Regulation
Mark Cuban Slams Gary Gensler’s Cryptocurrency Rules: ‘The Problem Is Not Us, It’s You’
- SEC Commissioner Mark Uyeda Calls for Clear Rules for Cryptocurrency Disclosure
- Mark Cuban and Ethereum co-founder criticize SEC’s opaque cryptocurrency regulations.
Billionaire Entrepreneur Cuban Mark returned to the public stage to harshly criticize Chairman Gensler over his handling of cryptocurrency regulation.
Addressing 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 register, the problem is not us. It’s you.”
Mark Cuban’s dissent
Cuban’s observations stem from a declaration issued by SEC Commissioner Mark Uyeda. On June 1, Uyeda highlighted the “new registration for indexed annuities and registered market-adjusted annuities.”
Explaining why this is interesting, Alexander GrieveParadigm’s head of government affairs reached out 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. To my knowledge, this is the first time Uyeda has called for a disclosure regime tailored to cryptocurrencies.”
Source: SEC.GOV
Taking aim at SEC Chairman Gary Gensler, Grieve observed,
“The SEC under a different administration would be a very different place.”
For context, Form S-1s, or “registration statements,” are filed by potential issuers such as asset managers like BlackRock and VanEck.
These modules describe in 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 cryptocurrency companies for regulatory reasons, but has yet to step in to provide clarity on the rule of law in the cryptocurrency industry.
Buterin joins the fray
It is important to note that Cuban was not alone in sharing this line of thinking. Ethereum [ETH] co-founder, Vitalik Buterinhe certainly believed the same thing when he said,
“The main challenge with cryptocurrency regulation (especially in the US) has always been this phenomenon where if you do something useless… you are free and transparent, but if you try to give your customers a clear story about where the profits are coming from and promise what rights they have, then you are screwed because you are ‘a guarantee.'”
How will all this affect Biden?
This is not the first time Cuban has spoken out against President Gensler.
In fact, speaking recently at Coinbase’s State of Crypto Summit 2024, he indicated how Gensler’s actions could have a negative impact President Joe Biden’s chances in the next election.
Therefore, as the US presidential election approaches, it will be interesting to see if the SEC provides any clarification on cryptocurrency regulations. If not, it could impact President Biden’s 2024 election prospects.