Crypto Market Could Boom with Gensler’s SEC Exit, Says Mark Cuban

• SEC Chair Gary Gensler might soon be out of a job.
• Mark Cuban said that Kamala Harris’ team doesn’t support Gensler’s crypto regulation approach.
• Harris’ chances of winning the 2024 elections stand at 50%.

Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), is facing uncertain prospects, according to a recent post on X (formerly Twitter) by TV personality and entrepreneur Mark Cuban. Cuban suggested that Gensler could be leaving his position soon. 

He was referring to a conversation he had with people from the U.S. Vice President and 2024 Republican candidate Kamala Harris’ team. They reportedly expressed discontent with the SEC’s “regulation by litigation” approach, implying Gensler’s tenure might be nearing its end.

Kamala Harris’ Team Criticizes SEC’s Approach to Regulation

Cuban further noted that if Gensler were to leave, it could lead to a significant economic boost, claiming that his departure might be “worth a point in GDP growth.” This could suggest Cuban believes the crypto market and related businesses would thrive in Gensler’s absence, potentially leading to higher GDP growth.

As of now, Kamala Harris holds a 50% chance of winning the 2024 presidential election, while Republican rival Donald Trump’s odds stand at 48%.

The NFT Debate: Gensler vs. Ritchie Torres

Cuban’s comments followed a statement by Ritchie Torres, U.S. Representative from New York’s 15th Congressional District, where he confronted Gensler about the status of non-fungible tokens (NFTs) under securities law.

Torres asked Gensler whether tickets to a Yankee game would be considered securities. Gensler responded that there isn’t much difference between a Yankee ticket, which provides access to games, and an NFT granting access to an animated web series, such as the Stoner Cats collection.

Read also: SEC Chair a “Luddite”? Ripple CEO Says Gensler Risks US Tech Future

While many crypto enthusiasts backed Cuban and Torres’ stance, some felt Gensler’s comparison had merit. Bitcoin advocate Ansel Lindner pointed out in an X post that while Yankee tickets aren’t securities, the Stoner Cats NFTs likely are because they were sold for $800 with the promise that buyers could profit from reselling them.