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 regulatory framework for cryptocurrencies. Cuban highlighted Japan’s recovery from major setbacks such as the Mt. Gox collapse highlights creating a robust environment that protects investors while promoting industry growth.

Mark Cuban advocates for SEC to adopt Japanese regulatory practices to strengthen crypto industry

In a recent post on the X social media network, billionaire Mark Cuban suggested that US Securities and Exchange Commission Chairman Gary Gensler take a page from Japan’s cryptocurrency playbook. According to Cuban (via U.Today), Japan has learned from the fall of Mt Gox, the now-defunct cryptocurrency exchange, and other mistakes (like the Coincheck hack) to effectively protect investors.

This comes after Cuban accused the SEC of trying to ruin the cryptocurrency market. “They make it impossible to comply with registration rules,” Cuban said. Because of 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 expenses required to register and comply make it challenging to operate realistically.

According to Cuban, the SEC’s broad brush 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 emerging as a cryptocurrency powerhouse. Its lawmakers are aggressively trying to provide the industry with much-needed regulatory certainty. Ripple CEO Brad Garlinghouse is another SEC critic who has praised Japan’s cryptocurrency rules. His company at one time considered moving its official headquarters to Tokyo.

Due to regulatory safeguards, FTX Japan consumers were spared the turmoil that followed the central exchange’s collapse in 2022.

“After several major exchange hacks in Japan, the regulator tightened compliance requirements to protect investors, which hampered Japanese exchanges somewhat in the last bull cycle, but was a sensible move for the longer term,” Emi Yoshikawa, the VP of Strategy and Operations at Ripple, said in a post on the X social media.

Dogecoin is experiencing an increase in whale activity, indicating a potential upward trend in market sentiment

On May 12, Dogecoin (DOGE) saw a significant increase in on-chain activity, with critical data pointing to a bullish trajectory for the popular parody cryptocurrency.

According to IntoTheBlock data, the Major Holder net flow for Dogecoin increased dramatically, from a negative zone to 386 million DOGE within the period under consideration.

The Large Holders Netflow, which tracks the movements of whales and investors who own more than 0.1% of the circulating stock, is a vital indicator of market sentiment. The increase in NetFlow implies significant accumulation by major participants, indicating a bullish view.

NetFlow rises have traditionally coincided with market bottoms, indicating significant buying during corrections.

The jump in major holders’ Inflow supports the positive feeling around Dogecoin. Inflows to major holders’ wallets rose by around 200% the previous day and reached 425.97 million DOGE. This increase in buying activity, mainly driven by prominent entities such as whales and investors, is worth watching in the coming days.

Conversely, the outflow of Dogecoin from major holders’ wallets dropped dramatically, from 222.14 million DOGE to 39.98 million DOGE. Against rising inflows and falling outflows, Dogecoin’s Large Holders Net Flow indicator grew almost exponentially.

The increase in on-chain measures reflects the growing involvement of prominent actors in the DOGE market, indicating a possible positive trajectory for the cryptocurrency.

Photo: Microsoft Bing

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