Regulation
A Pro-XRP Lawyer on the Difference Between Japanese and US Crypto Regulations
Many industry leaders have spoken out against the unfavorable crypto regulatory regime in the United States. Comparing it with Japan, Marc Cuban and pro-XRP lawyer John Deaton say the United States needs to do much better.
Crypto regulation: between the United States and Japan
Any market regulator always states that its primary objective is to protect investors. For billionaires who invest, the U.S. Securities and Exchange Commission (SEC) has done the opposite. He sparked a conversation about X by pointing out how Japan learned from the collapse of Mt.Gox to protect investors.
Cuban noted that Japanese versions of crypto exchanges like FTX that went bankrupt in the United States have survived in Japan. While FTX’s bankruptcy remained the largest in the American crypto ecosystem, the Japanese subsidiary was solvent at the time of the collapse. According to an earlier report from Coingape, FTX Japan considered a sale and has since repaid its creditors.
Joining the conversation, John Deaton said the US SEC had attempted to impose its authority on sovereign countries like Japan. He noted that while the United States has classified XRP as a security, Japan, Switzerland, Singapore and the United Kingdom have classified the coin as non-security.
John Deaton has recanted the role he played in getting the right verdict on XRP from Judge Analisa Torres. Notably, there remains a crucial gray area in the US crypto regulatory landscape. This gray area has led the US SEC to continually label certain altcoin securities as contained in its latest Wells notice shared with Robinhood.
Fight the system
Many leaders in the crypto ecosystem believe that proper regulation can be brought to crypto if the industry is represented in Congress. To meet this challenge, John Deaton announced his candidacy for the Massachusetts Senate to supplant Senator Elizabeth Warren.
Senator Warren is a known critic of cryptocurrencies. She has openly spoken out against digital currency, believing it facilitates criminal transactions for terrorists. While many continue to counter his point of viewDeaton believes overturning it is crucial to gaining crypto representation in Washington.
So far, many crypto heavyweights are supporting Deaton’s Senate bid in hopes that he will fight for better crypto regulation.
Learn more: Robert Kiyosaki advocates Bitcoin amid impending BRICS crypto launch