Mark Cuban Slams SEC Chief Gary Gensler for Complex Market Rules - and Tells Him to Engage with Retail Investors The "Shark Tank" star criticized the regulator for posturing to Wall Street in a Twitter thread.

By Theron Mohamed

This story originally appeared on Business Insider

Getty Images for The New York Times via BI

Market regulators should clarify the rules, answer people's questions, and focus more on understanding retail investors' needs than on trying to impress Wall Street, Mark Cuban argued this week.

The technology billionaire made the suggestions to Gary Gensler, after the chairman of the Securities and Exchange Commission tweeted that investors shouldn't even come close to breaking the rules. Gensler added that his agency seeks to protect people from threats such as market manipulation and accounting fraud.

"If you really want to make the markets safer, rather than puffing up your chest and posturing to or with Wall Street, talk to small investors about what they want to see and how they want to be communicated with," Cuban tweeted.

Related: Mark Cuban Says Dogecoin Is the 'Strongest' Cryptocurrency

"If you were working on behalf of investors, you make it easy for questions by investors and businesspeople to be asked and answered," he continued. "You make it near impossible. Those who can't afford lawyers can only guess."

The "Shark Tank" star and Dallas Mavericks owner has been a vocal critic of the SEC since the agency charged him with insider trading in 2008. He was ultimately acquitted by a federal jury in 2013.

Cuban has accused the government body of regulating through litigation and intentionally keeping its rules opaque to give its army of lawyers plenty of scope to sue and intimidate. The SEC also gives Wall Street an edge by suing individual investors who can't afford to fight back, and cryptocurrencies are more beneficial to businesses than the agency's oversight, he's said in the past.

"There is no more crooked federal agency than the SEC," he tweeted in 2014. "They are everything that is wrong w the government."

Gensler's office didn't immediately respond to a request for comment from Insider.

Related: Mark Cuban Says the Best Investment Is Paying Off Your Debt

Wavy Line

Editor's Pick

She's Been Coding Since Age 7 and Presented Her Life-Saving App to Tim Cook Last Year. Now 17, She's on Track to Solve Even Bigger Problems.
I Helped Grow 4 Unicorns Over 10 Years That Generated $18 Billion in Online Revenues. Here's What I've Learned.
Want to Break Bad Habits and Supercharge Your Business? Use This Technique.
Don't Have Any Clients But Need Customer Testimonials? Follow These 3 Tricks To Boost Your Rep.
Why Are Some Wines More Expensive Than Others? A Top Winemaker Gives a Full-Bodied Explanation.

Related Topics


5 Ways to Manage Your Mental Health and Regulate Your Nervous System for Sustainable Success

Your body and mind are the cornerstones of your success — are you taking care of yourself?

Business News

California Woman Arrested For $60 Million Postal Service Scam

Lijuan "Angela" Chen faces two charges that each carry a maximum sentence of five years in prison.

Business News

3 Companies to Pay Over $1 Billion in Settlement Over 'Forever Chemicals' Allegedly Contaminating U.S. Water Systems

Polyfluoroalkyl substances, also known as PFAS, are nearly impossible to break down and can have serious consequences to human health and the environment.


Score a Refurbished, Grade-A iPad Mini and Free Headphones for Just $99.99

Take advantage of this amazing price just in time for summer.

Business News

The FTC Is About to Change Subscription Services Forever. Here's How You Can Prepare.

The new "click-to-cancel" provision will make renewing and terminating subscriptions easier.