Entrepreneur and cryptocurrency bull, Mark Cuban is urging Coinbase
to be aggressive about its developing conflict with the SEC. Sponsored Sponsored
should decide to take an “aggressive” stance towards the US Securities and Exchange Commission (SEC).
This comes as the SEC has threatened Coinbase with a lawsuit over their latest product that is about to hit the market. Coinbase Lend offers investors the opportunity to generate revenue from their cryptocurrency holdings by lending their funds. In the run-up to the launch, Coinbase remained proactive in its communication with the SEC.
However, regulators responded with a company-wide probe, a request for names on a waiting list, and the threat of a lawsuit.
In his tweet, Cuban suggested that the SEC was seeking an understanding of the definition of stablecoin
Before you can establish @usdc lending rules, you need to define them. Through the lawsuit, @sec_news gets in the game on their own turf to regulate this. This could change the way DeFi operates, but it could also expand it.
– Tweeted to Coinbase CEO and Mike Novogratz.
In another tweet, Cuban said Coinbase should use this as an opportunity for the cryptocurrency space, not a threat
So it’s important for @coinbase to be aggressive in its engagement with the SEC.
– He said.
Better for the industry to put pressure on the SEC than if the SEC were to pick on a small decentralized entity and get a quick ruling that becomes the law of the land for DeFi.
This summer has revealed a new and heated relationship between the cryptocurrency industry and the US Securities and Exchange Commission. In early August, US regulators
unveiled a new bill with disruptive potential for the cryptocurrency world.
While the chairman of the commission, Gary Gensler, urged officials to take a tough approach to cryptocurrencies, others spoke out against the bill as a threat to innovation. Nevertheless, in the weeks following the introduction of the throttling bill, the SEC began a string of lawsuits and probes into cryptocurrency ventures.
One such lawsuit is against the founder of BitConnect for his role in fraudulent activity
crypto-currency content. Just a day later, regulators announced an investigation into UniSwap, the industry’s largest decentralized exchange(DEX).
While some regulations benefit the growing industry, the cryptocurrency space remains on edge as regulations come closer.
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