Elon Musk slams Mark Cuban for Demanding SEC Chair Post
Highlights
- Cuban has been a vocal critic of the SEC's current approach toward the crypto industry, advocating for more balanced regulations.
- His statement has garnered support from key figures in the crypto space, including XRP lawyer John Deaton.
- The tech billionaire Cuban has openly criticized Gary Gensler’s "regulation-by-enforcement" strategy.
Update: In the latest update world’s richest man Elon Musk has slammed Mark Cuban for demanding the post of SEC chair, replacing Gray Gensler, if Kamala Harris becomes the next US President. In his sharp attack on the X platform, Musk wrote: “Mark Cuban is proof that morons can become billionaires”.
In his recent interview with Fox News, billionaire Mark Cuban stated that he would like to be the head of the SEC replacing Gary Gensler, if Kamala Harris wins the US Presidential Elections. Cuban has been an active participant in crypto for years and has called out against the high-handed approach of the SEC against the crypto industry.
Mark Cuban Gets Industry Support As SEC Chair
During his interview on Wednesday, the Fox News journalist asked Cuban whether he would want to be a Treasury Secretary or Commerce Secretary, in the Harris administration. Responding promptly to this, Cuban said he would like to be the “Head of the SEC. That’s the job I would take,” he said.
JUST IN: 🇺🇸 Billionaire Mark Cuban States he would like to be "head of the SEC."
“That’s the job I would take” 🥶
Who would you rather having as head of the SEC, Mark Cuban or Gary Gensler? 🤔💭
Comment Below & Follow For More!!👇👇 pic.twitter.com/bXaOy5eacP
— Good Morning Crypto (@AbsGMCrypto) September 25, 2024
In his proposal, Mark Cuban received support from crypto industry proponents. XRP lawyer John Deaton, also the Republican Nominee from Massachusetts, stated that despite his disagreements with Mark Cuban on other issues he would support the tech billionaire in replacing the lawlessness of Gary Gensler.
During the SEC Chair hearing on Tuesday, lawmakers asked Gensler tough questions about his approach toward the crypto industry. US Representative Tom Emmer also called him the most “destructive” and “lawless” chair in the 90-year history of the agency. It seems that the crypto industry is fed up with Gensler’s leadership as the SEC Chair.
Speaking on the development, Deaton said that Cuban would bring a much-needed change to the leadership of the US SEC. Deaton highlighted Cuban’s previous experience with the SEC, noting that Cuban had successfully fought back against what he called “gross overreach” by the agency.
Why Cuban Could Be A Good SEC Chief?
Despite the crackdown by the Biden administration, Mark Cuban supports Kamala Harris stating that she’s more “pro-business” in comparison to Trump. Besides, Cuban has also been assisting the Kamala Harris team in framing crypto policies and the industry approach they should be taking moving forward. “Supporting crypto isn’t about making the rich even richer. It’s about egalitarianism,” Cuban said during a recent Crypto4Harris event.
However, the tech billionaire has been vocal against SEC chief Gensler pointing out his inefficiencies while dealing with crypto, Calling out Gensler’s bluff, he also said that Kamala Harris doesn’t support the regulation-by-enforcement approach of the SEC chair. Being a participant in the crypto industry himself, Cuban has a greater understanding of how the industry is pivoting.
Commenting on crypto regulation, Cuban said that excessive regulation is not good for any industry. “We can regulate it without turning it into a tool for the few,” he added. The billionaire has also seen the other side of the industry and has faced a personal loss of $870,000 in a crypto scam.
On the other hand, the US Vice President has been pushing ahead with new promises for crypto and the blockchain industry. She also pledged for US dominance in blockchain and AI technology.
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