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

American businessman, philanthropist, and TV personality – Mark Cuban – has criticized the US Securities and Exchange Commission (SEC) for providing misleading guidance on what digital currencies can be classified as securities.

The agency has not been kind to the cryptocurrency sector and recently filed lawsuits against two of the largest exchanges – Binance and Coinbase. It also alleged that some leading digital assets, including BNB, SOL, ADA, and MATIC, act as unregistered securities.

The Securities and Exchange Commission treats cryptocurrencies differently

The billionaire and Cuban owner of The Dallas Mavericks is another who believes the commission has not done enough to properly oversee the cryptocurrency sector and decide which tokens are classified as securities and which as commodities.

In one of his most recent tweets supportsHe claimed that the watchdog’s public statements on the matter differed from the official position on its website. Cuban added that the lengthy guidelines do not provide information on “what is or is not security in the crypto world.” He went further, stating that one wouldn’t be able to tell the state of different cryptocurrencies even with an “army of securities lawyers.”

The American believes that the SEC has a double standard when it comes to cryptocurrency and other aspects of finance. he He said Last week, the agency led by Gary Gensler called the equity loan industry “opaque” and required additional transparency. Unlike the digital asset sector, it did not classify securities as “equity loans” and did not file lawsuits against brokers or banks.

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

The SEC’s war on cryptocurrency

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

The main accusation is that the platform operates “unregistered national securities exchanges, broker-dealers, and clearing agencies.” According to the regulator, Binance’s unauthorized products include some lending offerings, staking software, native token BNB, and the Fiat BUSD-backed stablecoin.

Supreme Education Council I continued Her harsh actions filed another lawsuit against Coinbase the next day. It alleged that the latter acted as a broker, a national stock exchange, and a clearing agency without obtaining the necessary authorization.

It also claimed that well-known cryptocurrencies such as Solana (SOL), Cardano (ADA), and Polygon (MATIC) are securities, accusing Coinbase of providing trading services with them.

The committee stated that “Coinbase raised its interest in increasing its profits at the expense of the interests of investors and compliance with the law and the regulatory framework that governs the securities markets.”

It is worth noting that the CEO of Binance – Changpeng Zhao – and Coinbase – Brian Armstrong – remained unfazed by the accusations. the previous chirp His signature number – “4”, urging his followers not to trust fake news or any kind of misinformation.

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