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Mark Cuban warns of coming ‘nightmare’ crypto regulation from SEC
Shark Tank star and Dallas Mavericks proprietor warned that the SEC would introduce new guidelines on crypto token registration that he described as a nightmare for the crypto business.
The United States Securities and Exchange Commission has acquired rather a lot of criticism currently over the best way it dealt with points within the digital belongings business. The newest high-profile persona to air his concern is billionaire Mark Cuban who warned that the SEC would possibly give you nightmare crypto regulation.
In a tweet on July 23, the Shark Tank star and Dallas Mavericks proprietor warned that the SEC would introduce new guidelines on crypto token registration that he described as a nightmare for the crypto business. His tweet was a response to a tweet by U.S. Senator Pat Toomey who criticized the regulator for its enforcement motion towards a former worker of the crypto alternate Coinbase the place the watchdog recognized 9 tokens as securities, based on Bitcoin.com.
In his publish, Senator Toomey slammed the regulator for taking motion but failing to open up to market individuals the way it determines if a token is assessed as a safety. “Yesterday’s enforcement action is the perfect example of the SEC having a clear opinion on how and why certain tokens classify as securities,” Senator Toomey posted on Twitter on July 23. “Yet the SEC failed to disclose their view before launching an enforcement action.”
Cuban responded to Toomey’s tweet by suggesting that issues may nonetheless worsen. “Think this is bad? Wait till you see what they come up with for registration of tokens,” the billionaire tweeted on the identical day. “That’s the nightmare that’s waiting for the crypto industry. How else do you keep thousands of lawyers employed and create reasons to ask for more taxpayer money?”
Aside from Senator Toomey, Tom Emmer, the Republican Congressman from Minnesota, additionally criticized the SEC’s for its latest enforcement actions and even described it as a power-hungry regulator that threatened gamers within the digital belongings business. “Time and time again, you placed the cause of blame for this erosion of trust almost squarely on the shoulders of industry participants and companies,” Emmer instructed SEC Enforcement Director Gurbir Grewal on the House Committee on Financial Services listening to.
“Mr. Grewal, the SEC is in no way blameless here…,” he added. “Under Chair Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, baiting companies to ‘come in and talk’ to the Commission, then hitting them with enforcement actions, discouraging good-faith cooperation”
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