Business magnate Mark Cuban says Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), is trying to undermine the crypto industry with deliberately impossible regulations.
In a lengthy post on social media platform X, the Shark Tank star say the SEC and Gensler have created an environment that makes enforcing 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. Because the SEC has decided to litigate to regulate rather than make any effort to improve compliance, it is now a no from me if I get an investment opportunity that is going to release a token.
Not because of the company itself, but because the SEC does not allow the company to continue to exist. The costs in time and legal fees to try to register and comply make it impossible to operate realistically.”
The billionaire further says that the digital asset industry wants an easy and simple way of recording that filters out noise. Instead, Cuban says the regulator has made compliance a huge achievement.
“They have created a destructive environment that could easily be remedied in a way that would dramatically increase compliance and actually protect investors. The crypto industry wants a way to register and comply. It wants a way to keep out the speculative noise.
Instead, the SEC makes it so expensive, time-consuming, and difficult for those who want to comply, that the junk tokens sit side by side with real companies and investors have no way of knowing what’s bullshit and what’s 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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