Billionaire Mark Cuban Explains Why SECs Stance on Crypto Is Incredibly Hypocritical

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In a recent interview, billionaire investor and entrepreneur Mark Cuban criticized the US Securities and Exchange Commission (SEC) for the way it deals with crypto.

Cuban is the majority owner of the professional basketball team Dallas Mavericks, as well as one of the sharks on the highly popular reality showShark Tank(which is aired on the ABC television network).

Cubans comments were made during an interview (released on August 7) ​​with Altcoin Daily.

The Shark Tank star said:

The SEC is incredibly hypocritical. You know, they talk about trying to protect investors. You guys know what Pink Sheets are? I just looked at this yesterday because two days ago because someone asked me. There are 16,750 Pink Sheet stocks probably about [the same as] the number of tokens. There is no protection for anyone anywhere coming from the SEC, and that already falls under their purview.

They’re supposed to be protecting you. There are funds ETFs and others that incorporate stocks from countries that have no SEC-like protections at all. They dont care. You can still buy them and sell them. There are companies that are bought and sold on big exchanges that have no audit rights whatsoever. You dont have any idea if the numbers are accurate.

And so when the SEC comes in and says they want to protect investors from crypto, theyre not even doing their job with the area theyre supposed to do their job, and then youve got the issue of their approach to trying to figure it out. The SEC does this thing called regulation through litigation, meaning they dont come out and say heres the rules that we want everybody to follow, give us your comments. They do what they did with Coinbase. They sweat. And theyll sue you and their hope is that the result of the lawsuit then turns into precedent that theyre able to use to enforce the way they want to enforce it.

Its not like someone today could just call the SEC and say OK, we want to issue a token we have this crypto business, tell us what we need to do As a result, theres all this uncertainty, which is why youve seen more crypto companies in Singapore, the Bahamas, and the British Virgin Islands, the Caymans, all these different places, and people are afraid to do anything here.

And now you look at the big companies like Coinbase [that] create jobs, and theyre trying to do it right theyre getting f***ed There was I forget which politician that said we should do it through the CFTC instead of the SEC, and theyre right because the SEC they care more about hiring more lawyers than getting it done the right way.

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