- Legendary Investor Criticizes SEC Rulemaking
- And confusion in the classification of tokens
Billionaire Mark Cuban has criticized the current SEC claims regarding the recognition of a number of tokens as securities. In his tweet, he provides a link to the agency’s documents. There they write extensively about dough Howey and how it applies to tokens.
“Unfortunately, all these items on the document page are not part of the registration process. That is, it is almost impossible to determine what is or is not a security in the cryptocurrency space. Even with the help of an army of securities lawyers.”
Kuban noted that in other areas the regulation process is much more transparent. For example, they have no claims to the shares of brokers or banks. It clearly describes the algorithm of what is considered a security, and on what basis.
“The SEC should do the same with cryptocurrencies. I think their difference in approach symbolizes their intention to work in one industry and not in another.”
The businessman comes to the conclusion that the US SEC has not provided cryptocurrency companies with a clear algorithm for registration. Investors and ordinary users may suffer from this in the first place. Especially if crypto firms flee the US offshore.
Previously, Mark Cuban called gold investors fools. And advised to buy BTC.