Billionaire wants SEC to issue comprehensive cryptocurrency guidelines
In a recent tweetbillionaire Mark Cuban has criticized the regulatory approach of the United States Securities and Exchange Commission.
Cuban urged the agency to publish “clear regulations” which would then be open for discussion.
The Dallas Mavericks owner’s comment came in response to a Wall Street Journal editorial which was recently authored by SEC Chairman Gary Gensler.
The SEC’s “regulation by enforcement” approach has come under fire after the agency sued blockchain company Ripple.
Gensler says securities laws should be applied to cryptocurrency assets despite how new the technology is. He drew a comparison between cryptocurrencies and cars, which continue to use basic security features despite advancements in the automotive industry.
According to Gensler, cryptocurrencies should not get preferential treatment just because they use different technology.
According to Gensler, recent tumultuous events in the crypto industry show that crypto companies must comply with existing securities laws.
The SEC boss pointed out that those cryptocurrency lending platforms that offer securities fall under the jurisdiction of the United States Securities and Exchange Commission.
Gensler urged crypto credit companies to “come talk” in order to stay compliant.
“Are you using Calendly these days?” Cuban joked in response to Gensler’s request. The billionaire says it’s unclear how crypto firms are supposed to communicate with the SEC.
As reported by U.Today, Gensler has repeatedly mentioned that the majority of cryptocurrencies are unregistered securities. However, he recently clarified that Bitcoin is a commodity.