Regulation
Mark Cuban Criticizes Gary Gensler’s Crypto Rules: ‘The Problem Isn’t Us, It’s You’
- SEC Commissioner Mark Uyeda calls for clear rules for crypto asset disclosure.
- Mark Cuban and Ethereum co-founder criticize SEC’s unclear crypto regulations.
Billionaire Entrepreneur Marc Cuban has once again spoken out publicly to criticize Chairman Gensler over his handling of cryptocurrency regulation.
Speaking to X (formerly Twitter), Cuban said:
“The problem is not that cryptocurrency companies don’t want to register. The problem is that it’s like trying to put a square peg in a round hole. It doesn’t fit.”
He added,
“If no one can sign up, the problem isn’t us. It’s you.”
Mark Cuban’s Dissent
Cuban’s remarks come from a statement issued by SEC Commissioner Mark Uyeda. On June 1, Uyeda focused on “the re-registration of indexed annuities and registered market value annuities.”
Explaining why this is interesting, Alexander GrieveParadigm’s head of government affairs took to X (formerly Twitter) and said:
“Because in the footnotes, he calls for updating Form S-1 to better accommodate the unique characteristics of cryptocurrencies. This is the first time, to my knowledge, that Uyeda has called for a tailored disclosure regime for crypto assets.”
Source: SEC.GOV
Taking on SEC Chairman Gary Gensler, Grieve noted:
“The SEC, under a different administration, would be a very different place.”
For context, S-1 forms, or “registration statements,” are filed by potential issuers such as asset managers like BlackRock and VanEck.
These forms detail the structure of the funds, their management and the operations of the proposed ETF product.
This recent war against Gensler has highlighted how the SEC has been scrutinizing various crypto companies back and forth for regulatory reasons, but has yet to take steps to provide clarity on regularity in the crypto space.
Buterin joins the fray
It’s important to note that Cuban wasn’t alone in sharing this line of thinking. Ethereum [ETH] co-founder, Vitalik Buterincertainly believed the same thing when he said,
“The main challenge in regulating cryptocurrencies (especially in the US) has always been this phenomenon that if you do something useless… you’re free and clear, but if you try to give your customers a clear story about where the returns are coming from and promises about their rights, then you’re screwed because you’re a “security.”
How will this affect Biden?
This is not the first time Cuban has spoken out against Chairman Gensler.
In fact, speaking recently at Coinbase’s State of Crypto Summit 2024, he hinted at how Gensler’s actions could have a negative impact President Joe Biden’s chances in the upcoming election.
So, as the US presidential election approaches, it will be interesting to see if the SEC provides any clarity on cryptocurrency regulation. If not, it could impact President Biden’s election prospects in 2024.