Business magnate Mark Cuban says that Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), is attempting to undermine the crypto industry with deliberately impossible regulations.
In a lengthy post on the social media platform X, the Shark Tank star says the SEC and Gensler have created an environment that makes compliance with their rules an unrealistic task.
“This is how Gary Gensler and the SEC are trying to destroy the crypto industry. They make it impossible to comply with registration rules. Since the SEC decided to litigate to regulate rather than make any effort to increase compliance, if I get an investment opportunity that is going to release a token, it’s now a no from me.
Not because of the company itself, rather because the SEC will not allow it to operate. The cost in time and legal fees to attempt to register and comply make it impossible to realistically operate.”
The billionaire goes on to say that the digital asset industry wants an easy and simple way to register that filters out noise. Instead, Cuban says the regulatory agency has made compliance a Herculean feat.
“They have created a destructive environment that could easily be remedied in a way that would increase compliance dramatically and actually protect investors. The crypto industry wants a way to register and comply. It wants a way to keep the speculative noise out.
Instead, the SEC makes it so expensive, time-consuming and difficult for those who want to comply, that the junk tokens are side by side with real companies and investors have no way to know what is garbage and what is real. This is the legacy of Gary Gensler. He has made it impossible for good companies to do the right thing.”
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