Pro-XRP lawyer John Deaton has identified disparities in crypto regulation measures between Japan and the United States.
Numerous industry leaders have criticized the United States unfavorable crypto regulatory framework.
When comparing the United States to Japan, Mark Cuban and pro-XRP lawyer John Deaton concur that it must significantly improve.
US-Japan Crypto Regulation
Constantly, each market regulator asserts that investor protection is its principal objective.
The United States Securities and Exchange Commission (SEC) has taken the opposite stance concerning billionaire investments.
He initiated a discourse on X by emphasizing Japan’s lessons regarding investor protection from the Mt.Gox collapse.
Cuban observed that Japanese counterparts of defunct cryptocurrency exchanges such as FTX that failed in the United States persisted in Japan.
Although FTX’s bankruptcy continued to be the most significant in the cryptocurrency ecosystem of the United States, the Japanese subsidiary was financially sound at the moment of its downfall.
After examining the possibility of a selloff, FTX Japan reportedly refunded its creditors.
John Deaton, who joined the discussion, stated that the US SEC attempted to impose its authority on sovereign nations such as Japan.
He noted that although the United States categorized XRP as a security, the United Kingdom, Japan, Switzerland, and Singapore all classified the coin as non-security.
John Deaton renounced his involvement in persuading Judge Analisa Torres to make the correct XRP decision.
Significantly, critical ambiguity persists within the cryptocurrency regulation regime in the United States.
This ambiguity has prompted the US SEC to continue labeling certain altcoins as securities, as stated in its most recent Wells Notice that Robinhood obtained.
Fighting the System
Many crypto ecosystem leaders believe the proper regulation can come to crypto if the industry is represented in Congress.
John Deaton has declared his candidacy for the Massachusetts Senate to unseat Senator Elizabeth Warren to meet this challenge.
Senator Warren is a well-known critic of cryptocurrency.
She has expressed vehement opposition to digital currencies because they enable militants to conduct illegal transactions.
Although some still dispute her viewpoint, Deaton is adamant that unseating her is essential to secure crypto representation in Washington.
Numerous crypto titans have supported Deaton’s Senate campaign thus far, expecting that he will advocate for improved crypto regulation.
