Billionaire Mark Cuban Endorses CFTC Regulation for All Cryptocurrencies
“Shark Tank” investor Mark Cuban advocated for the Commodities and Futures Trading Commission (CFTC) to oversee all cryptocurrencies. He was responding to Republican presidential candidate Donald Trump’s crypto endorsement on social media, urging the US to stop hindering its development.
“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC,” Cuban wrote on X on Saturday. “Crypto is a mainstay with younger and independent voters.”
Further, Mark Cuban accused SEC Chair Gensler of failing to protect investors from fraud. He argued Gensler’s actions have stifled legitimate crypto businesses, harming countless entrepreneurs and hindering innovation.
If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD
All he has done is make it nearly impossible for… https://t.co/uBKupxLhS9
— Mark Cuban (@mcuban) May 10, 2024
“This is also a warning to Congress. Crypto voters will be heard this election,” he said. “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.”
“Or you could do the better option and assign all crypto to be regulated by the CFTC. They actually know what they are doing,” he said.
The Securities and Exchange Commission (SEC) is a major player in regulating cryptocurrency in the US. It considers certain cryptocurrencies to be securities, similar to stocks and ETFs. The CFTC, the Financial Crimes Enforcement Network (FinCEN), and the Internal Revenue Service (IRS) are other regulatory
