According to former CFTC Chairman Chris Giancarlo, there may be a bright spot for Japan while the U.S. struggles with cryptocurrency regulatory issues.
Giancarlo tweeted a picture of a headline from the Japan Times that said, “Crypto tumult in the US might be boon for Japan,” when he was in Tokyo, highlighting his thoughts on American policies and how it would affect the Asia-Pacific region.
The U.S. Securities and Exchange Commission (SEC) is now involved in legal disputes with the two largest cryptocurrency exchanges, Binance and Coinbase.
Current regulatory disputes in the US create concerns about the repercussions for international markets. The sector was already on edge when FTX, a top-tier virtual token exchange, collapsed.
However, despite the unrest in the United States, some experts in Japan sense a chance. They think Japan’s reputation as a crypto-friendly country might be strengthened with a solid legal framework in place.
Giancarlo is well recognised for being a strong supporter of the bitcoin sector. His support for cryptocurrencies includes the contentious claim that Ripple’s XRP is not a security, a point that is presently the topic of heated discussion in American regulatory circles.
Industry players in Japan predict that their nation will mainly escape the ongoing crypto storm in the U.S. thanks to the current regulatory structure.
In reaction to Giancarlo’s remarks, Coinbase CEO Brian Armstrong tweeted that “The U.S. is squandering an early lead, in part because SBF embarrassed some politicians and regulators who now want to look tough on crypto.”
