Cryptocurrency regulation has always been a topical issue within the crypto industry. From issues bordering on clarity to what might sometimes be considered too hostile or relatively crypto-friendly, global regulators are constantly seeking to find a balance as they enact rules and guidelines in their bid to create a safe environment for investors.
Recently, however, prominent figures like Mark Cuban and pro-XRP lawyer John Deaton are drawing attention to the disparities between regulatory approaches in the United States and Japan. For a long time, industry leaders have criticized the US Securities and Exchange Commission (SEC) for its ‘hostile’ approach to crypto regulation. They claim that the Gary Gensler-led SEC perhaps is more interested in stifling innovation than protecting investors. Some of the SEC’s actions have even been dubbed a witch-hunt, and now industry leaders appear to be looking to Japan as a model for effective regulation.
There's no Call To Action with the ID #3.John Deaton’s Bid for Senate Stirs Crypto Regulation Debate amid US-Japan Contrasts
American businessman Mark Cuban has drawn a reference to how Japan learnt from the Mt.Gox collapse and took proactive measures thereafter. Cuban noted that these measures were what saw the likes of FTX Japan survive the turmoil even when the crypto exchange faced bankruptcy in the U.S.
According to Cuban, the regulatory landscape in Japan was what helped FTX Japan quickly resolve the situation and refund its creditors, ultimately contributing to a stable market in the region.
Meanwhile, John Deaton has also echoed Cuban’s sentiments, citing the different views that global regulators have of various assets. In his support post to Cuban’s, Deaton mentioned how the SEC insists on declaring XRP a security. That is despite the fact that countries like Japan, Switzerland, Singapore, and the U.K. consider it not a security token. According to Deaton, these contradictory views hurt the prospect of having a uniform international standard regulation.
There's no Call To Action with the ID #3.As a pro-XRP lawyer, Deaton has been actively involved in the SEC vs. Ripple suit that saw Judge Analisa Torres deliver a favourable ruling for XRP. However, the SEC’s endless campaign, particularly with a recent Wells Notice to Robinhood, continues to show that there might be a grey area in the U.S.’ regulatory terrain which the SEC will continue to exploit.
To address these concerns, John Deaton has now announced his candidacy for the Massachusetts Senate, challenging incumbent Elizabeth Warren, a well-known anti-crypto senator. Deaton will build his campaign around pushing for clearer and more favourable crypto regulations, a clear contrast to Warren’s apprehensive views of the risky nature of digital currencies.
Without a doubt, a Deaton emergence is poised to bring crypto representation to Washington, which could ultimately shape the trajectory of crypto regulation in the United States.
