Shark Tank star Mark Cuban criticized the US Securities and Exchange Commission’s (SEC) approach to crypto regulation in a succession of posts to X (formerly Twitter)
Indeed, the owner of the NBA’s Dallas Mavericks did not mince words when he stated that the agency was ineffective in its primary aim.
In the essay, Cuban stated that the agency was “really, really bad at protecting investors from scams.” He has advocated for Japan’s approach to digital asset legislation. Using the Mt.
Gox crisis as a springboard for his thesis, he emphasized Japanese authorities’ ability to learn, adapt, and promote innovation. Cuban criticized the United States’ failure to achieve anything remotely equivalent.
Mark Cuban Criticizes SEC for Crypto Approach
Over the previous few years, the divide between the digital asset market and US authorities has only grown. Indeed, the government agency has consistently chosen an enforcement-based regulatory approach.
As a result, it has encouraged ambiguity and misunderstanding, as well as a rise in litigation filed against various corporations operating in the country.
Now, one of the country’s most notable businesspeople has spoken up. Mark Cuban, a longtime Bitcoin backer and Shark Tank star, took to X to criticize the SEC’s cryptocurrency regulations. He compared it to Japan’s strategy, highlighting a significant contrast between the two countries.
“Japan famously learned from Mt. Gox and renovated their regulation so that when the largest failures in crypto history happened, they didn’t hurt Japanese stakeholders,” Cuban said in his piece. “The SEC did not learn [expletive].” “Not a [expletive] thing when Mt. Gox happened,” he said.
Furthermore, Cuban stated that the SEC is “still so stupid as to believe that the mere registration process protects investors.” The only activities they take are after the fact. See Madoff. See FTX. See the Chinese stocks.”
Cuban then said that even the most dangerous scam tokens that the SEC attempts to control “haven’t lost as much money” as penny stocks that trade in failing corporations. Finally, the NBA owner stated his thoughts on the agency’s performance regarding its chief call.
“My point is that the SEC is bad at protecting investors,” he said. Finally, he admitted, “And as bad as I think they are, they are probably even worse.” In contrast, the statement is a clear indictment of how many people believe the government has addressed cryptocurrency regulation in the last year.
