Mark Cuban Endorses CFTC Regulations for All Cryptocurrencies

Last updated: May 13, 2024 01:07 EDT | 1 minute reading

“Shark Tank” investor Mark Cuban has advocated for the Commodities and Futures Trading Commission (CFTC) to oversee all cryptocurrencies. He was responding to comments by Republican presidential candidate Donald Trump. crypto approval on social media, urging the United States to stop hindering their development.

“If Joe Biden loses, chances are you can thank Gary Gensler and the SEC,” Cuban wrote on X on Saturday. “Crypto is a mainstay with younger, independent voters.”

Additionally, Mark Cuban accused SEC Chairman Gensler of failing to protect investors from fraud. He argued that Gensler’s actions stifled legitimate crypto businesses, harming countless entrepreneurs and hindering innovation.

“This is also a warning to Congress. Crypto voters will be heard in this election,” he said. “You could solve this problem for Biden by passing legislation that defines registration specific to the crypto industry, just like other industries have registration that is defined for them.”

“Or you could do the better option and turn all crypto over to CFTC regulation. They actually know what they are doing,” he said.

SEC Enforcement Actions Spark Concerns in Crypto Industry

The Securities and Exchange Commission (SEC) is a major player in the regulation of cryptocurrencies in the United States. It considers some cryptocurrencies to be securities, similar to stocks and ETFs. Other regulatory agencies involved in the industry include the CFTC, the Financial Crimes Enforcement Network (FinCEN), and the Internal Revenue Service (IRS).

However, the SEC itself has been criticized for overly aggressive regulation of cryptocurrencies. In 2023 alone, he imposed 46 coercive measures against crypto companies and imposed a total of $2.8 billion in fines within the industry.

Trump vows to end hostility towards crypto if re-elected president

Last week, Trump voiced his support for crypto during an event at his Mar-a-Lago resort in Florida. He mentioned that he would end the hostility towards crypto if he were to be re-elected as President of the United States, as he is not in favor of it.

“If we want to accept it, we have to leave them alone.”

Additionally, he criticized President Joe Biden, saying he did not understand cryptocurrency well. He also went on the offensive against Democrats, accusing them of strong opposition to crypto.

“I’m fine with that. I want to make sure it’s good and solid and everything else, but I’m good with it,” he added. “If you’re in favor of crypto, you better to vote for Trump.”

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