- Mark Cuban criticizes the SEC and its Chair, Gary Gensler, for their stringent regulatory policies.
- Cuban asserts that Gensler hasn’t introduced any law that could protect investors from fraud.
- The television person requests Congress for regulatory clarity and suggests CFTC take over control of the market regulation.
In response to Republican Presidential candidate Donald Trump’s public embrace of cryptocurrencies, American television personality Mark Cuban spotlighted the necessity of clear crypto regulations. Cuban criticized the Securities and Exchange Commission (SEC) and Chair Gary Gensler for their stringent and non-comprehensive regulatory policies.
Cuban pointed out that cryptocurrencies have become a “mainstay with younger and independent voters.” However, he added that the SEC hasn’t introduced any policies that could protect investors from fraud. Further slamming Gensler, Cuban asserted,
“All he has done is make it nearly impossible for legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many entrepreneurs.”
Recently, Trump promised the crypto investors a “good and solid” crypto industry, arguing that Biden doesn’t even know what crypto is. Criticizing the SEC and the Democrats for their alleged anti-crypto stance, Trump assured that he wouldn’t use regulatory power to crush the industry.
In his X post, Cuban requested Congress to bring regulatory clarity to the industry before the 2024 Presidential election. Believing that such a move could secure another Presidential term for Biden, he stated, “You could solve this problem for Biden by passing legislation that defines registration that is specific to the crypto industry just as other industries have registration that is defined for them.”
Moreover, as a final solution to the regulatory challenges in the crypto market, Cuban suggested the Commodity Futures Trading Commission (CFTC) take control of the industry. He asserted, “They [CFTC] actually know what they are doing.”
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
