The tech mogul proposes designing a simple registration system for tokens and exchanges.
The famous billionaire investor Mark Cuban criticized the Securities and Exchange Commission (SEC)because of the way you manage cryptocurrency regulations. In his opinion, the current approach it leaves cryptocurrency innovators and startups without clear guidance.
According to Cuban, the current standards for new companies especially in the field of web3are unnecessarily complex. Therefore, in the message that she transmitted on Twitter, she advanced what are the weak points of the current regulation and a possible labyrinth to the current scenario that discourages companies in the crypto industry.
Cuban’s proposal
The tech mogul suggests a reform in the that the SEC and Congress design a system of easy registration for tokens and exchanges. This system could meet the needs of new companiesbut also those of the established agentswhile ensuring the investor protection.
In a lengthy message on TwitterCuban expressed his frustration over the lack of transparent guidelines of regulatory bodies. He claimed that no clear rulesmany promising companies, born in dormitories and sustained by tireless efforts, are forced to reel under the SEC regulatory pressure and its president, Gary Gensler.
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The businessman stressed the need for the government and regulatory authorities to review and modify the exemptions provided for the cryptocurrency sector. She stressed that a simplified registration process and a viable path for exchanges are not at odds with investor protection or industry growth, insisting that these objectives can be pursued simultaneously.
To the contrary, Cuban argued that the SEC should refrain from determining the legitimacy of certain technologies in the field of cryptocurrencies.
Source: Ambito
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