Like most investors (and everyday Americans), billionaire Mark Cuban is not happy with the Securities and Exchange Commission (SEC). In fact, he’s downright angry with the institution and says it’s abusing its power. Mark Cuban Targets the SEC in Twitter Slam In a recent interview, the owner of the Dallas Mavericks basketball team criticized the agency’s decision to go after Coinbase, the biggest and most popular crypto exchange in the U.S. He says the SEC is doing nothing to help financial companies grow, nor is it helping to boost innovation. Instead of filing a lawsuit, he says the agency should have tried to help the company regulate itself and fall into compliance if it was disobeying present rules. Cuban took to Twitter to accuse the SEC of not wanting to
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Like most investors (and everyday Americans), billionaire Mark Cuban is not happy with the Securities and Exchange Commission (SEC). In fact, he’s downright angry with the institution and says it’s abusing its power.
Mark Cuban Targets the SEC in Twitter Slam
In a recent interview, the owner of the Dallas Mavericks basketball team criticized the agency’s decision to go after Coinbase, the biggest and most popular crypto exchange in the U.S. He says the SEC is doing nothing to help financial companies grow, nor is it helping to boost innovation. Instead of filing a lawsuit, he says the agency should have tried to help the company regulate itself and fall into compliance if it was disobeying present rules.
Cuban took to Twitter to accuse the SEC of not wanting to help crypto firms in any way, shape, or form. Rather, all it’s interested in doing is shutting the doors on them and preventing them from getting any further within America’s borders. He commented:
They don’t want to help companies get to compliance. They want to challenge them to get to compliance. They are full of lawyers. Lawyers want to litigate.
He further stated that the present Coinbase lawsuit – as well as the many other actions it’s taken over the past several weeks – is exactly why most people in the country don’t trust the agency or hold it in the brightest light. He stated:
As it is, no one wants to talk to the SEC because no one trusts them for fear of being in the same situation as Coinbase finds itself.
The SEC has long taken a road of regulation through enforcement. It hasn’t bothered to help carve out any rules or legislation pertaining to crypto agencies or new financial firms. Rather, it has an attitude of, “We’re coming after you because we think you’re smaller and weaker.” It behaves very much like a schoolyard bully and tries to pick on people rather than reason with them or get to know them better.
Aside from Coinbase, the SEC shocked the world a few weeks back when it announced it was charging crypto exchange platform Binance with several crimes including selling and offering unregistered securities and mixing customer and company funds. In addition, the company also went after Kraken, a popular crypto exchange in Northern California.
So Many Companies Have Been Victimized
Choosing to settle with the agency, Kraken was forced to part with a $30 million penalty fee. It was also made to end all its staking activities and services.
As it turns out, the SEC’s actions are really starting to rub certain members of Congress the wrong way. Not long ago, House conservatives put out a new bill that if passed, would see the full restructuring of the SEC and the firing of Gary Gensler.