Amid growing regulatory concerns in the United States, more industry leaders are beginning to speak out against the Securities and Exchange Commission (SEC) and its chairman Gary Gensler. The latest to join the series of criticisms is billionaire investor Mark Cuban. Taking to your official account X, Cuban border the failures of the SEC chairman in leading the affairs of the commission.
Amid growing regulatory concerns in the United States, more industry leaders are beginning to speak out against the Securities and Exchange Commission (SEC) and its chairman Gary Gensler. The latest to join the series of criticisms is billionaire investor Mark Cuban. Taking to your official account X, Cuban border the failures of the SEC chairman in leading the affairs of the commission.
According to Cuban, contrary to the claims and precept upon which the SEC was founded, Gary Gensler has not protected any investors against fraud. Rather, Cuban highlighted that Gensler has made it “nearly impossible for legitimate crypto companies to operate, killing who knows how many companies and ruining who knows how many entrepreneurs.”
Regulation through SEC enforcement tactics remains a major concern for many cryptocurrency stakeholders. Over the past year, the SEC has launched a legal fight against CoinbaseBinance and Kraken on the state of the values of their listed assets.
In particular, the regulator stated that major digital currencies such as Ethereum (ETH), Cardano (ADA), Solana (SOL) and Polygon (MATIC) are investment contracts.
This classification has sparked a series of debates, especially in relation to Ethereum. With the immediate approval of the Ethereum ETF on the horizon, the industry is unsure of the fate of the product. At the moment, the consensus is that the approval rate is low and clarity on the market regulator’s position is limited.
Taking advantage of this lack of clarity, Mark Cuban has lent his voice to demand that Congress hand over the regulation of the crypto ecosystem to the Commodity Futures Trading Commission (CFTC).
Over the past few years, a subtle power struggle has persisted between the SEC and the CFTC with often conflicting opinions on which assets do and do not constitute market security.
Overall, the clamor for cryptocurrency regulation remains stronger than ever with the arrival of spot Bitcoin ETF products.
