Cryptocurrency enthusiast Mark Cuban criticized the U.S. Securities and Exchange Commission (SEC) for the lack of clear rules on the regulation of industry for many years.
The recent interviews of SEC Chairman Gary Gensler with the Wall Street Journal caused a resonance in the cryptocurrency community. Gensler stated that the agency could control decentralized finance (DeFi) projects, regardless of their level of decentralization.
Earlier, Gensler said that the SEC has no reason to treat the cryptocurrency market differently than the capital markets. The crypto industry is still regulated by the Securities Act, Gensler argues, so industry stakeholders should be ready for a dialogue with the SEC.
Despite Gensler's willingness to negotiate with cryptocurrency companies, many industry participants believe that the agency prefers to take a position of forced regulation. They complain that the SEC either ignores their appeals or threatens legal action. Cryptocurrency enthusiast Mark Cuban is also sure that in fact the regulator is closed to interaction with cryptocurrency companies.
"Who should I talk to at the SEC? How do I sign up for a consultation? Do you use the Calendly service to schedule meetings? You are well versed in cryptocurrency lending and finance, so why not just publish specific rules that you require cryptocurrency companies to comply with and open these recommendations for public discussion?", wrote Kuban on Twitter.
Kuban was also supported by Dogecoin co-founder Billy Markus. Under his tweet, he sarcastically joked that even after ten years of the industry’s existence, the regulator could not develop clear guidelines for it.
The need to clarify the regulation of cryptocurrencies is even stated by SEC Commissioner Hester Peirce, and more than once. According to Pierce, now is the most appropriate case for this, given the bankruptcy of several cryptocurrency creditors.