Billionaire Mark Cuban criticizes chairman SEC Gary Gensler for fuzzy rules for bitcoin businessmen and investors.
Cuban’s tweets were a response to a recent Gensler’s article in the Wall Street Journalin which he pointed out the need to regulate the cryptocurrency market by analogy with traditional finance.
“The SEC will act as a police officer. We must provide standard investor protection in the bitcoin market,” wrote the head of the SEC.
Cuban asked Gensler to clarify the format in which firms should communicate with the regulator.
“Who should they communicate with and how to make an appointment? Since you’re into crypto lending and finance, why don’t you just post the clear guidelines you’d like to see and open them up for comment?” the billionaire wrote.
In his article, Gary Gensler, among other things, mentioned the situation with the blockchain platform BlockFi, which must pay $100 million to settle claims from the SEC and other financial regulators.
According to the head of the department, BlockFi was unable to register high-yielding interest-bearing accounts as securities and did not provide investors with relevant information.
“I encourage platforms offering cryptocurrency lending to come and speak with SEC staff. Bringing these platforms into compliance with securities laws will benefit investors and the cryptocurrency market,” Gensler added.
A year ago, on Twitter, the head of the regulator already wrote that “the strict enforcement regime of the agency is to follow the facts and the law, wherever they lead.”
Cuban also criticized this approach:
“If you are working on behalf of investors, you should help them ask and answer questions. However, you, on the contrary, make such a dialogue almost impossible. And do not leave a chance for those who cannot afford the services of lawyers.
Previously, Mark Cuban called the “stupid” idea of acquiring land, mansions and other real estate in virtual worlds.
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