Mark Cuban says it’s difficult to determine what is and isn’t a security according to the SEC.

The billionaire investor Mark Cuban recently criticized the United States Securities and Exchange Commission (SEC) for allegedly not providing cryptocurrency firms with a clear registration process. In a tweet on June 11, Cuban stated that the SEC’s “Framework for ‘Investment Contract’ Analysis of Digital Assets” document does not include any registration process, making it difficult to determine what constitutes a security in the crypto industry. Although the document does provide some information on the requirements for firms under U.S. federal securities laws, it does not offer a step-by-step outline. Cuban observed that the SEC is providing greater transparency to other sectors in the finance industry. He suggested that the SEC should engage in a “comments process” to determine which aspects of crypto are securities and which are not. Cuban’s comments came shortly after U.S. Senator Cynthia Lummis criticized the SEC for failing to offer a robust legal framework or legal guidance for firms to comply with. Last week, SEC Chair Gary Gensler claimed that a registration process exists and that firms know how to register, although Coinbase and Robinhood recently claimed that they tried to register but the SEC rejected their attempt. The SEC has sued Binance and Coinbase for breaking various securities rules, including offering cryptocurrencies that the regulator considers to be unregistered securities. Currently, 68 cryptocurrencies are considered to be securities by the SEC.

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