Cuban Billionaire Says SEC Should Remove Page from Japan’s Crypto Playbook

Cuban Billionaire Says SEC Should Remove Page from Japan's Crypto Playbook

in a recent post On social network


in a recent post On social network

Cuban has noted that Japan 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 crack down on cryptocurrencies?

This came after Cuban accused the SEC of trying to destroy the cryptocurrency industry. “They make it impossible to comply with registration regulations,” 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 time and legal fees to try to register and comply makes it impossible to operate realistically,” the billionaire explained.

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Due to the SEC’s broad approach, legitimate companies have been placed “next to” junk cryptocurrencies, according to Cuban.

Gensler’s legacy makes it impossible for “good companies” to do the right thing, according to Cuban.

A crypto powerhouse

Japan, the fourth-largest economy, is emerging as a thriving cryptocurrency power. Its politicians are actively working to provide the industry with much-needed regulatory clarity.

Ripple CEO Brad Garlinghouse is another SEC critic who has praised Japan’s approach to cryptocurrency regulations. At one point, his company even contemplated moving its official headquarters to Tokyo.

Thanks to regulatory safeguards, FTX Japan users were protected from the turmoil that followed the collapse of the leading exchange in 2022.

“After several major attacks on stock exchanges in Japan, the regulator tightened compliance requirements to protect investors, which somewhat hurt Japanese stock markets in the last bull cycle, but was a sensible measure in the long term” Emi Yoshikawa, vice president of Strategy and Operations at Ripple, said in a post on the social network X.

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