Billionaire Mark Cuban has accused Gary Gensler, the head of the Securities and Exchange Commission (SEC), of intentionally making it impossible for crypto companies to comply with registration rules.
In a social media post, Cuban said that the SEC’s actions are “destroying the crypto industry” by making it unrealistic for companies to operate legally.
Costly and Time-Consuming Compliance
Cuban argued that the SEC’s registration process is prohibitively expensive and time-consuming, even for legitimate companies. This, he says, creates an unfair advantage for “junk tokens” that can operate without fear of regulatory scrutiny.
Industry Wants Simple Registration
The crypto industry, according to Cuban, is eager to find a simple and effective way to register that can weed out fraudulent projects. However, he believes the SEC has made compliance a “Herculean feat” that is impossible for many companies to achieve.
Legacy of Gary Gensler
Cuban concluded by criticizing Gensler’s leadership, accusing him of making it “impossible for good companies to do the right thing.” He warned that Gensler’s actions will have a lasting negative impact on the crypto industry.
