Mark Cuban, a Shark Tank star and the billionaire owner of the NBA team Dallas Mavericks, says the U.S. Securities and Exchange Commission (SEC) doesn’t protect anyone, calling the regulator “the Quickbooks of financial regulation.” He stressed that the Howey Test isn’t enough to cover every crypto situation.
Mark Cuban Slams SEC: They Don’t Protect Anyone
Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, slammed the U.S. Securities and Exchange Commission (SEC) in a post on social media platform X Thursday.
Regarding whether the current securities law is sufficient to regulate crypto, Cuban said: “All you need to know is that Howey was not enough to cover every situation, so Reves came along.” Reves v. Ernst & Young is a Supreme Court case related to the definition of an “investment contract” under the Securities Act of 1933. The billionaire added:
Now there’s a need for a crypto complement to Howey and Reves.
The owner of the Dallas M
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