Mark Cuban Slams Gary Gensler’s Stance On Crypto

August 23, 2022 4:30 pm

Mark Cuban just publicly commented that the SEC’s unclear regulations has made it very difficult for crypto companies to stay compliant and for investors to get the clarity that they need.

The SEC’s current actions are likely caused by SEC Chair Gary Gensler’s stance on how crypto should be treated.

Gensler claims that the crypto markets should not be treated differently than any of the other capital markets and continues to insist that the purpose of all the crypto-related actions it has taken is for “investor protection”.

Of course, Cuban responded that there is no real way for investors and companies to actually communicate with the SEC.

Without that communication, everything is just talk, but no action.

DeCrypto.co reports:

“The SEC will serve as the cop on the beat. As with seat belts in cars, we need to ensure that investor protections come standard in the crypto market,” Gensler added.

Cuban, however, wondered how exactly investors and crypto firms are supposed to communicate with the SEC.

“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?” tweeted Cuban in response to Gensler’s post.

The 63-year-old Shark Tank star and owner of the NBA’s Dallas Mavericks has actively invested in the crypto space in recent years, with projects like OpenSea, CryptoSlam, and SuperRare making up part of his portfolio.

As an example for what the SEC would continue to do, Gensler continues to reference the fine that the SEC had imposed on a company called BlockFi.

The company was fined a large amount for supposedly failing to follow procedures such as registering high yield interest accounts as securities.

Cuban continues to state his disagreements and points out that if the true purpose of all of this was for investor protection, then the SEC would make it easy for questions to get answered.

Questions would also be answered in a timely manner rather than being dragged on for months without any real followup.

DeCrypto.co concludes:

This is not the first time Cuban has criticized the SEC’s approach to cryptocurrencies.

Last month, following the agency’s claims that at least nine cryptocurrencies considered unregistered securities were being traded on crypto exchange Coinbase, Cuban said that if someone thought that was a bad move in itself, they should wait to see what the SEC will come up with for registration of tokens.

“That’s the nightmare that’s waiting for the crypto industry. How else do you keep thousands of lawyers employed and create reasons to ask for more taxpayer money?”

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