Bitcoin Skeptic Mark Cuban Torches ‘Useless’ SEC in Withering Takedown

 
By CCN: Billionaire bitcoin skeptic Mark Cuban torched the Securities and Exchange Commission as “useless” bureaucrats who bring “ridiculous” lawsuits against investors to justify their worthless existence.

“I’m obviously not a fan of the SEC,” Cuban told CCN. “I think they prefer regulation through litigation and that creates problems for everyday investors.”

Cuban — whose net worth tops $4.1 billion — is a tech entrepreneur who owns the Dallas Mavericks NBA team.

Cuban: SEC Puts Investors on Double-Secret Probation

Cuban’s anti-SEC comments to CCN mirror the blistering remarks he made to Yahoo Finance last week (video below).

Cuban says the SEC leaves investors in the dark about securities laws. Then, it unethically builds cases against unwitting investors using their secret rules.

“They’re kind of useless. Had the SEC really wanted to make the markets safer, they would publish bright-line guidelines. For instance, there’s no specific law on insider trading. There are only legal precedents that have been set as a result of various cases that the SEC has brought.”

“If you’re just an [individual] investor, you have no idea. You’re not a lawyer. And you shouldn’t be responsible for talking to a lawyer before you buy or sell a stock.”

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