Billionaire investor Mark Cuban responded on Twitter to Gary Gensler’s Tweet that crypto companies just need to follow the rules that have been around for decades.
The same head-butting around crypto and the Howey securities test has been going on for years now. Gary Gensler, Chairman of the SEC has not changed his position, while representatives of the cryptocurrency sector say that the rules need to be brought up to date in order to match the vast leap forward in technology.
Gensler is not a favourite in crypto circles, given his complete refusal to talk about a change in securities law. Instead, he is adamant that nearly all crypto companies are securities and that they need to register as such.
His belief is that the Howey test, which was first used back in 1946, is perfectly adequate for deciding which cryptocurrencies are securities or not.
Gensler recently wrote an op.ed in the Wall Street Journal, and then tweeted a statement on Twitter in support of it. Mark Cuban replied to the tweet, slamming Gensler for his lack of real communication with crypto companies along with his failure to publish any guidelines that would further illuminate how the rules apply to crypto.
Cuban was also scathing of an earlier tweet by Gensler, where the SEC Chairman stated that his agency acted on behalf of investors and working families.
Cuban called out Gensler for talking BS, saying that the SEC was making things nigh-on impossible for business people and investors, adding that those who couldn’t afford lawyers were completely in the dark.
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