Regulation
Billionaire Mark Cuban Calls US SEC Incapable of Regulating Crypto
Everyone in the crypto community has been eagerly following the regulatory developments in the crypto landscape, amid absolute uncertainty from the United States Securities and Exchange Commission (SEC). Billionaire Mark Cuban lashed out at the SEC chairman, saying he failed to protect even a single investor from fraud.
Cuba wants SEC to transfer fees to CFTC
Billionaire entrepreneur Mark Cuban has expressed strong criticism of SEC Chairman Gary Gensler and the New York SEC, warning of the potential consequences of 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 failing to address their concerns could impact election results.
In his remarks, Cuban accused Gensler of failing to protect investors from fraud and criticized regulatory measures that hinder legitimate crypto businesses, potentially leading to business closures and entrepreneurial setbacks.
Calling on Congress to act, Cuba proposed legislative measures to establish clear and responsive regulatory frameworks for the crypto industry. He stressed the importance of clarifying regulations and suggested handing crypto regulation over to the Commodity Futures Trading Commission (CFTC) for effective oversight.
As election season approaches, Cuba’s message serves as a reminder of the growing importance of crypto-related issues and their potential impact on the political landscape.
Crypto becomes the new battleground
The Biden administration and Gary Gensler have held their ground on crypto regulation. While the SEC lost the Debt Box case, the crypto community believes that the SEC is unnecessarily taking over crypto while stifling innovation in this space. Other members of the crypto community also came out in support of Mark Cuban. Dogecoin co-founder Billy Markus also lashed out at the Biden government.
On the other hand, the Republican candidate Donald Trump extended his support to the crypto community and said his administration would not impose a harsh crackdown. In his latest presidential campaign speech, the Republican candidate said: “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 himself launched NFT Mugshot granting them the status of Bitcoin Ordinals.