Crypto Market News: Amid widespread fear and uncertainty around crypto enforcement actions in the United States, investor and television personality Marc Cuban shared an interesting tale about his experience trying to register a crypto token. This was when Cuban tried to approach the U.S. Securities and Exchange Commission (SEC) about finding the guidelines on how to register a crypto token. With this, he had boiled down to the real reason why crypto firms find it really difficult to register with the agency, as things stand in terms of the rules. This could also make an interesting case for discussions with lawmakers on crypto, as we head to the election year.
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Interestingly, Cuban’s experience showed that most of the companies in the crypto market would “love” to register with the SEC if the agency made it simpler to do so. Another important concern is the relatively high costs and delays when it comes to the registration timeline.
When Mark Cuban Tried To Register A Token
According to Marc Cuban, SEC Chair Gary Gensler does not understand three things about crypto and small businesses and start ups: difficulty with approval delay, legal fees and complex rules. He added that he would bet almost all of the companies would love to register with the SEC if these issues are fixed. There are “zero easy to follow guidelines” for small crypto start ups to follow, he explained.
“I had someone who I work with call the SEC and ask them about how to register a token. Where could we find guidelines. They .. effectively told us that we should probably get a securities lawyer to help.”
The investor stressed on the need for legal help for startups with small capital, when it comes to registration and compliance. All the SEC needs to do is make it easy and relatively inexpensive for firms to register, he concluded.
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