Justin Sun, the founder of Tron Blockchain, offered an unusual perspective during a recent post on X platform regarding advancing the entire crypto sector. At present, TOKEN2049 in Dubai is underway, and Sun highlighted a significant observation from this event. He expressed that for cryptocurrency exchanges to progress, they should prioritize long-term development over short-term gains.
Sun emphasizes the importance of collaboration between crypto exchanges, regulators, and customers to establish an exceptional standard for the entire industry.
At this year’s TOKEN2049, I believe that crypto exchanges should prioritize long-term development over immediate profits. This can be achieved by collaborating with regulators and building strong relationships with our customers. By doing so, we can establish a reputable and trustworthy benchmark for the entire industry. 💪
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 19, 2024
For a while now, there’s been significant resistance within the crypto market, particularly concerning the SEC’s dealings with major trading platforms like Binance Exchange, Coinbase Global Inc., and KuCoin. The SEC has taken legal action against these companies in various ways recently.
Decentralized exchanges, such as Uniswap, have felt the impact of the SEC’s increased regulation. However, their leaders are responding strongly with significant resources. Some industry experts, including Justin Sun, predict that this regulatory fight might not bring about substantial results in the long run.
Regulatory-compliance drive
Industry heads have long advocated for a clear-cut regulatory structure for cryptocurrencies, and now find themselves at a significant standstill with regulators once more. The chairman of the SEC remains firm in his belief that current regulations cover crypto, but Coinbase has taken legal action against the regulator due to the lack of adequate guidance.
In summary, not much advancement has occurred in the cryptocurrency regulatory sphere since Gary Gensler assumed leadership. A potential solution under consideration is for Congress to step in and establish guidelines that both the commission and crypto exchanges can follow.
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2024-04-19 16:34