SEC counsel) as the next chair.
Chairman Fam's departure demonstrates the accelerating flow of talent between the cryptocurrency industry and US regulators. This comes after CFTC Commissioner Summer Mersinger stepped down from his commissioner position in May and immediately assumed the role of CEO of the Blockchain Association.
During her tenure, Fam adhered to the White House policy tone rather than expanding the CFTC's response to cryptocurrencies. In her September report, she stated that only 18 enforcement actions were taken during her term, with no sanctions imposed. Instead, to strengthen cooperation with the cryptocurrency industry, she organized the "Crypto CEO Forum" and the "CEO Innovation Council," maintaining communication with numerous industry leaders.
On the other hand, HashKey, Hong Kong's largest cryptocurrency exchange, debuted on the Hong Kong Stock Exchange (HKEX) after completing a $206 million (approximately 304.6 billion Korean won) initial public offering (IPO). HashKey Holdings officially listed on the HKEX main board on Wednesday, opening at HK$6.70 per share (approximately 1,000 Korean won).
With this listing, HashKey becomes the first digital asset company in Asia to successfully go public via IPO. The group emphasizes that this listing will be a "new starting point" for its global expansion.
Since launching its IPO on December 9th last year, HashKey has garnered significant attention from both institutional and retail investors. Its Hong Kong public offering of 24 million shares was oversubscribed by a staggering 394 times, while the international placement of 216.5 million shares was oversubscribed by 5.5 times. The IPO issued a total of 240 million shares, raising US$206 million (approximately 304.6 billion Korean won).
This listing aligns with the Hong Kong government's strategy to cultivate a global digital asset hub. While strictly adhering to regulatory requirements, HashKey strives to enhance its competitiveness within the traditional financial system, and its moves are expected to become an important signal for gauging the future direction of the cryptocurrency industry in the Asian market.
🔎 Market Analysis
The continued departures of U.S. regulators demonstrate a strengthening organic link between the cryptocurrency industry and policymakers. Meanwhile, HashKey's IPO can be interpreted as an example of the growth potential of institutional cryptocurrency companies in the Asian market.
💡 Strategic Highlights
1. Infrastructure companies such as MoonPay have emerged as players sensitive to changes in laws and policies.
2. Gaining connections with regulatory agencies has a significant impact on corporate strategy and industrial layout.
3. The HashKey case may become a benchmark for future domestic and international cryptocurrency companies to expand their IPOs.
📘 Terminology Explanation
- CFTC (Commodity Futures Trading Commission): The U.S. federal regulatory agency that oversees futures, options, and other derivatives.
MoonPay: A US company providing cryptocurrency payment/deposit gateway infrastructure.
- HKEX: Hong Kong Stock Exchange, one of Asia's major financial markets
- IPO: Initial Public Offering, the process by which a company lists on a securities market for the first time and sells its shares to the public.
TP AI Precautions
This article uses a language model based on TokenPost.ai for article summarization. The main content may be omitted or may differ from the facts.
