Shark Tank investor Mark Cubanshared his views on how upcoming “regulations” could affect cryptocurrencies. Cuban described the regulations as “worrying”.
Sharing his views in a new Twitter post, billionaire Mark Cuban has 8.7 million Twitter followers who are allegedly insider trading by a Coinbase employee. U.S. Securities and Exchange Commission (SEC)) case, it expects even more compliance and enforcement issues.
“You think what happened was bad? For the registration of the tokens, I suggest you wait until you see what they find. This is the real nightmare that awaits the crypto industry.
How else would you hire thousands of lawyers and create reasons to want more taxpayer money?”
Cuban also cited a YouTube video he posted in 2014 showing how insiders encountered incomplete and outdated information when attempting to engage with the SEC to invest in an unnamed company without violating “trader laws.”
Last week, the popular crypto exchange coinbaseIt was reported that . Former product manager Ishan Wahi allegedly gave his brother and a friend advance notice of upcoming Coinbase digital asset listings and made sure they took advantage of the information.
When this news began to appear in the press, there was also news that the SEC was examining Coinbase to determine whether nine of its digital offerings qualify as unregistered securities.
Republican Senator Pat Toomey from Pennsylvania also took to Twitter to criticize the SEC’s methods, noting that the agency classifies certain crypto tokens as securities in legal proceedings without first establishing clear policies and definitions on paper.
While Toomey says anyone who breaks the law should be punished, he warns:
“The SEC’s regulation-enforcement approach to digital assets poses a serious challenge to any bona fide innovator trying to comply with existing laws and regulations. Providing regulatory clarity prior to execution will benefit regulators and investors alike.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.