Billionaire Mark Cuban Calls US SEC Incapable of Handling Crypto Regulations

Everyone in the crypto community has been eagerly watching the regulatory developments in the crypto landscape with absolute uncertainty from the U.S. Securities and Exchange Commission (SEC). Billionaire Mark Cuban has lashed out at the SEC chair saying that he has been inefficient in protecting even a single investor from fraud.

Cuban Wants SEC to Handover Charge to CFTC

Billionaire entrepreneur Mark Cuban has voiced strong criticism against SEC Chair Gary Gensler and the New York SEC, warning of potential consequences in the upcoming election if current regulatory trends persist.

Cuban highlighted the growing influence of crypto-savvy voters, particularly among younger and independent demographics, suggesting that failure to address their concerns could impact election outcomes.

In his remarks, Cuban accused Gensler of failing to protect investors against fraud and criticized regulatory actions that hinder legitimate crypto businesses, potentially leading to business closures and entrepreneurial setbacks.

Calling on Congress to take action, Cuban proposed legislative measures to establish clear regulatory frameworks tailored to the crypto industry. He emphasized the importance of providing regulatory clarity and suggested assigning crypto regulation to the Commodity Futures Trading Commission (CFTC) for effective oversight.

As election season approaches, Cuban’s message serves as a reminder of the growing significance of crypto-related issues and the potential impact on political landscapes.

Crypto Becomes the New Battleground

The Biden administration along with Gary Gensler has been staying when it comes to crypto regulations. With the SEC losing the Debt Box case, the crypto community believes that the SEC is unnecessarily taking a high hand on crypto while stifling innovation in this space. Other members of the crypto community have also come in support of Mark Cuban. Dogecoin co-founder Billy Markus also lashed out at the Biden government.

if joe biden loses it’s likely due to joe biden being a horrible president in every single conceivable way

— Shibetoshi Nakamoto (@BillyM2k) May 10, 2024

On the other hand, Republican candidate Donald Trump has extended his support to the crypto community had stated that his administration won’t impose a tough crackdown. In his latest presidential campaign speech, the Republican candidate stated: “If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”

Interestingly, former President Donald Trump has himself launched Mugshot NFTs granting them the status of Bitcoin Ordinals.