Mark Cuban: SEC regulation of cryptocurrency would be a ‘nightmare’

The Securities and Exchange Commission that regulates how cryptocurrencies are registered, according to Mark Cuban, would be nothing short of a “nightmare.”

Billionaire “Shark Tank” star and owner of the Dallas Mavericks chirp That sentiment over the weekend, after a tweet from Senator Patrick Tomei (R-PA) criticized the Securities and Exchange Commission.

Tommy Out-of-service What he described as an “enforcement-regulatory approach” to the crypto industry by the agency, which was recently File civil and criminal charges Against three individuals, including a former Coinbase employee, accused of illegal insider trading.

In court filings, the SEC claimed at least Nine Cryptocurrencies Unregistered securities are traded on the Coinbase exchange. Tommy thinks it would have been better if the SEC had made it clear what it would take to classify digital assets as a security before charging individuals.

“Yesterday’s enforcement action is a perfect example that the SEC has a clear say on how and why tokens are classified as securities,” he said. “However, the Securities and Exchange Commission failed to disclose its view before initiating enforcement action.”

The senator added that the SEC’s actions will make it difficult for investors and innovators to comply with laws and regulations due to a lack of transparency or clarity.

“I think that’s bad? Wait until you see what they come up with to record the icons” Cuban He said. “This is the nightmare that awaits the crypto industry.”

It is also related to video Asked for guidance from the Securities and Exchange Commission (SEC) on insider trading rules in 2014, he expressed frustration with his guidance on no-action letter filing rules dating back to 1980, saying they were unclear.

“This certainly will not help any ordinary individual who is thinking of buying shares in the market,” he said in the video. “It won’t help them understand insider trading, and it won’t give them comfort because they are doing everything they can to not break the law.”

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