Shark Tank star Mark Cuban has become the latest voice of dissent against the Securities and Exchange Commission (SEC), saying proposed crypto regulations lack clarity.
After the FTX collapse, the US has toughened its stance against the crypto ecosystem. Particularly, the SEC has been targeting crypto companies with legal actions.
Mark Cuban Calls out SEC for Lack of Clarity
On Sunday, Cuban attached screenshots of SEC’s Framework for “Investment Contract Analysis of Digital Assets” in a tweet. He claimed that SEC’s public statement on crypto often conflicts with the framework.
Criticizing the regulators’ registration process, Cuban said it is nearly impossible to know what is or is not a security in the crypto universe.
He compared crypto with the stock loan industry. Cuban believes while the regulators prefer enforcement to dialogue for the crypto industry, they have been comparatively fair with the stock loan sector.
Senator Cynthia Lummis Promises Regulation
Senator Lummis also criticized the SEC for suing Coinbase last week. She wrote:
The SEC’s continued reliance on regulation by enforcement continues to harm consumers. Real consumer protection requires creating a robust legal framework that exchanges can comply with, not pushing the industry offshore or into the shadows.
On Saturday, Republican Senator Lummis declared that she has been working on a regulatory framework for the digital assets industry. Meanwhile, some industry experts believe Democrats’ anti-crypto stance might cost them the 2024 election.
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