Mark Cuban noted that the SEC has failed to provide cryptocurrency firms with clear rules on registration. There is little guidance in the Guide to Analyzing Digital Assets for Investment Contracts on how to determine whether an asset is a securities class.
“Unfortunately, all of these items on the document page are not part of the registration process. That is, it is almost impossible to determine what is or is not a security in the cryptocurrency space. Even with the help of an army of securities lawyers,” the billionaire noted.
At the same time, Cuban stressed that regulatory requirements in other financial sectors are much more transparent. For example, instead of calling “stock loans” securities and fining brokers and banks, the SEC is launching “comment processes”. He noted that in the case of cryptocurrencies, it is also necessary to follow this path to determine which aspects of digital assets fit under regulation as securities.
Earlier, Cuban suggested a way for cryptocurrency companies to avoid being prosecuted by regulators – to do so when an asset is issued, the tokens themselves should be launched on DeFi platforms, and after that the company should be closed. Then the SEC or other regulators will not be able to impose fines and bans, and the asset itself will be truly decentralized.<br