According to a report by Business Insider, prominent investor Mark Cuban opined that the U.S. Securities and Exchange Commission (SEC) could take a different approach instead of filing a lawsuit against cryptocurrency companies Coinbase and Binance. He suggested that the SEC help these companies comply with the regulator's requirements.
The SEC recently sued Coinbase and Binance for their illegal activities in the US.
Mark Cuban expressed his opinion on Twitter, stating that the main problem with the SEC is that it is unwilling to help crypto firms comply with the rules. Instead, she chooses to confront them and go to court.
First, the SEC filed a lawsuit against Binance and its CEO Changpeng Zhao, and the next day against Coinbase. The SEC considers these companies to be illegal and is seeking to challenge all of their US business operations. Gary Gensler, head of the SEC, believes that most cryptocurrencies are securities and therefore must comply with the rules that apply to securities.
Cuban also pointed out that the SEC measures its success by the number of cases it has filed and won, not by the number of companies it helps comply with the rules. Because of this approach, the credibility of the SEC is reduced.