Mark Cuban said that crypto regulation “built around existing fraud laws” will not necessarily be a bad thing. The issue of additional regulation in the crypto space has been particularly hot recently, with Securities and Exchange Commission chairman Gary Gensler telling the Senate Banking Committee on Tuesday that the SEC is working overtime to create a set of rules for crypto markets and to protect investors. In response, both the crypto community and its critics have shared their thoughts. Among the speakers is billionaire investor Mark Cuban. The issue of which altcoin projects the regulations concern cryptocoin.com‘in.
Which Altcoin projects first?
“Personally, I think regulation built around current fraud laws is not a bad thing,” Cuban said in a tweet on Thursday. It will require Proof of Authorship and identity, but it won’t hurt innovation or slow anything down.” Instead, the regulation “will open the door for more people to use ‘crypto’ with confidence,” Cuban said. Cuban acknowledged that proof of authorship would take away the anonymity that some prefer to preserve in the crypto community, but he thinks that ultimately the good outweighs the bad in enforcing such a thing. Cuban says:
If Proof of Authorship is required for Smart Contracts … the feds and [olası dolandırıcılık] there will be a person/organization to sue or blame for their victims. Probably at the expense of anonymous innovators, but that’s the price to pay.
Why stablecoins?
Cuban also predicted which areas will be increasingly regulated, based on his current understanding of the crypto space. For one, he thinks stablecoins or cryptocurrencies that need to reserve assets like fiat currency will be “the first to be regulated.” Cuban: “Why? Difference in description by product. What is peg? What is an algorithmic stablecoin? Is it stable? Do buyers understand what the risks are? It needs standards,” he said.
Gensler and the SEC have already pointed to plans for stablecoin regulation, as Senators worry that stablecoins are a potential threat to financial stability. Federal Reserve chief Jerome Powell also warned about stablecoins, considering them risky and prone to fraud. However, Cuban said, “Any discussion of crypto regulation must begin with the fact that there are already laws against fraud and that ‘crypto’ is not monolithic. “There are many layers to crypto,” he said. Cuban himself also has a large crypto portfolio. Not only has he bought cryptocurrencies like Bitcoin, Ether, Dogecoin and other altcoins, he has also invested in many Blockchain companies.
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