Mark Cuban lashes out at SEC over crypto enforcement, says it's ‘near impossible' to know what's a security Cryptocurrencies
- Mark Cuban, the billionaire tech investor and cohost of Shark Tank, has joined the chorus of market participants and industry experts criticizing the U.S. Securities and Exchange Commission for refusing to provide crypto firms with a clear process for registration.
“In this guidance, we provide a framework for analyzing whether a digital asset is an investment contract and whether offers and sales of a digital asset are securities transactions,” the document reads, before going through the three key prongs of the Howey test as they relate to crypto. Cuban said the document, and the analysis it contains, are of limited value for U.S. crypto firms who want to become regulated. “Unfortunately none of the elements presented in this page are part of the registration process,” he wrote. “Which makes it near impossible to know, with or without an army of securities lawyers, what is or is not a security in the crypto universe.”
Cuban said the SEC should adopt the same approach in their dealings with crypto firms and token offerings. “I think their difference in approach is emblematic of their intent for one industry vs another,” he wrote. Cuban has been a staunch supporter of Bitcoin and the crypto community in recent years. In a December appearance on comedian Bill Maher's ‘Club Random’ podcast, he stuck up for Bitcoin, which had lost much of its value since the market peak in late 2021, while denigrating gold as an investment.
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