In a recent interview, Mark Cuban, a wealthy investor and entrepreneur, attacked the U.S. Securities and Exchange Commission (SEC) for its crypto-related policies.
Cuban’s remarks were stated during an interview with “Altcoin Daily.” The star of Shark Tank said: “The SEC demonstrates extreme hypocrisy. They discuss attempting to safeguard investors. Are you guys familiar with Pink Sheets?… I only looked at this yesterday since someone asked me about it two days ago. There is no protection for anybody from the SEC since this is already under their jurisdiction.
“They are tasked with safeguarding you. Some funds, including ETFs and others, invest in equities from nations with no SEC-like safeguards. They lack concern. They may still be purchased and sold. There are corporations traded on major markets that have no audit privileges. You have no notion whether or not the data are accurate.
To add insult to injury, the SEC isn’t even doing its job in the area where it’s meant to do its job, and then there’s the problem of how it’s attempting to figure out crypto. The SEC engages in a practice known as “regulation via litigation,” which entails that they do not publish guidelines for everyone to follow and solicit feedback. They do the same actions as Coinbase. They file a lawsuit. And they will sue you in the hopes that the outcome of the litigation will become a precedent that they can use to enforce the law as they see fit.
Consequently, there is a great deal of ambiguity, which is why there are more crypto corporations in Singapore, the Bahamas, and the British Virgin Islands, as well as the Caymans, and individuals are scared to do anything in the United States.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.