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Mark Cuban believes the SEC will enact strict rules and restrictions, turning the greatest nightmare of the cryptocurrency business into reality

Another horror in crypto is imminent

Recently, Mark Cuban believes the worst nightmare for the business came true as the whole crypto market crashed. The stablecoin UST and its companion token Luna de were tied to the dollar and lost around 99% of their value.

The most valuable cryptocurrency in the world, bitcoin, dropped by at least 70% and began trading at roughly $19,000. All of these instances were predicted to be the crypto industry’s worst nightmare. The greatest nightmare for the cryptocurrency business, however, is yet to come, according to billionaire Mark Cuban.

The owner of a well-known NBA team and a shark tank celebrity continued by tweeting that the US Securities and Exchanges Commission will soon implement new laws and regulations that would be so onerous as to choke investors and cryptocurrency startups to death.

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According to the tweet, Mark Cuban is responding to the senator who claimed that the worst nightmare for the cryptocurrency business is still to come. The millionaire responded to Senator Pat Toomey in a tweet.

Pat Toomey had reacted angrily to the SEC’s enforcement action against a Coinbase employee after nine coins were found to be securities. Even while Coinbase responded quickly to the charges, the story quickly went viral and severely damaged the governing body’s credibility.

Toomey says that the enforcement action “is the ideal instance of the SEC having a strong perspective on how and why particular tokens count as securities. The SEC did not, however, voice its opinion prior to launching enforcement action.

Also Read: 42 Percent of crypto exchanges have vanished in thin air from past eight years

Recently, the SEC has been under intense scrutiny for all the wrong reasons. According to reports, a US congressman criticised the regulatory agency last week for meddling in businesses’ operations that weren’t under their purview.

He was recorded saying that the regulatory body established by Gensler had evolved into a power-hungry enforcement agency rather than a regulatory one.

I think the SEC needs to draw a fine line between regulation and enforcement. Because if there were no regulation, scammers and fraudsters would control the market, and if there was too much enforcement, legitimate institutions and investors may exit the cryptocurrency industry.

Also Read: In a new report from Coin Metric, several currencies’ blockchain activity is displayed

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