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Cuban warns the US SEC is soon approaching regulating cryptocurrencies.
On 23rd July, Shark Tank investor and billionaire entrepreneur—Mark Cuban, warned his 8.7 mn Twitter followers about SEC crypto regulations. Apparently, it’s clear that the nascent space of crypto industry has to deal with many issues in its way to evolution. However, apart from volatility and instability in the crypto market, the skepticism of crypto regulation is there, and that’s what Cuban mentioned.
Moreover, when it comes to the Security and Exchange Commission, the doubt on crypto regulations itself becomes stronger. Why so? The answer lies in the actions of financial watchdog towards cryptocurrencies and related firms. Filing lawsuit against Ripple accusing of securities act violation, even though the commission itself had not cleared guidelines for what should be treated as securities. Consistently rejecting spot bitcoin ETFs also brings the SEC under the spotlight.
Mark Cuban thoughts on SEC regulating crypto did not come out randomly out of the blues. Rather, it was a reply to US Senator—Pat Toomey on Twitter. On 22nd July, US SEC informed on Twitter that the agency had put insider trading charges on a former Coinbase employee.
Senator Toomey, while registering his disagreement with the SEC’s actions, said that the commission once again did not unveil their viewpoint prior to taking actions. Recent incident is a clear example of their intention behind classifying tokens as securities, yet the SEC retracted from disclosing them, Toomey added.
Tweet of Senator Toomey was followed by the reply of Mark Cuban on Twitter explaining that even this is not bad enough. The worst might come up when the financial regulator will go after registration of crypto tokens. He said that this would be showing up as a nightmare for the crypto industry.
The Dallas Mavericks owner said that this way the commission keeps their thousands of lawyers busy and employed. And citing such actions, they also demand for more money from taxpayers, Cuban added.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
