- Mark Cuban criticizes the SEC for its enforcement regulation, claiming that it has destroyed the crypto industry.
- Arguing that the SEC creates a destructive environment for crypto, Cuban states that the regulators never try to increase compliance.
- Cuban states that Gensler makes it impossible for good crypto companies to do the right thing.
Mark Cuban, an American television personality, reinforced his opposition to the Securities and Exchange Commission’s (SEC) regulatory policies that allegedly “destroy the crypto industry.” Cuban asserted that the regulator never attempts to increase compliance but enforces regulation.
On the last day, in relation to the upcoming US presidential election, Cuban addressed the lack of clarity in crypto regulation and urged the Commodity Futures Trading Commission (CFTC) to take over crypto’s regulatory power. In response to Presidential candidate Donald Trump’s support for crypto, Cuban pointed out the significance of crypto regulation. He added that the SEC’s policies are not focused on protecting the community against fraudulent activities.
In his recent X post, Cuban shed light on the “destructive environment” created by the regulators. He stated, “They [SEC] have created a destructive environment that could easily be remedied in a way that would increase compliance dramatically and actually protect investors.”
Further, pointing out the necessity of a regulatory framework that prompts investors to register and comply, he added,
The crypto industry wants a way to register and comply. It wants a way to keep the speculative noise out. Instead the SEC makes it so expensive, time consuming and difficult for those who want to comply, that the junk tokens are side by side with real companies and investors have no way to know what is garbage and what is real.
Moreover, Cuban expressed his reluctance to invest in a newly launched token as he believes that “the SEC will not allow it to operate.” He added that there are only a minimal number of companies that successfully operate under SEC regulation. Criticizing it as a “legacy” of SEC Chair Gary Gensler, Cuban stated, “He [Gensler] has made it impossible for good companies to do the right thing.”
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