tldr; Mark Cuban criticizes SEC Chair Gary Gensler for his regulatory approach to the crypto industry, suggesting that FTX and Three Arrows Capital might still be operational if Gensler had implemented clearer regulations. Cuban argues that Gensler relies too heavily on outdated legal precedents like the Howey Test and uses litigation as a regulatory tool. He suggests that adopting regulatory practices similar to Japan’s, such as requiring high collateral for crypto loans, could have prevented the collapse of these firms.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
liquid_at on
“if gensler had done the right thing, scammers would still be scamming”
ok…
middlemangv on
I don’t always agree with Mark Cuban, but I like the guy. And who cares if I disagree with him? The dude is a millionaire.
CipherScarlatti on
This is the usual bad take from Cuban. Gary’s awful, but FTX was always going to fail because Mr. “Effective Altruism” was raiding wallets to pay for his scam. This was also why investment banks were separated under Glass–Steagall, but they got rid of that so everybody could get screwed over and enjoy the events of the Great Recession, because you know – “Profits!”
It’s amazing how co-opted crypto has become by the tradtional banking and finance system in the past four years.
No_Engineering18881 on
Gensler screwing things up, nothing new
Tenableg on
Good work Gensler! I think the evidence against Friedman and Co said plenty about how they ran their fraudulent company and what was important to them. They showed zero ethic for fiduciary responsibility to their customers. Gensler did it right!
DegenerateWins on
Luna was the beginning of the end, not Gary
swordofeden on
Ftx would still be operating? That’s a pretty stupid take
9 Comments
Obligatory fuck gensler comment
tldr; Mark Cuban criticizes SEC Chair Gary Gensler for his regulatory approach to the crypto industry, suggesting that FTX and Three Arrows Capital might still be operational if Gensler had implemented clearer regulations. Cuban argues that Gensler relies too heavily on outdated legal precedents like the Howey Test and uses litigation as a regulatory tool. He suggests that adopting regulatory practices similar to Japan’s, such as requiring high collateral for crypto loans, could have prevented the collapse of these firms.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
“if gensler had done the right thing, scammers would still be scamming”
ok…
I don’t always agree with Mark Cuban, but I like the guy. And who cares if I disagree with him? The dude is a millionaire.
This is the usual bad take from Cuban. Gary’s awful, but FTX was always going to fail because Mr. “Effective Altruism” was raiding wallets to pay for his scam. This was also why investment banks were separated under Glass–Steagall, but they got rid of that so everybody could get screwed over and enjoy the events of the Great Recession, because you know – “Profits!”
It’s amazing how co-opted crypto has become by the tradtional banking and finance system in the past four years.
Gensler screwing things up, nothing new
Good work Gensler! I think the evidence against Friedman and Co said plenty about how they ran their fraudulent company and what was important to them. They showed zero ethic for fiduciary responsibility to their customers. Gensler did it right!
Luna was the beginning of the end, not Gary
Ftx would still be operating? That’s a pretty stupid take