Billionaire Mark Cuban Predicts US SEC Will Impose ‘Nightmare’ Crypto Rules

Shark Tank star and Dallas Mavericks NBA team boss Mark Cuban recently warned that the U.S. Securities and Exchange Commission (SEC) will roll out token registration rules that look like the “nightmare that awaits the cryptocurrency industry.”

Billionaire Mark Cuban warned in a tweet on Saturday about how the SEC will regulate tokens.

The warning came in response to a tweet by US Senator Pat Toomey (R-PA) after he delivered a blow to the securities watchdog over enforcement action against a former Coinbase employee. Only nine tokens listed on this exchange are securities.

Cuban’s tweet included a link to a YouTube video of him trying to send a letter of inaction to the SEC to make sure the stock purchase he was about to make wouldn’t violate insider trading laws.

However, the billionaire proved that the process is complicated and stressed it does not give investors confidence that they will not break the law. “What I saw shocked me,” Cuban wrote after going through the process as directed by the SEC.

Mark Cuban has previously criticized the SEC for taking an enforcement-focused approach to regulating the crypto sector. In August, the boss of the Dallas Mavericks questioned SEC Chairman Gary Gensler about his focus on “investor protection.”

“If you were working on behalf of investors you make it easy for questions by investors and businesspeople to be asked and answered. You make it near impossible. Those [who] can’t afford lawyers can only guess,” he stressed.

The SEC was recently criticized for regulating the crypto sector by enforcement. Last week, US Representative Tom Emmer condemned the SEC for “suppressing companies beyond their jurisdiction.”

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