American Billionaire Mark Cuban argues it is “near impossible to know” what cryptocurrencies are securities, claiming the SEC hasn’t provided a public document outlining how firms can register.
While a step-by-step outline isn’t provided, the document does briefly explain what is required for firms pursuant to U.S. federal securities laws.
Among the requirements included the need to disclose all information necessary for investors to make “informed investment decisions” and other “essential managerial efforts” that impact the success of the enterprise. Meanwhile, Cuban noted that other sectors in the finance industry are receiving much more transparency from the SEC. Rather than labeling “stock loans” as securities or suing brokers and banks, they’re engaging in a “comments process,” Cuban explained.
“They should do the same thing with crypto as an effort to determine which aspects of crypto are securities and which are not,” he added. Here is the SEC calling the stock loan industry "opague" and requiring transparency. Note, they are not calling "stock loans" a security as they are trying to do with the loaning of crypto assets. Nor are they suing the Stock Loan Departments of brokers/banks. They are going…
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