Home Business Billionaire Mark Cuban explains why the SEC’s stance on crypto is “incredibly hypocritical”

Billionaire Mark Cuban explains why the SEC’s stance on crypto is “incredibly hypocritical”

Billionaire Mark Cuban explains why the SEC’s stance on crypto is “incredibly hypocritical”

In a recent interview, billionaire investor and entrepreneur Mark Cuban criticized the United States Securities and Exchange Commission (SEC) for its handling of crypto.

Cuban is the majority owner of the professional basketball team Dallas Mavericks, as well as one of the “sharks” of the hugely popular reality show “Shark Tank” (which airs on the ABC television network).

Cuban’s comments were made during an interview (published August 7) ​​with “Altcoin Daily”.

The Shark Tank star said:

The SEC is incredibly hypocritical. You know, they talk about trying to protect investors. You know what pink leaves are?… I just watched this yesterday because two days ago because someone asked me. There are 16,750 stocks of pink sheets…probably around [the same as] the number of tokens. There is no protection for anyone coming from the SEC, and that is already within their purview.

They are supposed to protect you. There are funds – ETFs and others – that incorporate equities from countries that have no SEC-type protection. They do not care. You can still buy and sell them. There are companies that are bought and sold on major exchanges that have no audit rights. You have no idea if the numbers are correct.

And so when the SEC comes along and says they want to protect crypto investors, they’re not even doing their job with the area where they’re supposed to be doing their job, and then you have the problem of their approach to trying to figure it out . The SEC does what’s called “regulation through litigation,” which means it doesn’t say “here are the rules we want everyone to follow, give us your feedback.” They are doing what they did with Coinbase. They file a complaint. And they will sue you and their hope is that the result of the lawsuit will then turn into a precedent that they can use to enforce the way they want to enforce it.

It’s not like anyone today can just call the SEC and say “OK, we want to issue a token…we have this crypto business, tell us what we need to do”… As a result, there’s all this uncertainty, which is why you’ve seen more crypto businesses in Singapore, the Bahamas, and the British Virgin Islands, Cayman, all these different places, and people have afraid to do anything here.

And now you’re looking at big companies like Coinbase [that] create jobs, and they’re trying to do it right…they fuck themselves…There was – I forget – what politician who said we should do it through the CFTC instead of the SEC, and they got right because the SEC cares more about hiring more lawyers than doing it right.


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