tl;dr
Mark Cuban criticizes SEC Chairman Gary Gensler for failing to protect investors and hindering legitimate crypto businesses. The SEC's regulatory tactics, particularly regarding Coinbase, Binance, and Kraken, have sparked concerns in the crypto community. Mark Cuban advocates for Congress to transfe...
Billionaire investor Mark Cuban criticizes SEC Chairman Gary Gensler for failing to protect investors and hindering legitimate crypto businesses. The SEC's regulatory tactics, particularly regarding Coinbase, Binance, and Kraken, have sparked concerns in the crypto community.
Cuban advocates for Congress to transfer crypto regulation to the Commodity Futures Trading Commission (CFTC) due to the lack of clarity and power struggles between the SEC and CFTC. The push for crypto regulation intensifies with the potential approval of spot Ethereum ETF and the emergence of spot Bitcoin ETF products.
The latest to join the series of criticisms is billionaire investor Mark Cuban. According to Cuban, unlike the claims and the precept upon which the SEC was founded, Gary Gensler has not protected a single investor against fraud. Rather, Cuban highlighted that Gensler has made it "nearly impossible for legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many entrepreneurs."
The regulation by enforcement tactics of the SEC remains a major concern for many crypto stakeholders. Over the past year, the SEC has picked up a legal fight against Coinbase, Binance, and Kraken over the securities status of their listed assets. Notably, the regulator claimed that top digital currencies like Ethereum (ETH), Cardano (ADA), Solana (SOL), and Polygon (MATIC) are investment contracts.
Drawing on this lack of clarity, Mark Cuban has lent his voice to demand that Congress should hand over the regulation of the crypto ecosystem to the Commodity Futures Trading Commission (CFTC).
For the past few years, there has remained subtle power tussle between the SEC and CFTC with often contradictory takes on what assets constitute market security or not. In all, the clamor for crypto regulation remains stronger than ever with the advent of spot Bitcoin ETF products.
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