The SEC has been facing criticism for a long time as regards its guidelines; from crypto policies to others intended to “protect investors’ funds.” However, the Ripple vs. SEC lawsuit heightened the criticism and many prominent market players have been speaking up continuously and taking jabs at SEC officials.
SEC Chairman gets heat after taking to Twitter to defend regulatory policies
Very recently, Billionaire Mark Cuban shot at the SEC Chairman Gary Gensler in a series of tweets, right after the SEC chair talked at length about how the guidelines set in place for investors are designed to curb deceptive conduct carried out by private funds that put retailers at risk.
“If someone asks a lawyer, accountant, or adviser if something is over the line, maybe it’s time to step back from the line. Going right up to the edge of a rule or searching for some ambiguity in the text or a footnote may not be consistent w/ the law & its purpose. The spirit of the law is about protecting investors. Our rigorous enforcement regime @SECGov is about following the facts and the law, wherever they may lead, on behalf of investors and working families.”
Mark Cuban stands up to Gary Gensler, speaks against unfair regulatory policies
Clearly, like the many investors who supported his tweets, the Doge investor was not in agreement with Gensler’s statement. He reached out to Gensler and declared he was open to chat, after making it known that the SEC’s stance has not been favorable to investors in the slightest.
As quoted below;
“This is such Bullshit. You didn’t start the BS, pls don’t continue it. If you were working on behalf of investors you make it easy for questions by investors and businesspeople to be asked and answered. You make it near impossible. Those who can’t afford lawyers can only guess.”
The streets of crypto-twitter were outraged by the tweets and collectively opposed Gensler in their responses, with many expressing disappointment at how he failed to meet the community’s expectations.
Further mirroring down investors ‘ sentiments was an infuriated Cuban, who insisted like many other cryptocurrency investors have done in the past, that making the rules clear would be in the best interest of investors.
“How about making the lines bright and clear so people know what the rules are? The problem isn’t that people are looking for grey areas, it’s that there rarely are defined rules. Regulation through litigation traps all the people who can’t afford a lawyer, accountant, or advisor.”
Objectively, it is accurate to say that the SEC policies could use some work, considering that the SEC Commissioner Hester Peirce, who is of the opinion that a Bitcoin ETF should have long been approved, had previously reckoned that the SEC’s policies are a little too strict.