Mark Cuban criticized the SEC for the lack of rules for the regulation of cryptocurrencies

Cryptocurrency enthusiast Mark Cuban has criticized the US Securities and Exchange Commission (SEC) for the lack of clear provisions to regulate the industry for many years.

Recent interviews by SEC Chairman Gary Gensler with the Wall Street Journal have resonated with the cryptocurrency community. Gensler said the agency could oversee decentralized finance (DeFi) projects, regardless of their level of decentralization.

Earlier, Gensler said that there is no reason for the SEC to treat the crypto market differently than the capital markets. The crypto industry is still regulated by the Securities Act, Gensler argues, so industry stakeholders should be prepared to engage in dialogue with the SEC.

Despite Gensler’s willingness to negotiate with crypto companies, many in the industry feel that the agency prefers to take a position of enforcement. They complain that the SEC is either ignoring their appeals or threatening legal action. Cryptocurrency enthusiast Mark Cuban is also sure that in fact the regulator is closed to interaction with cryptocurrency companies.

“Who should I talk to at the SEC? How to sign up for a consultation? Do you use Calendly to schedule appointments? You are an expert in crypto lending and finance, so why not just post the specific rules you require crypto companies to follow and open those guidelines for public comment?” Cuban wrote on Twitter.

Cuban was also supported by Dogecoin co-founder Billy Markus. Under his tweet, he joked sarcastically that even after ten years of existence of the industry, the regulator cannot develop clear guidelines for it.

Even SEC Commissioner Hester Peirce has been talking about the need to clarify the regulation of cryptocurrencies, and more than once. According to Pierce, now is the most suitable case for this, given the bankruptcy of several cryptocurrency lenders.