Regulation
Billionaire Mark Cuban Urges SEC to Emulate Japan’s Crypto Strategy Amid Regulatory Challenges
In a revealing social media post, billionaire Mark Cuban called on SEC Chairman Gary Gensler to consider adopting Japan’s cryptocurrency regulatory framework. Cuban highlighted Japan’s recovery from major setbacks such as the Mount Gox collapse to create a strong environment protecting investors while promoting industry growth.
Mark Cuban argues for SEC to adopt Japanese regulatory practices to strengthen crypto industry
In a recent job on the social network According to Cuban (via U.Today), Japan has learned from the fall of Mt. Gox, the now-defunct cryptocurrency exchange, and other mistakes (such as the Coincheck hack) to effectively protect investors.
This comes after Cuba accused the SEC of trying to ruin the cryptocurrency market. “They make it impossible to follow the registration rules,” Cuban said. Due to the SEC’s antagonistic stance, any investment opportunity, including token issuance, is a “no” for the “Shark Tank.” The billionaire said the time and legal expense required to register and comply makes it difficult to do so realistically.
According to Cuban, the SEC’s comprehensive approach has resulted in real companies being placed “side by side” with fraudulent cryptocurrencies, making it impossible for “good companies” to do the right thing.
Japan, the world’s fourth-largest economy, is becoming a cryptocurrency powerhouse. Its lawmakers are aggressively trying to provide the industry with much-needed regulatory certainty. Ripple CEO Brad Garlinghouse is another SECOND critic who complimented Japan’s cryptocurrency rules. At one point, his company was considering moving its official headquarters to Tokyo.
Thanks to regulatory safeguards, FTX Japan consumers were spared the turmoil that followed the collapse of the central stock exchange in 2022.
“After several major hacks of stock exchanges in Japan, the regulator increased compliance requirements to protect investors, which handicapped Japanese stock exchanges somewhat during the last bull cycle, but it was a smart decision in the long term,” Emi Yoshikawa, vice president of strategy and operations at Ripple, said in a post on social media
Dogecoin Sees Increase in Whale Activity, Signaling Potential Uptrend in Market Sentiment
On May 12, Dogecoin (DOGE) has seen a significant increase in on-chain activity, with critical data indicating a bullish trajectory for the popular parody cryptocurrency.
According to IntoTheBlock datathe net flow of large Dogecoin holders increased significantly from a negative zone to 386 million DOGE during the reporting period.
The Large Holders Netflow, which tracks the movements of whales and investors who own more than 0.1% of the circulating supply, is a key indicator of market sentiment. The increase in NetFlow implies substantial accumulation from major participants, indicating a bullish view.
NetFlow peaks have traditionally coincided with market troughs, indicating heavy buying during corrections.
The increased inflow from large holders supports the positive sentiment surrounding Dogecoin. Inflows into large holders’ wallets soared by around 200% the day before, reaching 425.97 million DOGE. This increase in buying activity, driven primarily by high-profile entities such as whales and investors, is worth monitoring in the coming days.
Conversely, Dogecoin outflows from major holders’ wallets fell dramatically, from 222.14 million DOGE to 39.98 million DOGE. In the face of increasing inflows and decreasing outflows, Dogecoin’s Large Holders Netflow indicator has grown virtually exponentially.
The increase in on-chain metrics reflects the growing involvement of high-profile players in the DOGE market, indicating a possible positive trajectory for the cryptocurrency.
Photo: MicrosoftBing