Mark Cuban Explains Why SEC’s Crypto Stance Is Hyprocritical• August 8, 2022 10:31 pm • Comments
Billionaire investor Mark Cuban has been known to be very involved within the crypto space and he has recently made his opinion public regarding what he thinks of the SEC’s regulation actions.
Essentially, Cuban criticizes the SEC for being incredibly hypocritical and reveals that the SEC is not providing any protections for assets such as pink sheet stocks.
This is an asset class that is already under the SEC’s authority and it is clear that the SEC is doing absolutely nothing to protect investors in this area.
Therefore, Cuban says that the SEC’s claim that they want to protect investors within the crypto space is completely false.
Even worse, the way that the SEC is going about the regulations is the completely wrong approach as they are doing the “regulation through litigation” method.
— ⭕ RIZ ☀️ (@RizXRP) August 7, 2022
“And so when the SEC comes in and says they want to protect investors from crypto, they’re not even doing their job with the area they’re supposed to do their job, and then you’ve got the issue of their approach to trying to figure it out.
The SEC does this thing called ‘regulation through litigation’, meaning they don’t come out and say ‘here’s the rules that we want everybody to follow, give us your comments’.
They do what they did with Coinbase. They sue. And they’ll sue you and their hope is that the result of the lawsuit then turns into precedent that they’re able to use to enforce the way they want to enforce it.
“It’s not like someone today could just call the SEC and say ‘OK, we want to issue a token… we have this crypto business, tell us what we need to do’… As a result, there’s all this uncertainty, which is why you’ve seen more crypto companies in Singapore, the Bahamas, and the British Virgin Islands, the Caymans, all these different places, and people are afraid to do anything here.
The end result is that a lot of crypto innovation and companies are feeling pressured and hesitant to do any business within the United States.
Coinbase is an example of a company that has already done much more than many other crypto companies and is still being targeted by the SEC.
As a result, this sets a bad example for the rest of the industry and reveals that the SEC is mainly focused on hiring more lawyers to litigate against legitimate crypto companies rather than fixing the real issues that they should be working on.
Mark Cuban: “The SEC Is Incredibly Hypocritical…”
— Altcoin Daily (@AltcoinDailyio) August 7, 2022
“And now you look at the big companies like Coinbase [that] create jobs, and they’re trying to do it right… they’re getting f***ed… There was — I forget — which politician that said we should do it through the CFTC instead of the SEC, and they’re right because the SEC they care more about hiring more lawyers than getting it done the right way,” noted the television personality.
Cuban has invested in several crypto projects, including Lazy, a digital art gallery to display NFTs; DAOHQ, a marketplace on blockchain; OpenSea, the largest NFT marketplace; Zapper, asset management firm for Decentralized Financel and Polygon, an Ethereum scaling solution.
Billionaire Mark Cuban called the SEC "incredibly hypocritical" for its treatment of the crypto industry, adding that it "don't care" about investors. https://t.co/L8mT5VyFCV
— Intl. Business Times (@IBTimes) August 8, 2022
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