Mark Cuban Criticises SEC’s Approach To Crypto Regulation
DailyCoin
Published Aug 24, 2022 06:00AM ET
Updated Aug 24, 2022 06:32AM ET
Mark Cuban Criticises SEC’s Approach To Crypto Regulation
Mark Cuban, the American billionaire, and crypto enthusiast, has expressed his anger with the SEC’s approach to crypto regulation on a public platform after SEC Chair Gary Gensler said that “We can dispense with the idea that crypto lending isn’t subject to regulation. On the contrary, the rules have been around for decades. The platforms aren’t following them.”
SEC implied that there is no reason to treat the crypto market differently from the rest of the capital markets just because it uses a different technology. Gensler also said, “Non-compliance isn’t the inevitable result of the crypto business model or underlying crypto technology.”
Responding to Gensler’s op-ed in Wall Street Journal, Cuban tweeted, “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?”
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/N3KQAnutl9A Continued Twitter (NYSE:TWTR) Battle— Mark Cuban (@mcuban) August 22, 2022
In a previous tweet, Gensler had said, “The spirit of the law is about protecting investors. Our rigorous enforcement regime @SECGov is about following the facts and the law, wherever they may lead, on behalf of investors and working families.”
Gensler added, “This includes deceptive conduct by private funds, offering or accounting frauds, insider trading, market manipulation, failures to act in retail customers’ best interests, reporting violations, best execution and fiduciary violations, or any other form of misconduct.” Cuban’s angry response was “This is such Bullshit. You didn’t start the BS, pls don’t continue it. If you were working on behalf of investors you make it easy for questions by investors and businesspeople to be asked and answered. You make it near impossible. Those can’t afford lawyers can only guess.”
This is such Bullshit. You didn't start the BS, pls don't continue it. If you were working on behalf of investors you make it easy for questions by investors and businesspeople to be asked and answered. You make it near impossible. Those can't afford lawyers can only guess. https://t.co/CV7WC5ZmDxOn the Flipside— Mark Cuban (@mcuban) August 23, 2021
Get The News You Want
- Cuban has been named in the Voyager digital lawsuit for alleged Ponzi scheme.
Why You Should Care
People have shown support to Mark Cuban for calling out Gensler and SEC’s empty words.
Similar stories on DailyCoin:
Mark Cuban Blamed in Voyager Digital Lawsuit for Alleged Ponzi Scheme
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.