The SEC has long been criticized for its guidelines. From cryptocurrency guidelines to other guidelines aimed at “protecting investor funds”. However, the lawsuit between Ripple and the SEC has heightened criticism, and many well-known market participants have spoken and criticized SEC officials all the time.
Mark Cuban Attack SEC Chairman on Twitter After Defending Regulatory Policy
After a series of tweets from billionaire Mark Cuban shot at SEC chairman Gary Gensler after the chairman of the US Securities and Exchange Commission discussed in detail the guidelines set in place for investors are designed to curb deceptive conduct carried out by private funds that put retailers at risk.
“If someone asks a lawyer, accountant, or adviser if something is over the line, maybe it’s time to step back from the line. Going right up to the edge of a rule or searching for some ambiguity in the text or a footnote may not be consistent w/ the law & its purpose. The spirit of the law is about protecting investors. Our rigorous enforcement regime @SECGov is about following the facts and the law, wherever they may lead, on behalf of investors and working families.”
Mark Cuban Against Gary Gensler and Unfair Regulatory Policies
Obviously, like many investors who backed his tweet, the investor’s governor disagreed with Gensler’s testimony. He contacted Gensler and announced that he would be ready to speak, knowing that the SEC’s position was of no use to investors.
“This is such Bullshit. You didn’t start the BS, pls don’t continue it. If 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’t afford lawyers can only guess.”
The streets of crypto Twitter were furious at these tweets and collectively opposed Gensler in their responses. Many people expressed disappointment that it did not meet the expectations of the community.
Another reflection of investor sentiment is the angry Cuban who, like many other cryptocurrency investors in the past, insists that clear rules are in the best interests of investors.
“How about making the lines bright and clear so people know what the rules are? The problem isn’t that people are looking for grey areas, it’s that there rarely are defined rules. Regulation through litigation traps all the people who can’t afford a lawyer, accountant, or advisor.”
Objectively, the SEC’s policies can go a long way when you consider that SEC Commissioner Hester Peirce believes that the Bitcoin ETF should have been approved long ago before he believed that the SEC’s policies were a bit too strict.
