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Cuban Billionaire Says SEC Should Delete Japan’s Crypto Playbook
Alex Dovbnja
Mark Cuban says Gary Gensler could learn from Japan
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In a recent post on the social media network
Cuban noted that Japan has managed to learn from the collapse of Mt. Gox, the now-defunct cryptocurrency exchange, and other failures (such as the Coincheck hack) to efficiently protect investors.
Is the SEC Trying to Kill Cryptocurrencies?
This came after Cubano accused the SEC of trying to destroy the cryptocurrency industry. “They make it impossible to comply with the registration rules,” Cuban said.
Any investment opportunity that involves the release of a token is a “no” for the “Shark Tank” due to the hostile stance of the SEC. “The cost in terms of time and legal fees of trying to register and comply makes it impossible to operate realistically, the billionaire explained.
Under the SEC’s broad-based approach, legitimate companies have been lumped in with junk cryptocurrencies. Cuban.
According to Cuban, Gensler’s legacy is making it impossible for “good companies” to do the right thing.
A crypto powerhouse
Japan, the fourth largest economy, is emerging as a thriving cryptocurrency powerhouse. Its policymakers are actively working to provide the sector with much-needed regulatory clarity.
Ripple CEO Brad Garlinghouse is yet another SEC critic who praised Japan’s approach to regulating cryptocurrencies. At one point, his company even thought about moving its official headquarters to Tokyo.
Thanks to regulatory safeguards, FTX Japan users were protected from the turbulence that occurred following the collapse of the main stock exchange in 2022.
“After several major attacks on trading in Japan, the regulator tightened compliance requirements to protect investors, which hampered Japanese trading somewhat in the latest bull cycle, but was a sensible move in the long term,” Emi Yoshikawa, vice president of Strategy & Operations at Ripple, said in a post on the social media site
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.