In a recent statement, billionaire entrepreneur and owner of the NBA team Dallas Mavericks, Mark Cuban, accused Gary Gensler and the Securities and Exchange Commission (SEC) of trying to hinder the developing cryptocurrency industry.
Cuban argues that the SEC's attempt to enforce compliance through litigation rather than regulation creates an unfriendly environment for new participants. Cuban says:
"They make it impossible to comply with registration rules. The time and legal fees spent registering and complying make it realistically impossible to do business."
Cuban also explains that this approach by the SEC causes it to avoid investing in companies that plan to issue tokens. Cuban states:
âIf I come across the opportunity to issue tokens, I no longer hesitate to say no. It is not because of the company itself, but because the SEC does not allow the company to operate.â
The entrepreneur also criticizes the SEC for creating a "destructive environment" rather than increasing compliance and protecting investors to improve the industry. Cuban believes the cryptocurrency industry is eager to find a way to register, comply, and separate legitimate tokens from âjunk tokens.â
But Cuban argues that the SEC's approach makes compliance so expensive and time-consuming that it is difficult for companies to distinguish themselves from more reputable organizations. âJunk tokens exist on the same platform as real companies, and investors have no way to distinguish between junk and reality,â he says.
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