Differences in Cryptocurrency Regulation in Japan and the US Highlighted by Pro-XRP Lawyer
Several industry leaders have criticized the insufficient crypto regulation in the United States. Mark Cuban and pro-XRP lawyer John Deaton compared the US regulation to Japan’s and agree that the US needs to improve.
Crypto Regulation: US vs Japan
Regulators often claim to prioritize investor protection. However, according to billionaire investor Mark Cuban, the US Securities and Exchange Commission (SEC) has failed to do so. He highlighted how Japan has implemented measures to safeguard investors following the Mt.Gox collapse.
Cuban pointed out that crypto exchanges like FTX, which went bankrupt in the US, thrived in Japan. Despite the significant bankruptcy in the US, the Japanese subsidiary remained solvent and refunded its creditors, as reported by Coingape.
John Deaton also joined the discussion, criticizing the US SEC for trying to assert dominance over countries like Japan. While the US classified XRP as a security, other countries including Japan, Switzerland, Singapore, and the UK considered it a non-security.
Deaton recounted his contribution to obtaining the right verdict on XRP from Judge Analisa Torres. However, there are still uncertainties in the US crypto regulation landscape, leading the SEC to label certain altcoins as securities in its recent Wells Notice to Robinhood.
Fighting the Establishment
Many crypto leaders believe that proper regulation can be achieved if the industry has representation in Congress. John Deaton has declared his candidacy for the Massachusetts Senate to challenge Sen Elizabeth Warren, a vocal critic of cryptocurrencies who believes they facilitate criminal activities.
While there are opposing views, Deaton believes that removing Warren from office is necessary to advocate for crypto interests in Washington. Many prominent figures in the crypto industry support Deaton’s Senate campaign in hopes of achieving better regulation.
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