It’s been just reported that the important billionaire Mark Cuban is calling out the SEC and their double standards. They are currently after vital exchanges, but they are doing nothing about he neverending crypto scams, according to him.
SEC’s double standards are called out
Mark Cuban, the billionaire celebrity investor, believes that the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Coinbase exposes a significant issue with the regulator.
According to the owner of the Dallas Mavericks, the SEC could have effortlessly approached Coinbase with a proposal to assist the leading US cryptocurrency exchange in adhering to securities regulations.
“Then if Coinbase or whoever didn’t comply, they sue over whatever legal disagreements they have. Instead, they do what they told one of my companies to do when we called, ‘Read these cases and get a lawyer to figure it out for you.’”
He continued and explained the fact that
The SEC’s main issue lies in their approach towards companies. Rather than assisting them in achieving compliance, they tend to challenge them to reach that point.
He continued and stated this:
“They are full of lawyers. Lawyers want to litigate. If you had business people, more like the [Small Business Administration], there would be more compliance, fewer lawsuits and better investor education and protections. But if that happened, 2,000 SEC lawyers would be out of a job.”
In July 2022, Ishan Wahi was accused by the SEC of providing confidential information to his brother and friend, Sameer Raman, regarding the crypto assets that Coinbase was going to support.
It is common for the value of digital assets to increase upon the announcement of their listing on a platform. Consequently, Nikhil Wahi and Raman acted on a privileged tip and purchased tokens, ultimately accumulating $1.5 million in illegal profits. Check out our previous article in order to learn more details.
