- Mark Cuban suspects the SEC to come up with a new crypto registration rule.
- Cuban’s suspicion was in regards to the enforcement action taken with the first ever crypto insider case.
- The Shark Tank star first slammed SEC over its enforcement-centric approach to crypto regulation in August.
Shark Tank star Mark Cuban, an American billionaire entrepreneur and owner of NBA team Dallas Mavericks, forewarned his 8.7 million Twitter followers on Saturday regarding the US Securities and Exchange Commission (SEC) crypto token regulation.
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Last week, the SEC charged a former Coinbase manager with the first ever crypto insider case and discovered that nine crypto tokens were classified as securities. On the other hand, Coinbase denied the SEC claim that they listed crypto securities.
US Senator Pat Toomey criticized the SEC in a tweet and stated that the enforcement action is “the perfect example of the SEC having a clear opinion on how and why certain tokens classify as securities. Yet the SEC failed to disclose their view before launching an enforcement action.”
Cuban, who’s also a Dogecoin fan, replied to Senator Toomey’s tweet suspecting that the SEC will come up with new rules on token registration. Adding that the new rule will cause a “nightmare” to the crypto industry and their hired lawyers will create a reason to “ask for more taxpayer money.”
The tweet ended with an old Youtube video of Cuban trying to submit a no-action letter, which guarantees that a bought stock wouldn’t violate the insider trading laws, to the SEC. In this video, the Shark Tank star said investors will not be confident that they will not break the law, while showing how complex the process is.
This is not the first time the billionaire criticized the SEC. In August, Cuban slammed SEC Chairman Gary Gensler over his “investor protection” focus and then taking an enforcement-centric approach to crypto regulation.
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