{"id":5957,"date":"2022-07-27T07:54:42","date_gmt":"2022-07-27T07:54:42","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=5957"},"modified":"2022-07-27T07:54:42","modified_gmt":"2022-07-27T07:54:42","slug":"billionaire-mark-cuban-expects-sec-to-impose-nightmare-crypto-registration-rules","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5957","title":{"rendered":"Billionaire Mark Cuban Expects SEC to Impose &#8216;Nightmare&#8217; Crypto Registration Rules"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has warned that the U.S. Securities and Exchange Commission (SEC) will come up with rules for token registration that will be \u201cthe nightmare that\u2019s waiting for the crypto industry.\u201d<\/strong><\/p>\n<h2>Mark Cuban Foresees SEC Coming Up With \u2018Nightmare\u2019 Crypto Regulation<\/h2>\n<p>Billionaire Mark Cuban, the Shark Tank star who owns the NBA team Dallas Mavericks, warned in a tweet Saturday about how the SEC will regulate crypto tokens.<\/p>\n<p>His warning was in response to a tweet by U.S. Senator Pat Toomey (R-PA) who slammed the securities watchdog over its enforcement action against a former Coinbase employee where nine crypto tokens were identified as securities. Coinbase quickly disputed the allegation that it listed crypto securities.<\/p>\n<p>Toomey noted that the enforcement action \u201cis the perfect example of the SEC having a clear opinion on how and why certain tokens classify as securities. Yet, the SEC failed to disclose their view before launching an enforcement action.\u201d<\/p>\n<p>Cuban, whose net worth is about $4.7 billion, believes that the SEC will come up with rules on how to register crypto tokens that will be a \u201cnightmare\u201d for the crypto industry. He replied to Toomey: \u201cThink this is bad? Wait till you see what they come up with for registration of tokens. That\u2019s the nightmare that\u2019s waiting for the crypto industry,\u201d the Shark Tank star wrote. How else do you keep thousands of lawyers employed and create reasons to ask for more taxpayer money?\u201d<\/p>\n<\/p>\n<p>Cuban\u2019s tweet includes a link to a Youtube video of him attempting to submit a no-action letter to the SEC in order to ensure that a stock purchase he is about to make would not violate insider trading laws. However, the billionaire demonstrated that the process is highly complicated, emphasizing that it does not give investors confidence that they will not break the law. \u201cWhat I found shocked even me,\u201d Cuban wrote after going through the process as directed by the SEC.<\/p>\n<p>\u201cMost no-action letters describe the request, analyze the particular facts and circumstances involved, [and] discuss applicable laws and rules,\u201d the SEC stated on its website. If the request for no action is granted, \u201cthe SEC staff would not recommend that the Commission take enforcement action against the requester based on the facts and representations described in the individual\u2019s or entity\u2019s request.\u201d<\/p>\n<p>Cuban has previously criticized the SEC for taking an enforcement-centric approach to regulating the crypto sector.<\/p>\n<p>In August, the Dallas Mavericks owner called out SEC Chairman Gary Gensler on his \u201cinvestor protection\u201d focus. \u201cIf you were working on behalf of investors you make it easy for questions by investors and businesspeople to be asked and answered. You make it near impossible. Those [who] can\u2019t afford lawyers can only guess,\u201d he stressed.<\/p>\n<p>The SEC recently came under fire for regulating the crypto sector by enforcement. Last week, U.S. Congressman Tom Emmer also slammed the SEC for \u201ccracking down on companies outside its jurisdiction.\u201d He asserted: \u201cUnder Chair Gensler, the SEC has become a power-hungry regulator, politicizing enforcement, baiting companies to \u2018come in and talk\u2019 to the Commission, then hitting them with enforcement actions, discouraging good-faith cooperation.\u201d<\/p>\n<p><em><strong>Do you agree with Mark Cuban? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/billionaire-mark-cuban-expects-sec-to-impose-nightmare-crypto-registration-rules\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has warned that the U.S. Securities and Exchange Commission (SEC) will come up with rules for token registration that will be \u201cthe nightmare that\u2019s waiting for the crypto industry.\u201d Mark Cuban Foresees SEC Coming Up With \u2018Nightmare\u2019 Crypto Regulation Billionaire Mark [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-5957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5957"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5957\/revisions"}],"predecessor-version":[{"id":5959,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5957\/revisions\/5959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5958"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}