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Mark Cuban condemns the SEC’s approaches to regulating cryptocurrencies

Billionaire Mark Cuban criticizes the president SEC Gary Gensler for vague rules for Bitcoin businessmen and investors.

Cuban’s tweets were in response to Gensler’s recent article in the Wall Street Journal, where he drew attention to the need to regulate the cryptocurrency market similar to traditional finance.

“The SEC will act as a police officer. “We must provide standard investor protection in the Bitcoin market,” the SEC chairman said.

Cuban asked Gensler to clarify the format that companies must communicate with the regulator.

“Who should they contact and how should they make an appointment? If you are interested in crypto credit and finance, why not post the clear guidelines you want to see and open them for comment?” the billionaire wrote.

In his article, Gary Gensler talked about the situation with blockchain platform BlockFi, which, among other things, had to pay $100 million to meet demands from the SEC and other financial regulators.

According to the head of the division, BlockFi failed to register high-yielding interest-bearing accounts as securities and did not provide the necessary information to investors.

“I encourage platforms that offer cryptocurrency lending to come and talk to SEC staff. Bringing these platforms into compliance with securities laws will benefit investors and the cryptocurrency market,” Gensler added.

A year ago, the head of the regulator wrote on Twitter that “the agency’s strict enforcement regime is to follow the facts and the law wherever they lead.”

Cuban also criticized this approach:

“If you work on behalf of investors, you should help them ask and answer questions. But, on the contrary, you make such a dialogue almost impossible. Do not leave an opportunity to those who cannot afford the legal service.

Earlier, Mark Cuban called the “silly” idea of ​​acquiring land, mansions and other real estate in virtual worlds.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.

Source: Fork Log

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