A successful businessman named Mark Cuban recently said on the social media site X that Gary Gensler, who is in charge of the US Securities and Exchange Commission (SEC), should look at how Japan handles cryptocurrencies to learn how to do his job better.
In the past, Japan dealt with crises like the fall of Mt. Gox and the Coincheck hack in a way that Cuban said was a great example of how to protect investors’ interests.
This comes after Cuban said he did not like how the SEC was trying to stop new ideas in the bitcoin field. He said that the SEC’s strict registration rules make it very hard for projects that involve giving out tokens to follow the rules, which means that investors cannot take advantage of possible investment chances.
Cuban, who is famous for his part on the TV show “Shark Tank,” talked about how expensive and hard the law is when it comes to following SEC rules.
SEC Concerns, Japan’s Clarity
Cuban had concerns about the SEC’s way of regulating, and he said that because of the commission’s broad way of regulating, good companies are put in the same category as sketchy bitcoin projects. It was said that Gensler was making it harder for legal businesses to follow the rules set by the government.
Cuban compared the regulatory environment in the US to Japan, which has a leading cryptocurrency market, and emphasized how proactive Japanese lawmakers are in giving the business clarity and stability. Brad Garlinghouse, CEO of Ripple, agreed with Cuban and praised Japan’s regulatory environment. He also hinted that Ripple’s headquarters might be moved to Tokyo at some point.
As an example, the fact that FTX Japan users were able to get through the difficult period after the exchange shut down in 2022 shows how well Japan’s safety nets work. I spoke with Emi Yoshikawa, Vice President of Strategy and Operations at Ripple, about how Japan changed its rules after the crisis.
She stressed that these changes have helped protect investors and make the cryptocurrency market more stable in the long run.
