We all know that the SEC has started to regulate the crypto space. And it is getting very difficult for companies to start following every law and become compliant. Mark Cuban even criticises the SEC for the same reason saying that the rules are almost impossible to follow. It seems like there is a clash of interest going on here, but it’s clear that the SEC has become too strict with the laws. If something isn’t done fast, it could strangle the growth of the crypto industry.
Mark Cuban calls SEC laws ‘bullshit.’
The laws that are being formulated by the SEC are in the name of customer protection. In fact, the SEC chairman has recently made a statement that their goal is to protect the investors and these laws are just for that. But Mark Cuban believes that this is utter ‘bullshit’. He believes that the SEC is doing for their own agenda because if it was for the public, then they would have made it easy for their questions to be answered. And as of now, that is not the case, and anyone without a lawyer is blind.
The main idea is that the SEC is not attempting to solve any problems; they are trying to target businesses and people. Mark thinks there is no point in going up to the edge of a rule to make a point. If the SEC actually wants to help people, they can do so by making the laws clearer. All laws right now are very difficult to follow, and it will just trap people and businesses.
Another important point made by Mark Cuban is that the SEC is not here to solve but create problems. But in what manner? See, the point is that SEC has a lot of lawyers who are ready to take things to court. And if the entire goal is to litigate every problem, then it’s an even bigger problem. As he said “Why doesn’t the SEC have thousands of people working to make sure there isn’t a need for thousands of lawyers?”
As Mark Cuban criticises the SEC, it opens the door of criticism from influential personalities. Do you think Mark is right in his personal opinion, or do you beg to differ? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.