Mark Cuban warns crypto faces nightmare of SEC's next move: 'Wait and see what they come up with'

Shark Tank investor Mark Cuban has warned that the Security and Exchange Commission's (SEC) next steps to regulate cryptocurrency will be a nightmare for the industry.< /p>

What happened: "Wait until you see what they come up with for token registration. This is the nightmare for the crypto industry," said Cuban in a tweet on Saturday.

"How else can you keep thousands of lawyers employed and create reasons to ask taxpayers for more money?" he added.

Cuban added a link to a YouTube video documenting a call he made to the SEC in 2014 asking about insider trading regulations, the result of which was shocked.

The Dallas Mavericks owner's tweet was in response to a tweet from Senator Pat Toomey, who criticized the regulator for taking enforcement action before disclosing his views on why which certain cryptocurrency tokens are securities.

The enforcement action in question was insider trading charges filed against a former Coinbase Global Inc COIN product manager and two of his associates last week.

The SEC alleged that nine of the tokens in the case were in fact securities under the law, a claim Coinbase said it 100% disagrees with.

Price Action: The cryptocurrency market fell 1.5% in the past day to $1.010 billion. At press time, BitcoinBTC/USD was trading at $22,000, down 1.8% in the last 24 hours. Ethereum ETH/USD was trading at $1,523, down 2.47% and Dogecoin DOGE/USD was trading at $0.064, down 4.58% over the same period.

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