Mark Cuban slams the SEC and says the Coinbase suit shows why no one trusts them
In both cases, it alleged that the companies are operating illegally, and challenged virtually their entire business operation in the US. The cases, sources told Insider,SEC Chair Gary Gensler has long held that most cryptocurrencies are securities, and the lawsuits this week are a culmination of his views over the past few years that crypto needs to comply with regulations.
Cuban also claimed in his post that the SEC evaluates its own success based on the number of cases it brings and wins, rather than the number of companies it helps comply with the rules. The latter, he said, would have a much greater impact on investor protections and rooting out bad actors. "As it is, no one wants to talk to the SEC because no one trusts them for fear of being in the same situation as @coinbase finds itself," he wrote.
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