Mark Cuban Slams SEC Crypto Regulations

In a series of posts on X (formerly Twitter), the Shark Tank star Marc Cuban has called out the United States Securities and Exchange Commission (SEC) for its crypto regulation tactics. Indeed, the owner of the NBA’s Dallas Mavericks did not mince his words when he noted the agency’s ineffectiveness in its primary objective.

In the post, Cuban said the agency was “really, really bad at protecting investors from scams.” Additionally, he defended Japan’s approach to regulating digital assets. Using the Mount Gox situation as the basis for his argument, he highlighted the ability of Japanese regulators to learn, adapt and advocate innovation. While Cuban berated the United States’ failure to do something similar.

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Mark Cuban calls out SEC for its crypto approach

Over the past few years, disagreements between the digital asset market and US regulators have only deepened. Indeed, the government agency has always opted for regulation through a coercive approach. Subsequently, this encouraged vagueness and confusion, as well as an increase in lawsuits filed against various companies operating in the country.

Today, one of the country’s most prominent entrepreneurs has spoken out. Longtime cryptocurrency advocate and Shark Tank star Mark Cuban took to X to chastise the SEC for its cryptocurrency regulation. Specifically, he compared it to Japan’s approach, illustrating a huge dichotomy between the two countries.

“Japan learned from Mt. Gox and renovated its regulations so that when the biggest failures in crypto history occur, they do not harm Japanese stakeholders,” Cuban said in his post. “The SEC has not learned [expletive]. Not one [expletive] thing when Mt. Gox has arrived,” he added.

Read also: SEC Challenges Ripple (XRP) Defense in Final Response

Additionally, Cuban said the SEC is “still stupid for thinking that the simple registration process protects investors.” The only actions they take are after the fact. See Madoff. See FTX. See Chinese stocks.

Afterward, Cuban said that even the most harmful fraudulent tokens that the SEC seeks to regulate “have not lost as much money” as penny stocks traded in bankrupt companies. Finally, the NBA owner expressed his opinion on the agency’s performance regarding his primary call.

“My point is, the SEC is really, really bad at protecting investors,” he said. Finally, he said, “And as bad as I think, they’re probably worse.” » Conversely, the statement is certainly an indictment of the number of people who believe the agency has addressed cryptocurrency regulation over the past year.

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