- “Shark Tank” star Mark Cuban criticized the SEC’s approach towards crypto market regulations.
- Cuban urged the SEC to publish proper guidelines for the crypto market.
- SEC believes that cryptocurrencies are similar to securities.
American billionaire and reality TV show “Shark Tank” star Mark Cuban critiqued the U.S. Securities and Exchange Commission’s (SEC) approach towards crypto market regulations.
Come in and talk to who ? Set up an appointment how ? You using Calendly these days ? Since you understand crypto lending/finances, why don’t you just publish bright line guidelines you would like to see and open it up for comments ? https://t.co/N3KQAnutl9
— Mark Cuban (@mcuban) August 22, 2022
In a recent Twitter post, Cuban lashed out at the SEC for failing to publish proper guidelines for the crypto market, and understand the viewpoint of the general public, and “open it up” for discussion. The tweet came in response to a Wall Street Journal op-ed written by SEC Commission Chair Gary Gensler. Therein, Gensler states:
There’s no reason to treat the crypto market differently from the rest of the capital markets just because it uses a different technology.
Last year, Cuban accused the SEC of keeping the rules opaque and targeting small investors. The SEC claims that crypto would be treated “like the rest of the capital markets.”
Moreover, Gensler believes that cryptocurrencies are similar to securities, and there are significant risks in this field. The official also stressed that he noticed a lot of noncompliance with the crypto industry during a Bloomberg interview.
Gensler claimed that regulations on the crypto market would protect investors against deceptive conduct by private funds, offering or accounting fraud, insider trading, market manipulation, reporting violations, and any other forms of misconduct.
Many supported Cuban for his tweet and criticized the SEC officer for making this decision. One user commented, “All we need is well thought out rules. The US is so far behind.”
Another Cuban supporter said, “Mark, it’s clear the agenda is to keep the American people poor, begging for inflated dollars to feed our families.”