Crypto:
30349
Bitcoin:
$64.238
% 0.84
BTC Dominance:
%54.0
% 0.22
Market Cap:
$2.34 T
% 1.02
Fear & Greed:
63 / 100
Bitcoin:
$ 64.238
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

Mark Cuban Slams SEC for Stifling Crypto Innovation: “They’re Making it Impossible to Comply”

Mark Cuban

Billionaire entrepreneur and Dallas Mavericks owner Mark Cuban has once again taken aim at the Securities and Exchange Commission (SEC), accusing the agency of stifling innovation in the burgeoning cryptocurrency industry.

In a recent interview, Cuban reiterated his criticism of SEC Chairman Gary Gensler and the agency’s enforcement-centric approach to regulating crypto. He argues that the SEC’s focus on litigation, rather than incentivizing compliance, has created a hostile environment for new entrants to the space.

“They’re making it impossible to comply with the rules,” Cuban stated. “The time and legal costs of trying to register and comply make it impractical to operate realistically.”

Cuban further revealed that the SEC’s stance has discouraged him from investing in companies planning to issue tokens. “If I come across an investment opportunity that’s going to do a token offering, I say no now,” he explained. “And it’s not because of the company itself, it’s because the SEC is not going to let them operate.”

The outspoken entrepreneur also criticized the SEC for creating a “destructive environment” instead of working to improve the industry through enhanced compliance and investor protection measures. Cuban believes that the crypto industry is willing to find ways to register, comply, and differentiate legitimate tokens from “junk tokens.”

However, he argues that the SEC’s approach makes it difficult for companies to distinguish themselves from less reputable entities due to the exorbitant costs and time associated with compliance. “Junk tokens are sitting right next to real companies, and there’s no way for investors to know what’s crap and what’s real,” Cuban lamented.

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