Billionaire Mark Cuban Says Crypto's Biggest Players Now Want More Regulation, Not Less

• The biggest players in crypto are now lobbying for clear rules through crypto PACs after fighting regulation, said Mark Cuban on X.
• He compared the industry's prior resistance to crypto regulation to the current resistance to the IRS digital asset reporting requirements.
• Cuban said the industry is seeking clarity on which agencies will regulate crypto, how transactions will be taxed, and which reporting standards will apply.

Billionaire investor Mark Cuban said on Monday that the cryptocurrency industry’s regulatory stance has undergone a full 180-degree reversal and that the industry participants that once resisted regulation are now lobbying for clearer rules. 

In a post on X, Cuban drew a direct comparison between the current rejection of the U.S. Internal Revenue Service (IRS)’s digital asset reporting requirements and the industry’s earlier opposition to crypto regulation more broadly. "This is exactly what EVERYONE said about crypto. Any regulation is bad," Cuban wrote, recalling how he was once “crucified” for voicing his opinion that regulation was necessary so it could grow beyond its core user base and reach mainstream consumers.

Crypto’s Regulatory U-Turn

Under the IRS, digital assets are treated as property and must be reported on federal returns, with gains reported on Form 8949. It also outlines the new Form 1099-DA rule, which requires custodial crypto brokers to report customer transactions, gross proceeds from Jan. 1, 2025, and cost basis from Jan. 1, 2026.

Cuban said every major crypto player is now putting money into Crypto political action committees (PACs) and pushing for finalized legislation. He said the industry is looking for clarity on which agencies will oversee crypto, how transactions will be handled and taxed, and which reporting standards will apply. 

Cuban’s Recent AI Token Tax Proposal 

Cuban’s comments were a direct response to a user named PaulieDefi, who criticized the relevant regulatory frameworks for cryptocurrency for disregarding historical context and the fundamental nature of government, arguing that the negative impacts of expanding regulation far outweigh its benefits. 

Last week, Cuban proposed a proposal to federally tax AI tokens, with the tax levied on service providers. The proposal suggested a federal tax of less than 50 cents per million AI tokens processed, pitching that it could be a way to generate roughly $10 billion in annual tax revenue. He then added that the tax can scale up by 30 to 100 times over a decade. Cuban said the proposal could incentivize AI firms to optimize computing efficiency and reduce energy consumption. 

From Bitcoin Skeptic To Crypto Supporter

Over the course of a decade, Mark Cuban completely shifted from a Bitcoin (BTC) skeptic to a full-fledged supporter. In 2015, the Dallas Mavericks, the team he owns, began accepting BTC as payment; at that time, BTC traded at roughly $250 to $450.

As of writing, Bitcoin’s price was trading at $76,738, down 0.1% in the last 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘bearish’ territory, while chatter stayed at ‘normal’ levels over the past day.

Read also: Michael Burry Sounds Alarm On SEC Tokenized Stocks Push With Stark ‘Snow Crash’ Warning

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