Billionaire investor Mark Cuban has criticized the United States Securities and Exchange Commission (SEC) for not providing a clear registration process for cryptocurrency firms.

Cuban claimed that the SEC's "Framework for 'Investment Contract' Analysis of Digital Assets" document does not include a registration process, making it difficult to determine what constitutes a security in the crypto industry.

Cuban suggested that the SEC should engage in a "comments process" to determine which aspects of crypto are securities and which are not. U.S. Senator Cynthia Lummis also criticized the SEC for failing to provide a robust legal framework or legal guidance for firms to comply with.