- Billionaire investor Mark Cuban argued on Monday that the cryptocurrency industry has reversed its stance on regulation.
- Cuban stated that major crypto players, once resistant, are now lobbying for clear rules through crypto PACs.
- He directly compared the industry’s current opposition to IRS reporting rules to its past blanket opposition to any regulation.
On Monday, billionaire investor and Dallas Mavericks owner Mark Cuban declared on X that the crypto industry’s regulatory position has performed a complete reversal. He noted that the biggest participants, who previously fought regulation, are now pushing for finalized legislation.
“This is exactly what EVERYONE said about crypto. Any regulation is bad,” Cuban wrote, recalling his past criticism for advocating necessary rules. Consequently, he pointed out that these players are now seeking clarity on oversight agencies, transaction taxation, and reporting standards. Meanwhile, his comments were a direct response to X users arguing that expanding regulation would do more harm than good.
Under the new IRS rules, digital assets are treated as property for federal reporting. Custodial crypto brokers must report customer transactions and gross proceeds starting January 1, 2025. Last week, Cuban proposed a federal tax on AI tokens, suggesting it could generate roughly $10 billion annually. The billionaire investor has shifted from a Bitcoin skeptic to a supporter over the past decade.
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