Mark Cuban, the billionaire investor and crypto enthusiast, is not happy with the SEC’s approach to regulating the crypto industry. He believes the SEC’s crackdown is pushing companies overseas and ultimately harming the industry.
“Regulation by Litigation” is a Disaster
Cuban argues that the SEC’s “regulation by litigation” approach is causing more harm than good. He prefers clear, upfront regulations rather than the SEC’s current method of creating rules through lawsuits. He even confronted SEC Chairman Gary Gensler directly, telling him that his actions are “screwing up the whole thing.”
FTX and 3AC: A Case of Missed Opportunities
Cuban believes that if the SEC had implemented clear regulations, companies like FTX and 3AC might still be in business. He argues that if the SEC had adopted a more proactive approach, similar to Japan’s regulations, these companies could have operated responsibly and protected investors.
Kamala Harris Knows Gensler “Screwed It Up”
Cuban, who has endorsed Kamala Harris for the upcoming presidential election, believes that the Biden-Harris administration made a mistake by appointing Gensler as SEC chairman. He claims that Harris and her campaign are aware of Gensler’s shortcomings and are not publicly supporting him.
Cuban’s “Trolling” Offer
Cuban’s offer to be the SEC’s new chairman was a way to highlight his concerns and “troll” Gensler. He wanted to send a message that Gensler’s approach is flawed and needs to change.
