Cardano Founder Says SEC Can’t Destroy Crypto

Mark Cuban and Cardano Founder Criticize SEC Over Adverse Crypto Enforcement Actions.

Hoskinson and Cuban react to SEC’s recent clampdown on crypto staking.

Following the SEC’s clampdown on crypto staking, more industry stakeholders have continued to criticize the U.S. Securities and Exchange Commission for its recent adverse enforcement actions. Cardano founder Charles Hoskinson and American billionaire investor Mark Cuban are the latest crypto stakeholders to knock the SEC over its decision to go after U.S. firms offering cryptocurrency staking. 

Gensler Can’t Destroy Crypto, Says Hoskinson

In a tweet by Fox Business Senior Correspondent Charles Gasparino, Hoskinson asserted that SEC Chairman Gary Gensler does not have the power to destroy the nascent cryptocurrency industry. Cardano’s boss noted that as president Joe Biden doesn’t have the power to “kill oil,” Gensler does not also have what it takes to destroy cryptos. 

His remark was in response to a question raised by Fox Business journalist Eleanor Terrett. According to Gasparino, Terrett asked Hoskinson whether he thinks the SEC Chairman can make tough decisions that could lead to the destruction of the crypto industry. Hoskinson’s response to the question suggests that Gensler does not have the power to destroy the industry.

Breaking: @EleanorTerrett asked the great @IOHK_Charles if he thinks @GaryGensler can destroy the crypto industry. His response: “Can Biden kill oil?” More on the @SECGov’s regulatory jihad at 345pm w @LizClaman on @FoxBusiness

— Charles Gasparino (@CGasparino) February 14, 2023

Mark Cuban Criticizes SEC’s Enforcement Actions

In other news, Cuban reacted to the SEC’s recent clampdown against cryptocurrency staking as a service. Cuban noted that stock loan programs are comparable to the lending of security tokens.

The American billionaire investor shared a link to an article that sheds more light on his assertions. According to Cuban, the article did not indicate that stock loans should be registered with the Securities and Exchange Commission.

I'll say it again , stock loan programs are completely analogous to lending of token securities. If you want a smile read this and recognize that no where does it say a stock loan needs to be registered and decades of transaction confirm it https://t.co/tBHtZjrane

— Mark Cuban (@mcuban) February 15, 2023

Coinbase Prepares to Fight the SEC in Court

The SEC has come under heavy criticism following its decision to clamp down on cryptocurrency staking programs in the United States. The leading cryptocurrency exchange, Kraken, agreed to pay a fine of $30M and end its staking service to settle charges leveled against it by the SEC. 

The development prompted a series of reactions from the cryptocurrency community. As reported, San Francisco crypto exchange Coinbase issued a statement informing the SEC that its staking program is entirely different from Kraken’s and cannot be classed as securities. Coinbase noted that it is prepared to engage the SEC in a legal brawl if the securities regulator thinks otherwise.

Furthermore, Coinbase today said that stablecoins are not securities.

Coinbase Says stablecoins are not securities.https://t.co/KNJ4RRRVEY

— TheCryptoBasic (@thecryptobasic) February 15, 2023