The statements made by cryptocurrency billionaires often draw attention in the market. Especially when the recent SEC pressure has had a significant impact on the market. In our article, we look at the opinions of two cryptocurrency billionaires. Let’s look at the details.
SEC opinion from cryptocurrency billionaire
Billionaire investor Mark Cuban made important statements. He is appealing to the SEC for allegedly failing to provide a clear registration process for cryptocurrency firms. In this context, he became one of the latest industry figures to address the United States securities regulator. The Shark Tank investor wrote in a tweet on June 11 that there is no record in the United States Securities and Exchange Commission’s “Framework for the ‘Investment Contract’ Analysis of Digital Assets” and that it is a security in the “crypto universe”. He claimed it made it “almost impossible to know”. A step-by-step outline is not provided. However, the document briefly explains what is required of firms under US federal securities laws.
These requirements include the need to disclose all information necessary for investors to make “informed investment decisions” and other “key managerial efforts” that affect the success of the business. Meanwhile, Cuban noted that other sectors in the financial sector have received much more transparency from the SEC. Cuban explained that instead of labeling “crypto loans” as securities or suing brokers and banks, they entered a “review process”. “They need to identify which aspects of crypto are securities and which are not,” Cuban added. US Senator Cynthia Lummis also resents the SEC for failing to provide a “solid legal framework.” She also lashes out at the regulator for somehow failing to provide “legal guidance” for cryptocurrency firms to comply.
Comments from the SEC
Last week, SEC Chairman Gary Gensler made a statement at the Global Exchange & Fintech Conference on June 8. Accordingly, he claimed that there was a registration process and that companies “know how to register”. Gensler’s comments were made in connection with recent allegations that Coinbase and Robinhood were trying to register but the SEC rejected the attempt. The SEC filed a lawsuit against Binance on June 5 and Coinbase on June 6. He stressed that exchanges violated various securities rules. In particular, he claimed to offer cryptocurrencies, which the regulator considers unregistered securities.
On the other hand, Shark Tank star and FTX shareholder Kevin O’Leary makes an interesting statement. Amid US SEC pressure, he says he will fire Coinbase CEO Brian Armstrong if he works for him. O’Leary criticized Armstrong for “going head-to-head” with the US SEC. Kevin O’Leary criticized Coinbase CEO Brian Armstrong for opposing the SEC. In an interview with Yahoo Finance, Kevin O’Leary states that Armstrong is a pioneer. But he says it was wrong to go to war with SEC Chairman Gary Gensler. O’Leary added that if he were on Coinbase’s board of directors or one of its shareholders, he would withdraw his money. Welcoming the SEC’s pressure on Coinbase, O’Leary said he is not interested in depositing funds into a service that is “at war” with the SEC.
“Crypto is worthless as an asset”
Talking about the cryptocurrency industry in general, Kevin O’Leary said that the cryptocurrency space has not developed much in three years due to the lack of “institutional attention”. It’s hard to find used crypto anywhere due to lack of interest, he added. He added that crypto is also worthless as an asset. He described crypto as fun to cheer for but a “nothing” until the industry fixes its issues. Looking at Kriptokoin.com, O’Leary thinks cryptocurrencies are worthless right now.
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