As the 2024 U.S. presidential election approaches, billionaire investor Mark Cuban has made a strong case for the Commodity Futures Trading Commission (CFTC) to regulate the entire cryptocurrency industry.
In a series of posts on the social media platform X, Cuban criticized the U.S. Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, for their tough stance on crypto, claiming that it could cost President Joe Biden a second term in office.
TLDR
- Mark Cuban argues that the SEC, under Chair Gary Gensler, has not protected crypto investors against fraud and has made it difficult for legitimate crypto companies to operate.
- Cuban suggests that the U.S. Congress should pass legislation defining registration specific to the crypto industry or assign all crypto to be regulated by the CFTC.
- He warns that crypto voters, particularly younger and independent voters, will be a significant factor in the 2024 U.S. presidential election.
- Cuban believes that if President Joe Biden loses the election, Gensler and the SEC may be held responsible due to their tough stance on crypto.
- The billionaire entrepreneur urges Coinbase to publish a list of political candidates they endorse and require them to commit to replacing Gensler.
Cuban argues that the SEC, under Gensler’s leadership, has failed to protect crypto investors from fraud while simultaneously making it nearly impossible for legitimate crypto companies to operate within the United States.
He believes that this approach has led to the demise of countless businesses and has ruined the lives of many entrepreneurs in the industry.
If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUDAll he has done is make it nearly impossible for… https://t.co/uBKupxLhS9
— Mark Cuban (@mcuban) May 10, 2024
The billionaire entrepreneur warns that crypto voters, particularly younger and independent voters, will play a significant role in the upcoming election.
He suggests that if Biden loses, Gensler and the SEC may be held responsible due to their anti-crypto stance. Cuban urges the U.S. Congress to take action by either passing legislation that defines registration specific to the crypto industry or assigning all crypto to be regulated by the CFTC.
Cuban’s call for CFTC oversight of the crypto industry echoes the sentiments of many other leaders in the crypto community who believe that Gensler’s enforcement-focused regulatory approach has been detrimental to the growth and development of the industry in the United States.
In 2023 alone, the SEC took 46 enforcement actions against crypto firms, according to data from litigation consulting firm Cornerstone Research.
As the election draws closer, the debate surrounding crypto regulation is likely to intensify.
A January 2024 poll found that 51% of crypto voters would select former President Donald Trump, who has recently announced his acceptance of cryptocurrency donations for his campaign. Meanwhile, 41% of crypto voters indicated their support for Biden.
Cuban’s message serves as a warning to both the Biden administration and Congress that the crypto community’s concerns cannot be ignored.
He urges Coinbase, one of the largest cryptocurrency exchanges in the United States, to publish a list of political candidates they endorse and require them to commit to replacing Gensler as SEC Chair.
