Billionaire investor Mark Cuban has criticized the SEC for allegedly failing to provide a clear registration process for crypto exchanges.

In a June 11 post, Mark Cuban claimed that the United States Securities and Exchange Commission’s framework document for Investment Contract analysis of Digital Assets has no record of it, making it nearly impossible to know what constitutes a security.

Cuban: SEC Shows More Transparency to Other Areas

Mark Cuban shared the following statements: “Unfortunately, none of the elements presented on this page are part of the recording process. This makes it nearly impossible to know what is and isn’t a security in the crypto industry, with or without an army of securities lawyers.”

Alongside this, Cuban noted that other areas in the financial sector are seeing much more transparency from the SEC.

Mark Cuban explained that instead of qualifying stock loans as securities or suing brokers and banks, they entered an evaluation process. “They should do the same for crypto to determine which aspects of crypto are securities and which are not,” Cuban added.

US Senator Cynthia Lummis also reacted to the regulator for failing to establish a solid legal framework and provide legal guidance.

SEC Chairman Gary Gensler claimed at the Global Exchange & Fintech conference on June 8 that there is a registration process and companies know how to register. Gensler’s comments were made in connection with recent allegations that Coinbase and Robinhood are trying to register but the SEC has rejected the attempt.