American billionaire and crypto enthusiast Mark Cuban has expressed his anger with the SEC’s approach to crypto regulation on a public platform after SEC Chair Gary Gensler said, “We can dispense with the idea that crypto lending isn’t subject to regulation. On the contrary, the rules have been around for decades. The platforms aren’t following them.”
SEC implied that there is no reason to treat the crypto market differently from the rest of the capital markets just because it uses a different technology. Gensler also said, “Non-compliance isn’t the inevitable result of the crypto business model or underlying crypto technology.”
Sponsored
Responding to Gensler’s op-ed in the Wall Street Journal, Cuban tweeted, “Come in and talk to who? Set up an appointment how? You using Calendly these days? Since you understand crypto lending/finances, why don’t you just publish bright line guidelines you would like to see and open it up for comments?”
Come in and talk to who ? Set up an appointment how ? You using Calendly these days ? Since you understand crypto lending/finances, why don't you just publish bright line guidelines you would like to see and open it up for comments ? https://t.co/N3KQAnutl9
— Mark Cuban (@mcuban) August 22, 2022
A Continued Twitter Battle
In a previous tweet, Gensler had said, “The spirit of the law is about protecting investors. Our rigorous enforcement regime @SECGov is about following the facts and the law, wherever they may lead, on behalf of investors and working families.”
Gensler added, “This includes deceptive conduct by private funds, offering or accounting frauds, insider trading, market manipulation, failures to act in retail customers’ best interests, reporting violations, best execution and fiduciary violations, or any other form of misconduct.”
Cuban’s angry response was “This is such Bullshit. You didn’t start the BS, pls don’t continue it. If you were working on behalf of investors you make it easy for questions by investors and businesspeople to be asked and answered. You make it near impossible. Those can’t afford lawyers can only guess.”
This is such Bullshit. You didn't start the BS, pls don't continue it. If you were working on behalf of investors you make it easy for questions by investors and businesspeople to be asked and answered. You make it near impossible. Those can't afford lawyers can only guess. https://t.co/CV7WC5ZmDx
— Mark Cuban (@mcuban) August 23, 2021
On the Flipside
- Cuban has been named in the Voyager digital lawsuit for allegedly participating in a Ponzi scheme.
Why You Should Care
People have shown support to Mark Cuban for calling out Gensler and SEC’s empty words.
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