Many industry leaders have called out the unfavorable crypto regulation regime in the United States. Comparing it with the Japan, Mark Cuban and pro-XRP lawyer John Deaton believe the US needs to do much better.
Crypto Regulation: Between the US and Japan
Every market regulator always claims that its primary goal is to protect investors. To the billionaire invest, the United States Securities and Exchange Commission (SEC) has done the opposite. He sparked a conversation on X highlighting how Japan learned from the collapse of Mt.Gox to protect investors.
Cuban noted that the Japanese versions of crypto exchanges like FTX that went bankrupt in the US survived in Japan. While the FTX bankruptcy remained the biggest in the US crypto ecosystem, the Japanese subsidiary was solvent at the time of the collapse. Per an earlier report by Coingape, FTX Japan explored selloff and has since refunded its creditors.
Joining the conversation, John Deaton said the US SEC tried to impose its authority over sovereign countries like Japan. He noted that while the US classified XRP as a security, Japan, Switzerland, Singapore and the United Kingdom labeled the coin a non security.
John Deaton recanted the role he played in securing the right verdict on XRP by Judge Analisa Torres. Notably, there remains a crucial grey area in the US crypto regulation landscape. This grey area has made the US SEC to continually label some altcoins securities as contained in its latest Wells Notice shared with Robinhood.
Fighting the System
Many crypto ecosystem leaders believes the right regulation can come to crypto if the industry is represented in Congress. To take up this challenge, John Deaton has announced his candidacy for Massachusetts Senate in a bid to displace Sen Elizabeth Warren.
Senator Warren is a known critic of cryptocurrencies. She has openly spoken against the digital currency with a strong believe that it facilitates criminal transactions for terrorists. While many continues to counter her perspective, Deaton believes unseating her is crucial to get crypto representation in Washington.
Thus far, many crypto heavyweights are backing Deaton’s bid for Senate in hopes he would fight for better crypto regulation.
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