Regulation
Billionaire Mark Cuban Slams SEC Chairman, Calls for Crypto Legislation
American billionaire Mark Cuban has criticized Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC), over the agency’s strict regulatory approach towards the crypto industry. The highly regarded television personality and crypto advocate also highlighted the need for clear crypto legislation in a direct message to the US Congress.
Gensler offers no fraud protection, Cuba says
Friday, Mark Cuban, while comment on the upcoming US presidential elections, expressed the importance of proposed government policies on digital assets to influence the minds of voters. To this end, it has issued statements on regulation in the crypto space in the United States.
First, the billionaire lashed out at SEC Chairman Gensler, saying the commission’s enforcement actions against cryptocurrency-related businesses had “failed to protect a single investor from fraud.” Cuba instead claims that Gensler’s crackdown created an unfavorable environment leading to the elimination of many legitimate crypto businesses.
To recall, the SEC, under the leadership of Gary Gensler, has launched lawsuits against several crypto companies, alleging charges of fraud and unregistered securities sales, among other things. Notably, the American regulator is engaged in several legal battles with crypto heavyweights, including Ripple, Coinbase, Binance, and Huobi. etc.
Mark Cuban views the SEC’s attempts to regulate the US crypto space as harmful, which could play a central role in the upcoming elections as the billionaire describes digital assets as being very popular with young US voters.
Congress must act now – Mark Cuban
In other comments on the US presidential elections, Mark Cuban issued an alert to the US Congress that “crypto voters” will seek to cast their vote at the polls. The billionaire is urging current US lawmakers to create legislation that gives a clear meaning to logging, specific to the crypto industry.
The US House of Representatives is expected to vote on two crypto bills in the next two weeks. These invoices include the Financial Innovations and Technology for the 21st Century Act and state anti-CBDC surveillance law.
According to Eleanor Terrett, Fox journalist, it is planned to present the two bills together for debate and consideration. Meanwhile, Mark Cuban also suggested that the US Congress assign “all crypto regulatory activities” to the Commodities Future Trading Commission (CFTC).
Such legislation will end the current regulatory control battle between the SEC and CFTC over the US crypto space. Cuban seems determined in the choice of the CTFC, saying that he seems to “really know what he is doing”.
Total crypto market cap valued at $2.194 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from NBC News, chart from Tradingview