Mark Cuban calls out Gary Gensler for statements in his now controversial WSJ Op-Ed.
Billionaire Mark Cuban took to Twitter on Monday to call out the chair of the US Securities and Exchange Commission (SEC), Gary Gensler, for his claims about the crypto market in a recent Wall Street Journal opinion piece.
“Come in and talk to who ? Set up an appointment how ? You using Calendly these days ? Since you understand crypto lending/finances, why don’t you just publish bright line guidelines you would like to see and open it up for comments ?” Cuban tweeted.
Come in and talk to who ? Set up an appointment how ? You using Calendly these days ? Since you understand crypto lending/finances, why don't you just publish bright line guidelines you would like to see and open it up for comments ? https://t.co/N3KQAnutl9
— Mark Cuban (@mcuban) August 22, 2022
In Gensler’s now controversial opinion piece, the SEC chief claims there is no reason to treat the crypto market differently from capital markets. He asserts that the crypto market remains subject to securities law and urges industry stakeholders to speak with the SEC to gain clarity.
The SEC’s Dodgy Tactics
It is worth noting that the hesitance of the SEC to publish clear guidelines on the parts of the crypto markets it feels fall under its purview has been a cause for concern. Instead, the SEC has chosen to adopt a stance of regulation by enforcement. In addition, despite frequent statements by Gensler that the SEC is accessible and willing to discuss with industry participants, several reports have indicated that when industry participants reach out to the SEC, they get little or nothing in response but threats of lawsuits.
Notably, this was the case with Coinbase Lend in September last year.
Cuban’s Rocky Past With The SEC
In July, Cuban had also expressed concern about what the future could hold for the crypto industry should the Gensler-led SEC become primary regulators. The statements came following the decision of the SEC to tag specific cryptocurrencies offered for trading on Coinbase as securities in a lawsuit against a former product manager accused of insider trading. According to Cuban, it would be a nightmare.
Notably, there is no love lost between Cuban and the US SEC, as the SEC in 2014 sued Cuban for insider trading and lost.
The Crypto Community Responds
Meanwhile, Cuban is not the only crypto supporter to take issue with Gensler’s latest opinion piece. XRP holders representative in the ongoing legal battle between the SEC and Ripple, Attorney John Deaton, in response, released an opinion piece on Fox Business, accusing the Gensler-led SEC of overreach in its campaign against crypto. In addition, Dogecoin creator Billy Markus under Cuban’s tweet, sarcastically quips, “i am glad there are so many super clear guidelines for all this stuff after 10 years of it existing.”
i am glad there are so many super clear guidelines for all this stuff after 10 years of it existing
— Shibetoshi Nakamoto (@BillyM2k) August 22, 2022
Notably, under Gensler’s tweet, several users in the comments express a general distrust for the SEC and Gensler. For example, one user responds, “You have lost all trust with retail Gary; stop tweeting.”
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