Mark Cuban slams Gary Gensler’s crypto rules: ‘The problem is not us, it’s you’

• SEC Commissioner Mark Uyeda calls for clear rules for crypto asset disclosures.
• Mark Cuban and Ethereum co-founder critique SEC’s unclear crypto regulations.

Billionaire entrepreneur Mark Cuban has once again taken the public stage to slam Chair Gensler with regard to his handling of cryptocurrency regulation.

Taking to X (formerly Twitter), Cuban said, 

“The issue isn’t that crypto companies don’t want to register.  The issue is that it’s like trying to put a square peg in a round hole. It doesn’t fit.” 

He added, 

“If no one can register, the problem is not us.  It’s you.”

Mark Cuban’s dissent

Cuban’s remarks stemmed from a statement released by the SEC Commissioner, Mark Uyeda. On the 1st of June, Uyeda emphasized upon “re-registration for Index-Linked Annuities & Registered Market-Value Adjustment Annuities.”

Explaining the reason as to why is this interesting, Alexander Grieve, Government Affairs Lead at Paradigm took to X (formerly Twitter) and said, 

“Because in the footnotes, he calls for updating form S-1 to better-suit crypto’s unique characteristics. First time AFAIK Uyeda has been on record calling for a tailored disclosure regime for crypto assets.” 

Source: SEC.GOV

Taking a dig at SEC Chair Gary Gensler, Grieve noted,

“The SEC under a different admin would be a very different place.” 

For context, S-1 forms, or ‘Registration Statements,’ are filed by potential issuers such as asset managers like BlackRock and VanEck.

These forms detail the structure of the funds, their management, and the operations of the proposed ETF product.

This recent war against Gensler highlighted how the SEC has been scrutinizing various crypto firms back and forth on regulatory grounds, but hasn’t yet stepped up to provide regularity clarity in the crypto space.

Buterin joins the fray

It’s important to note that Cuban was not the only one sharing this line of thought. Ethereum’s [ETH] co-founder, Vitalik Buterin, certainly believed the same when he said, 

“The main challenge with crypto regulation (esp in the US) has always been this phenomenon where if you do something useless…you are free and clear, but if you try to give your customers a clear story of where returns come from, and promises about what rights they have, then you’re screwed because you’re ‘a security’.”

How will this affect Biden?

This isn’t the first time Cuban voiced against Chair Gensler.

In fact, recently speaking at the Coinbase’s State of Crypto Summit 2024 he indicated how Gensler’s actions might negatively impact President Joe Biden’s chances in the forthcoming elections.  

Thus, as the United States presidential election approaches, it will be interesting to see if the SEC provides some clarity on crypto regulations. Otherwise, this may impact President Biden’s 2024 election prospects.