Billionaire Mark Cuban: SEC Doesn’t Protect Anyone, Current Crypto Regulation Inadequate

Mark Cuban, a Shark Tank prima and the billionaire proprietor of the NBA squad Dallas Mavericks, says the U.S. Securities and Exchange Commission (SEC) doesn’t support anyone, calling the regulator “the Quickbooks of fiscal regulation.” He stressed that the Howey Test isn’t capable to screen each crypto situation.

Mark Cuban Slams SEC: They Don’t Protect Anyone

Shark Tank prima and the proprietor of the NBA squad Dallas Mavericks, Mark Cuban, slammed the U.S. Securities and Exchange Commission (SEC) successful a station connected societal media level X Thursday.

Regarding whether the existent securities instrumentality is capable to modulate crypto, Cuban said: “All you request to cognize is that Howey was not capable to screen each situation, truthful Reves came along.” Reves v. Ernst & Young is simply a Supreme Court lawsuit related to the explanation of an “investment contract” nether the Securities Act of 1933. The billionaire added:

Now there’s a request for a crypto complement to Howey and Reves.

The proprietor of the Dallas Mavericks opined: “The SEC is the Quickbooks of fiscal regulation. They don’t support anyone but they are truly bully astatine bookkeeping.”

Cuban further shared: “It’s besides bully to cognize that if the SEC had taken the aforesaid way arsenic Japan and required collateral for crypto loans, each the bankrupt crypto services would inactive beryllium alive. Just arsenic FTX Japan is.”

Moreover, the Shark Tank capitalist questioned: “Has the SEC ever moved successful to support investors earlier thing atrocious has happened?”

Noting that helium has “supported and profited from Sharesleuth, uncovering evidently fraudulent companies and publishing what we person found,” the billionaire stressed: “The SEC has ne'er stepped successful to halt the fraud.” Sharesleuth is an investigative reporting website dedicated to uncovering securities fraud and firm malfeasance.

“And of course, Pink Sheets / OTC present person registration and are inactive prone to fraud,” Cuban continued, concluding:

And past determination are the protections for the millions and billions of shares traded successful bankrupt companies that the SEC does thing to prevent. Because hey, registration evidently is capable to support investors.

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