The Securities and Exchange Commission’s (SEC) approach to cryptocurrency regulation has drawn criticism from billionaire investor Mark Cuban.
His remarks were in reaction to those made by Gensler, who maintained that the same regulations governing securities markets will also apply to the cryptocurrency market.
Investor protection is the goal of the statute, according to Gensler.
If someone asks a lawyer, accountant, or adviser if something is over the line, maybe it's time to step back from the line. Going right up to the edge of a rule or searching for some ambiguity in the text or a footnote may not be consistent w/ the law & its purpose. (1/4)
— Gary Gensler (@GaryGensler) August 23, 2021
The wealthy investor attacked the regulations governing the cryptocurrency business for being too ambiguous.
Gensler has stated that the majority of the hazards associated with cryptocurrencies are caused by players in the market who are not compliant, and that the agency is seeking to get businesses to “come in and talk to us.”
Come and speak with whom? How do you set up a date? On Tuesday, 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 ? https://t.co/N3KQAnutl9
— Mark Cuban (@mcuban) August 22, 2022
The billionaire also blasted the SEC’s rules as they have been put in place, including the agency’s threat to prosecute Coinbase (NASDAQ:COIN) for providing a USDC/USD stablecoin service at a high interest rate. Then, Cuban urged Coinbase to approach the SEC with vigor.
