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Justin Sun, the founder of the Tron Blockchain, has shared an uncommon insight into what he believes can help take the broader crypto ecosystem to the next level. Taking to the X platform, Justin Sun made a comment drawing on trends observed at the ongoing TOKEN2049 event happening in Dubai. Sun said exchange evolution will require these trading platforms to focus on long-term growth rather than short-term.
According to Sun, it is also essential that crypto exchanges work with regulators and customers to create a gold standard that will be beneficial to all industry stakeholders.
There has been a lot of drag in the crypto ecosystem for some time now, especially as it relates to the relationship between the United States Securities and Exchange Commission (SEC) and top trading platforms in the ecosystem. From Binance Exchange to Coinbase Global Inc. and KuCoin, the SEC has filed different types of lawsuits against these firms in recent times.
While the SEC’s regulatory crackdown recently trickled down to decentralized exchanges (DEX) like Uniswap, the leaders of these exchanges are fighting back with enormous resources. This sort of regulatory battle, according to experts like Justin Sun, may not yield much in the long term.
Regulatory-compliance drive
Industry leaders have been clamoring for a proper crypto regulatory framework for some time, and now, they are at another major impasse with the regulators. While the SEC chair continues to be adamant that existing laws apply to crypto, Coinbase has dragged the regulator to court for failing to provide the necessary guidance.
Overall, there has not been much progress on the crypto regulatory landscape since Gary Gensler took the reins. One of the few options now being explored is Congress's intervention to help set the rules that the commission and crypto exchanges can abide by.
Yuri Molchan
Tomiwabold Olajide
Mushumir Butt
