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In a revealing social media post, billionaire Mark Cuban called SEC Chairman Gary Gensler to consider adopting Japan’s cryptocurrency regulatory framework. Cuban highlighted Japan's recovery from major setbacks like the Mt. Gox collapse to create a robust environment protecting investors while fostering industry growth.
Mark Cuban Advocates for SEC to Adopt Japanese Regulatory Practices to Bolster Crypto Industry
In a recent post on the X social media network, billionaire Mark Cuban proposed that US Securities and Exchange Commission Chairman Gary Gensler take a page from Japan's cryptocurrency playbook. According to Cuban (via U.Today), Japan 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 Cuban accused the SEC of attempting to ruin the cryptocurrency market. "They make it impossible to comply with registration rules," said Cuban. Because of the SEC's antagonistic posture, any investment opportunity, including token issuance, is a "no" for the "Shark Tank." "The billionaire said that the time and legal expenditures required to register and comply make it challenging to operate realistically.
According to Cuban, the SEC's broad-brush approach has resulted in actual 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 legislators are aggressively attempting to provide the industry with much-needed regulatory certainty. Ripple CEO Brad Garlinghouse is another SEC critic who complimented Japan's cryptocurrency rules. At one time, his company considered moving its official headquarters to Tokyo.
Because of regulatory safeguards, FTX Japan consumers were spared the turbulence 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 somewhat handicapped Japanese exchanges in the last bull cycle but it was a sensible move for the longer term," Emi Yoshikawa, the VP of Strategy & Operations at Ripple, said in a post on the X social media.
Dogecoin Experiences Surge in Whale Activity, Signaling Potential Uptrend 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 Large Holders' Netflow for Dogecoin has 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 supply, is an essential indicator of market sentiment. The increase in NetFlow implies substantial accumulation by major participants, indicating a bullish view.
NetFlow spikes have traditionally coincided with market bottoms, indicating significant buying during corrections.
The jump in large holders' Inflow supports the positive feeling surrounding Dogecoin. Inflows to large holders' wallets climbed by about 200% in the preceding day, reaching 425.97 million DOGE. This increase in buying activity, driven mainly by prominent entities such as whales and investors, is worth monitoring in the coming days.
Conversely, the outflow of Dogecoin from major holders' wallets fell dramatically, from 222.14 million DOGE to 39.98 million DOGE. Against rising inflows and diminishing outflows, Dogecoin's Large Holders Netflow indicator has grown practically 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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