- Mark Cuban shows support for the crypto community.
- Former SEC cyber chief Robert Cohen says SEC’s classification of crypto as securities seems random.
- The SEC filed a lawsuit against Binance and Coinbase.
Mark Cuban, renowned billionaire, co-host of Shark Tank, and owner of the Dallas Mavericks basketball team, recently retweeted an article that discusses former SEC cyber chief Robert Cohen’s critique of current SEC chair Gary Gensler regarding his actions against crypto companies.
Cuban’s retweet signifies his support for the crypto industry and his call for clear regulations to be established in the United States. The SEC’s recent actions have led to the departure of numerous crypto exchanges from the country.
The article shared by Cuban is based on an interview with Cohen conducted by crypto podcaster Laura Shin. The interview took place after the SEC filed charges against prominent U.S.-based exchanges Coinbase and Binance.US, alleging violations of securities laws.
Cuban showers support for crypto industry
Gensler has consistently referred to several cryptocurrencies as unregistered securities while refraining from commenting on the status of other cryptocurrencies like Ethereum. This has caused frustration within the crypto community, which is dissatisfied with the SEC chair’s regulatory stance on crypto.
Cohen acknowledged that there appears to be an element of randomness in the SEC’s selection of tokens to classify as securities, which he believes is somewhat unfair. He noted that while the SEC mentions 10 or 12 tokens, there could be a hundred others that could have been classified similarly.
Cohen expressed his concern about the impact of the SEC’s actions, emphasizing that they affect not only businesses but also individuals involved with them. He stated that the SEC’s actions create unwarranted suspicion and acknowledged that when a token is labeled as a security, it implies that something wrong has occurred.
Cohen also expressed doubt that the SEC will ultimately establish a definitive rule regarding the classification of securities in the crypto space.
