Billionaire Mark Cuban: FTX's collapse could have been avoided if the SEC chairman was not Gary Gensler.

Golden Finance reported that billionaire investor Mark Cuban said during a lunch that if the chairman of the US Securities and Exchange Commission (SEC) were not Gary Gensler, the collapse of FTX could have been avoided, according to his Cryptocurrency advisor to Vice President Kamala Harris. Mark Cuban pointed out Japan’s regulatory framework for the Cryptocurrency business, which requires encryption companies to provide Collateral for customers’ held digital assets as a model to prevent the crisis that will shock the industry in 2022. Cuban believes that if SEC Chairman Gary Gensler could act like Japan, companies like FTX and Three Arrows Capital would not collapse. He criticized the SEC for relying on litigation enforcement rather than implementing proactive regulation for the encryption industry.