Cuban Wants SEC to Handover Charge to CFTC
Billionaire businessman Mark Cuban has strongly criticized SEC Chair Gary Gensler and the New York SEC, threatening possible repercussions in the next election if the current regulatory tendencies continue.
Cuban underlined the growing influence of crypto-savvy voters, particularly among younger and independent populations, saying that failing to address their concerns could affect election outcomes.
In his speech, Cuban accused Gensler of failing to protect investors against fraud. He condemned governmental efforts that inhibit legitimate crypto enterprises, potentially resulting inusiness closures and entrepreneurial defeats.
Calling Congress to take action, Cuban proposed legislative measures to establish clear regulatory frameworks tailored to the crypto industry. He underlined how crucial it is to provide regulatory clarity. He suggested giving the Commodities Futures Trading Commission (CFTC) authority over cryptocurrency regulation to ensure efficient oversight.
Cuban’s statement reminds us of the growing importance of crypto-related issues and their potential influence on political landscapes as election season draws near.
The New Front in the Battleground Is Crypto
Gary Gensler and the Biden administration have remained in place regarding crypto rules. The cryptocurrency community feels that the SEC unnecessarily adopted a dominant position in the industry, hindering innovation after losing the Debt Box case. Other crypto community members have also emerged in support of Mark Cuban. Billy Markus, a co-founder of Dogecoin, also criticized the Biden administration.
if joe biden loses it’s likely due to joe biden being a horrible president in every single conceivable way
— Shibetoshi Nakamoto (@BillyM2k) May 10, 2024
Interestingly, the previous President, Donald Trump, initiated Mugshot NFTs, making them Bitcoin Ordinals.
