With the United States election drawing closer, top crypto bosses have seized the opportunity to publicly air their dissatisfaction with crypto regulation guidelines in the country.
Notably, most crypto chiefs have slammed Joe Biden's administration and the United States Securities and Exchange Commission (SEC), claiming that their unyielding stance in crypto regulation seems to be doing more harm than good to crypto expansion in the United States.
Reversal In Regulatory Approach Could Birth A Favorable Election Outing
Taking to his verified X handle, Hayden Adams, Uniswap founder, decried the approach of digital assets regulation in the U.S. He stated bodily that Biden and his camp might be making a mistake if they consider crypto assets irrelevant to the 2024 election.
Arguing further, the Uniswap founder noted that time is no longer on Biden's side to right his wrongs in crypto regulations or risk the consequences that could emanate from it post the 2024 presidential election.
"Not much time for Biden to save it. Anyone close to him or dem leadership should be expressing how serious this is and pushing for immediate reversal on his approach to cryptocurrencies," Adams remarked.
Mark Cuban Compares the Situation In Japan And In The U.S.
Mark Cuban, a billionaire and crypto enthusiast, recently took to X to state that the United States regulatory bodies must learn from their Japanese counterpart to make reasonable progress in the U.S.
According to the Billionaire investor, digital assets boast significant importance, which the U.S. must brace up to embrace or risk losing benefits associated with a booming crypto economy.
In addition, Cuban highlighted the Japanese regulatory style, which entails active fraud prevention and making crypto investment a safe venture with minimum risk. Relative to the U.S., Cuban argued, “Crypto is a mainstay with younger and independent voters. Gensler has not protected a single investor against fraud.”
For context, Gary Gensler is the SEC chairperson. Aside from calling him out for his perceived negligence, Cuban also advised him on how he could correct his lapses before the election. Cuban noted, "Crypto voters will be heard this election. You could solve this problem for Biden by passing legislation that defines registration specific to the crypto industry just as other industries have registration defined for them."
In another tweet, the billionaire investor picked on SEC's registration and approval procedures, criticizing the delay in these processes that has made potential investors lose interest in crypto-related dealings.
On X, Cuban wrote, "The process to register can take a securities lawyer hundreds or more hours to be completed for a simple token release. This is because of all the give and take required with the SEC."
Brad Garlinghouse Says U.S. Government Is Targeting Tether
Brad Garlinghouse, the Chief Executive Officer (CEO) at Ripple Labs, stated in an interview that the United States Government is coming after Tether, the USDT coin issuer.
The CEO raised concerns about the possible Impacts of such a move by the U.S. regulatory bodies, especially considering that Tether has expanded to become a significant part of the crypto ecosystem.
