- Mark Cuban commented on the SEC’s actions to label upwards of 60 crypto assets as securities.
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Cuban asked for regulatory clarity on cryptocurrencies and his stance was supported by other influencers.
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Cuban argued that other sectors have received much more transparency from the SEC in the registration process, which is missing for crypto.
Mark Cuban, the billionaire investor and American entrepreneur, commented on the Securities & Exchange Commission’s (SEC) enforcement action on crypto assets and exchanges. Cuban argues that the regulator failed to provide adequate information for registration of digital assets and that it is “near impossible” to tell which crypto assets are securities.
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Mark Cuban call for further clarity around crypto regulation
The billionaire entrepreneur argued that the SEC’s stance on cryptocurrencies is less transparent than other sectors of the economy. Cuban recently tweeted that an army of securities lawyers is required to determine which cryptocurrencies are securities.
Cuban reviewed the SEC’s web page about the Howey test and tokens that conflict with the financial regulator’s enforcement policy. Cuban told his 8.8 million followers that the document is worth a read to get more clarity on which asset is or isn’t a security.
This is an SEC WEB PAGE about the howey test and tokens that often conflicts with what @SEC_Enforcement has said publicly. It's worth a read to get more clarity on what may or may not be a security https://t.co/m5E9V0Pd18
— Mark Cuban (@mcuban) June 11, 2023
Unfortunately none of the elements presented in this… https://t.co/iZ9Gn5SADK pic.twitter.com/kGHgsZkOaH
While there is no step-by-step outline, the document explains what crypto firm requirements are pursuant to US federal securities laws. Among the requirements, the regulator has included the need to disclose all information necessary for investors to make “informed investment decisions” and other “essential managerial efforts” that impact the success of the enterprise.
US Senator Cynthia Lummis recently slammed the SEC for failing to provide a “robust legal framework” for cryptocurrencies and their regulation.
My statement on the SEC suing Coinbase, inc. https://t.co/5KNEM0IPSV pic.twitter.com/EgRIxrIcjj
— Senator Cynthia Lummis (@SenLummis) June 6, 2023
Senator Lummis’ stance is in line with Cuban’s take regarding the SEC crackdown on crypto. The SEC alleges that exchanges have violated several securities laws, most notably engaging in the sale of unregistered securities. The regulator now considers 68 crypto assets as securities and updated its allegations against the two crypto exchanges Binance and Coinbase.
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