One of the smartest investors, Mark Cuban, thinks about crypto right now

SEC Chairman Gary Gensler and Mark Cuban expressed their frustration with cryptocurrency on Twitter.

Mark Cuban, who built his fortune following the rise of the Internet, now thinks cryptocurrencies are in the same situation as the Web in the late 1990s. He is an enthusiastic investor in the property sector, as expected. It holds several cryptocurrencies including the popular meme coin Dogecoin (DOGE), Ethereum (ETH) and Bitcoin (BTC). He also owns shares in several prominent cryptocurrency businesses, including Polygon, Ethereum’s Layer 2 solution, OpenSea, and SuperRare, two non-fungible (NFT) markets.

Due to his four decades of experience in the tech industry and his passion for the future of cryptocurrency, Cuba has emerged as a significant leader for the industry as a whole. While he’s positive about the long-term potential of cryptocurrencies and blockchain technology, there’s one aspect of the industry’s growth that worries him the most — impending regulation.

The town has a new sheriff.

Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), is one of the most important individuals in the future regulatory environment. Most cryptocurrencies are under his control in his opinion. Cuba does not accept it.

There is much discussion among government representatives, agency directors, and CEOs of private firms about which agency is responsible for overseeing crypto regulation, but this discussion may soon provide a clear course of action.

Gensler reaffirmed that he and his firm are committed to investor safety in an opinion piece published in The Wall Street Journal last month. “Just because the cryptocurrency market uses a different technology” doesn’t justify treating it differently than other financial markets, he said.

Gensler used Twitter to promote the op-ed. This seemed to be Cuban’s cue to make his point, and the billionaire didn’t hold back. In a response on Twitter, Cuban criticized Gensler, asking whether the SEC was really interested in representing investors and would ever “make it easy to ask and answer questions from investors and business people.” He says the average person has no chance of starting that conversation, and says that when it comes to cryptocurrency laws, people who can’t afford to hire a lawyer “can only speculate.”

Cuba thinks the SEC has yet to live up to its promise to “put investor safety first.” Gensler said the agency didn’t do much to back it up. In addition, the inaccuracy of investors looking for some sort of direction is making matters worse.

Cuban and Gensler’s latest conversation isn’t the first time the billionaire has voiced his displeasure over what he can control. Cuban said this SEC first could have an impact on the cryptocurrency economy after it was announced in July that Coinbase would be under investigation by the SEC for listing unregistered securities.

Once again on Twitter, Cuban responded to a post on the Coinbase investigation with the following statement: “Does this count as bad? See what they come up with for token registration.” Cuban is suggesting that the SEC will require tokens to be registered as securities, just like stocks. That causes coin developers to submit periodic reports.

“This is the nightmare waiting for the crypto business,” Cuban summed up his sentiments.

Potential control method

For now, all we can do is speculate on what steps the US government will take to regulate cryptocurrencies. Despite Gensler’s repeated claims to the contrary, he appears to be in no rush to protect investors in the cryptocurrency market.
There is one benefit to all of this though. Due to their decentralized structure, most cryptocurrencies make it difficult for regulators to regulate. For this reason, we expect that cryptocurrencies will continue to perform in the same way for the last ten years and for many years to come.

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