Billionaire Mark Cuban Says Gary Gensler Can Cost Joe Biden the Election
Highlights
- Cuban highlights how painful it is for american crypto companies to go through SEC's registration process.
- Senator Bill Hagerty also urged Gensler to focus on providing regulatory clarity.
- Gensler defends his position saying dislike for rules is not lack of clarity.
There’s been a major shift in the Biden administration’s approach toward the crypto market recently, however, the top industry market players aren’t quite satisfied with the way SEC Chair Gary Gensler has been dealing with crypto-related issues. Billionaire Mark Cuban has literally warned that Gary Gensler can cost President Joe Biden the 2024 Presidential Election.
Mark Cuban Lashes Out At Gary Gensler
Fox Business Reported Eleanor Terret stated that billionaire Mark Cuban has voiced strong criticism against the SEC Chair Gary Gensler suggesting that he can play a spoilsport for Biden in the upcoming elections.
Cuban also added that Gensler’s stand on digital assets could possibly alienate young crypto-owning voters. “If he has a political career in mind, he’s done,” Cuban remarked about Gensler.
Speaking at the Coinbase State of Crypto event, Cuban told the attendees that he is informing governors, senators, and representatives that the SEC registration process poses major challenges to American crypto companies. He called this issue a “uniquely American Gary Gensler problem”.
SEC Should Prioritize on Crypto Regulatory Clarity
Cuban is not alone in calling out SEC’s laggard approach towards crypto regulations. Senator Bill Hagerty has also urged Gary Gensler to prioritize the clarity of crypto regulations. The Senator further stated that there’s a need for a proper ecosystem in order to prevent pushing the crypto industry offshore. “This industry needs to have a proper ecosystem…so we’re not shoving it offshore,” Hagerty stated.
However, responding to this, the SEC chair countered saying that breaking the law and disliking the law are not the same as lack of clarity. However, one positive thing is that the SEC chair has assured the spot Ethereum ETF approval by this summer.
Despite this statement from Gensler, Hagerty maintained that there’s still major uncertainty and ambiguity from the SEC, adding that it “need not be that way”.
Furthermore, Senator Dick Durbin also questioned Gary Gensler on whether the Commodities and Futures Trading Commission (CFTC) has sufficient resources in order to regulate the crypto industry.
Responding to this, Gensler said that it “depends on what they’re given,” noting that the CFTC lacks the established disclosure regime that the SEC has in place.
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