The Dallas Mavericks basketball franchise is owned by billionaire and Shark Tank co-host Mark Cuban. He recently retweeted a story about Robert Cohen, a former SEC cyber chief, criticising Gary Gensler, the current SEC chair, for his efforts against crypto firms.
Cuban comments on Cohen’s words about SEC and crypto
Therefore, Cuban has reaffirmed his support for cryptocurrencies and urged for the implementation of clear crypto legislation in the United States, as the nation has started to lose numerous crypto exchanges as a result of the SEC’s recent measures.
The story that Cuban published is based on a conversation Cohen had with cryptocurrency podcaster Laura Shin after the SEC filed charges against significant American exchanges Coinbase and Binance last week.US for allegedly violating securities legislation there.
Gensler consistently refers to certain cryptocurrencies as unregistered securities but will not address the legal status of numerous other cryptocurrencies, such as Ethereum. The crypto community, which is outraged with the SEC chair and the regulatory agenda against crypto, is perplexed by this.
Cohen acknowledged that there appears to be a “element of bad luck and randomness” when the SEC chooses a new token to be classified as a security. He claims that even though just 10 or 12 tokens are stated, many more may have been claimed to be securities. According to him, the regulator’s randomization is “rather unfair.”
According to Cohen, the SEC’s efforts are having an impact on both businesses and the actual individuals involved in them. “It’s having a real impact on real people and real businesses,” he said.
His statement was that “the SEC’s actions are raising a cloud of suspicion where one may not be warranted.” However, he said that when the regulator refers to a token as a security, “something wrong happened” to it. According to Cohen, the SEC may never issue a definitive rule defining what constitutes a security and what does not.
Cuban debates with CryptoLaw founder on crypto regulations
As reported by U.Today over the weekend, Mark Cuban got into a conversation on how the SEC would determine whether a token is a security or not with pro-Ripple lawyer and founder of CryptoLaw John Deaton.
Cuban proposed a technique to determine if secondary cryptocurrency sales would be successful: would the token survive if the company that makes it went out of business? The Howey test application is therefore concluded by definition.
