In a latest Tweet, Billionaire Mark Cuban hit out at Gary Gensler, over an article published by the latter in WSJ (Wall Street Journal). In the article, Gensler suggested that the crypto markets should not be treated any differently from other capital markets.
In his op-ed piece, Gensler says that the rules for crypto lending platforms have been in place for decades. It is just the case of the firms not following them, he says. Moreover, Gensler has urged crypto lending platforms to come forward and talk to the SEC (Securities and Exchange Commission).
Cuban has questioned Gensler on whom should the platforms be speaking with. Furthermore, the billionaire investor asked Gensler why the SEC doesn’t publish guidelines and “open it up for comments.”
Cuban was in the limelight after he was sued by Voyager Digital investors, including fans of his Dallas Mavericks basketball team. The plaintiffs allege that Cuban and Voyager Digital CEO Stephen Ehrlich targeted young and inexperienced investors to put their money into what they are now calling a “Ponzi scheme.” Voyager Digital is one of the crypto lending firms that went underwater after the collapse of Terra.
SEC under fire from the crypto community?
Cuban’s comments against the SEC are not the first. The agency has faced numerous criticisms from the crypto community.
Recently, Lawyer John Deaton, who is an aide in the SEC vs Ripple lawsuit, slammed Gensler and the SEC over the agency’s attempts to expand power. Furthermore, Deaton thinks that it is the Commodity Futures Trading Commission (CFTC) that should be regulating crypto. Not only that, he asserts that Gensler has launched a campaign of regulation by enforcement as a result of the lack of clarity in the space.
Additionally, Tesla CEO Elon Musk is no fan of the SEC either. The billionaire has often lashed out at the agency, sometimes with some eye-raising Tweets.
When asked about his choice to settle with the SEC for a tweet in a 2018 interview with Lesley Stahl for 60 Minutes, Tesla CEO Elon Musk made fun of the agency, saying,
“I want to be clear. I do not respect the SEC. I do not respect them.”
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