Billionaire Mark Cuban anticipates "nightmare" Crypto Registration rules from the SEC

Billionaire Mark Cuban anticipates "nightmare" Crypto Registration rules from the SEC

Mark Cuban, a Shark Tank contestant and owner of the Dallas Mavericks in the NBA, has issued a warning that the SEC is proposed requirements for token registration will be "the nightmare that is waiting for the Crypto business."

 

Mark Cuban Predicts 'Nightmare' Crypto Regulation from the SEC

 

The NBA franchise Dallas Mavericks owner, billionaire Mark Cuban of Shark Tank fame, issued a warning on Saturday over how the SEC will regulate cryptocurrency tokens.

 

He issued the warning in reaction to a tweet from U.S. Senator Pat Toomey (R-PA), who criticized the securities watchdog for taking enforcement action against a former employee of Coinbase after nine Cryptocurrency tokens were classified as securities.

 

Also Read: A Detailed Guide To The Coinbase Account Recovery

 

The claim that Coinbase listed Crypto securities was swiftly denied.

 

The enforcement action, according to Toomey, "is the perfect illustration of the SEC having a strong perspective on how and why specific tokens count as securities.

 

 

However, the SEC did not express its opinion before taking enforcement action.

 

Also Read: Binance Fined $3.4 Million By Dutch Central Bank

 

For the crypto business, the SEC is proposed guidelines on how to register crypto tokens will be a "nightmare," according to Cuban, whose net worth is estimated to be $4.7 billion.

 

Toomey received his response, "Think this is bad?

 

Watch to see what they come up with for token registration.

 

The crypto sector is in for a nightmare, the Shark Tank participant stated. How else would you maintain the employment of thousands of attorneys and find justifications for requesting more tax dollars?

 

The SEC noted on its website that "most no-action letters summarise the request, assess the specific facts and circumstances involved, [and] discuss applicable laws and rules."

 

Also Read: How To Unlock A Restricted Coinbase Account?

 

The SEC staff "would not recommend that the Commission initiate enforcement action against the requester based on the facts and representations disclosed in the individual is or entity's request" if the request for no action is granted.

 

Cuban has already criticized the SEC for focusing its regulation of the Cryptocurrency Industry on enforcement.

 

The owner of the Dallas Mavericks criticized SEC Chairman Gary Gensler in August for his emphasis on "investor protection."

 

"If you were representing investors, you would make it simple for entrepreneurs and investors to ask questions and get answers.”

 

You almost make it impossible.

 

Those without the means to hire attorneys may only speculate, he insisted.

 

The SEC has recently been under fire for enforcing regulations on the Cryptocurrency Industry. Congressman Tom Emmer of the United States similarly criticized the SEC last week for "cracking down on corporations outside its jurisdiction."

 

"Under Chair Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, enticing corporations to "come in and talk" to the Commission, then slamming them with enforcement measures, discouraging good-faith collaboration," the speaker claimed.