The famous “Maverick”, Mark Cuban believes that Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC) could gain valuable insights from Japan’s approach to the crypto market.
Will SEC be the Death of Crypto?
Cuban recently shared his thoughts on X about how Japan has efficiently learned from the collapse of Mt. Gox. This, alongside other other cryptocurrency failures, like the Coincheck hack has helped to safeguard investors.
At the rate at which the U.S. Securities and Exchange Commission delays decision-making, things become difficult for firms that want to register and comply with SEC’s regulations. This has solidified the belief the agency is trying to hinder the growth of the crypto industry.
Mark Cuban pointed out that the SEC’s stance has a negative impact on token releases on “Shark Tank” investments. It’s a straight up “no” due to the time and legal fees involved in registration and compliance.
Cuban thinks the SEC’s approach is lumping legitimate companies in the same category as junk cryptocurrencies. He feels Gensler’s legacy is making it tough for “good companies” to navigate regulations. It is frustrating for those trying to do the right thing.
. @garygensler could have taken the same road as Japan to protect crypto investors.
Japan learned from Mt Gox and other failures and adapted to protect investors The Japanese versions of exchanges that went bankrupt here, survived in Japan !
@RoKhanna @JohnEDeaton1…
— Mark Cuban (@mcuban) May 12, 2024
In recent times, the agency had pushed back decisions on the 7RCC Spot Bitcoin and Carbon Credit Futures ETF application until June 24. The regulator also did it again, postponing the decision on the Invesco Galaxy Spot Ethereum ETF.
Japan: a Dominant Crypto Hub in Asia
Japan has been more proactive in regulating and embracing cryptocurrencies. This has led to increased adoption and innovation in the country.
It’s politicians work hard to establish clear regulations for the cryptocurrency industry. This has helped boost the country’s popularity and establish it as a major player in the crypto space.
The CEO of Ripple, Brad Garlinghouse is another critic of the SEC. He once considered moving the firm’s official headquarters to Tokyo for its regulatory clarity. Japan’s regulatory measures have proven beneficial to safeguard FTX users after the collapse of the main exchange in 2022.
While Metaplanet, a Japanese company is achieving a significant increase in their Bitcoin holdings, SEC is issuing Well Notice to Robinhood Markets Inc, a commission free brokerage firm.