SEC Has Made It ‘Impossible’ to Know Which Tokens Are Securities: Mark Cuban

American businessman, philanthropist, and television personality – Mark Cuban – lambasted the United States Securities and Exchange Commission (SEC) for providing misleading guidance regarding which digital currencies can be classified as securities.

The agency has not been kind to the crypto sector and recently filed lawsuits against two of the biggest exchanges – Binance and Coinbase. It has also been claimed that some major digital assets, including BNB, SOL, ADA and Matic, operate as unregistered securities.

The SEC Treats Crypto Differently

The Cuban billionaire and owner of the Dallas Mavericks is yet another person who believes the commission hasn’t done enough to properly oversee the cryptocurrency sector and determine which tokens are classified as securities and which are. as objects.

in one of his recent twitter posts, he claimed that the watchdog’s public statements on the matter differed from the official position on its website. Cuban said the lengthy guidance does not provide information on “what is or is not a security in the crypto universe”. He further added that even with “an army of securities lawyers” it would not be able to ascertain the status of various digital currencies.

Americans think the SEC has double standards when it comes to crypto and other aspects of finance. He Said Last week that Gary Gensler-led agency called the stock loan industry “opaque” and needed additional transparency. However, unlike the digital asset sector, it did not classify the securities as “equity debt” and did not file lawsuits against brokers or banks.

“They should do the same thing with crypto as an effort to determine which aspects of crypto are securities and which are not in the best way to regulate the industry and protect investors. I think their The difference in approach is indicative of their intent for one industry versus another,” he concluded.

SEC’s war on crypto

The agency’s unfriendly attitude toward the industry intensified last week. for starters, it sued on The world’s largest cryptocurrency exchange – Binance, CEO – Changpeng Zhao (CZ), and the US subsidiary of the company – Binance.US.

The main allegation is that the platform operates as an “unregistered national securities exchange, broker-dealer and clearing agency”. According to the regulator, Binance’s unlicensed products include some lending offerings, a staking program, native token BNB, and a fiat-backed stablecoin BUSD.

seconds Ongoing Accompanying its drastic action was a day later with another lawsuit against Coinbase. It alleged that the latter acted as a broker, National Securities Exchange and Clearing Agency, without obtaining necessary authorisation.

It also claimed to own well-known crypto securities such as Solana (SOL), Cardano (ADA), and Polygon (MATIC), accusing Coinbase of offering trading services with them.

“Coinbase has put its interest in maximizing its profits over the interests of investors and compliance with the law and the regulatory framework governing the securities markets,” the commission said.

It is worth noting that the CEOs of Binance – Changpeng Zhao – and of Coinbase – Brian Armstrong – remained unaffected by the allegations. the former Tweeted His signature number – “4”, urges his followers not to believe in fake news or any kind of misleading information.

For his part, Armstrong Said Their exchange would be “proud” to represent the crypto sector in the SEC court battle, assuring that “we will get the job done.”