Famous investor Mark Cuban said that the SEC’s crypto regulations will be an acceptance.
Cuban, owner of the Dallas Mavericks, supported the criticisms made by Senator Pat Toomey. Senator Toomey has criticized the SEC for the fines of three people, including a former Coinbase employee.
The SEC pointed to nine cryptocurrencies it calls unregistered securities on the Coinbase exchange.
Toomey used the following statements on his Twitter account regarding the issue:
“The enforcement action is an excellent example of the SEC having a clear view of how and why certain tokens are classified as securities. Still, the SEC did not express its views before imposing sanctions.
However, the SEC’s regulation-enforcement approach to digital assets poses a major challenge for innovative workers trying to comply.”
Yesterday’s enforcement action is the perfect example of the SEC having a clear opinion on how and why certain tokens classify as securities. Yet the SEC failed to disclose their view before launching an enforcement action. https://t.co/UBMNrDu0pV
— Senator Pat Toomey (@SenToomey) July 22, 2022
Cuban, who supported these statements of Pat Toomey, pointed out that this could go to a worse place.
“You think this is bad? Wait until you see what they want for tokens to register. This is a nightmare waiting for the crypto industry”
Think this is bad? Wait till you see what they come up with for registration of tokens. That's the nightmare that's waiting for the crypto industry. How else do you keep thousands of lawyers employed and create reasons to ask for more taxpayer money? https://t.co/eoDAiyDxlR https://t.co/mjr9LxnDZB
— Mark Cuban (@mcuban) July 23, 2022
