Mark Cuban, billionaire entrepreneur and owner of the Dallas Mavericks NBA team, has issued a stark warning against the crypto policies implemented by Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC). Cuban expressed his concerns on a popular social media platform, stating that Gensler’s approach towards crypto regulations could dim the election prospects of incumbent president Joe Biden.
Cuban strongly reiterated that Gensler and the SEC’s New York office may shoulder some blame if Biden faces defeat in the approaching November elections. This, he reasoned, is due to the crypto investment trend among younger and unbiased voters, and Gensler’s stance could alienate this significant demographic. He declaimed that Gensler has done little to shield these investors from fraudulent practices.
The billionaire’s critique was not limited to Gensler’s passive role in investor protection but extended to his creation of an unfavorable environment for lawful crypto businesses. Cuban argued that Gensler’s policies have erected barriers which undermine such enterprises, potentially causing the failure of numerous ventures and the disillusionment of numerous entrepreneurs.
Having highlighted these issues, Cuban urged Congress to take heed of the growing significance of the crypto domain as electoral issues. He recommended a framework be established by Congress that outlines specific registration for crypto firms, akin to that applied to other industries. Alternatively, he suggested the regulatory baton for crypto be passed to the Commodity Futures Trading Commission (CFTC), as they possess a deeper expertise and understanding of the field.
In the past, Cuban has openly criticized the SEC, referring to them as mere ‘bookkeepers’ and doubting their capacity for effective financial regulation. Despite such criticism, he regularly supports Bitcoin, calling it a “great store of value,” that owes its value to supply and demand equilibrium.