Mark Cuban Blasts SEC Chair Gensler’s Hostile Crypto Probe

• Mark Cuban isn’t satisfied with how the SEC has dealt with crypto. 
• The billionaire claims the SEC is killing crypto companies. 
• Cuban asserted that crypto votes will be pivotal in the November elections. 

There is no denying that US regulators are actively campaigning against the crypto industry, especially after the CFTC recently warned of more enforcement actions to come in the next few months.

As the US crypto industry now braces for impact, influential figures like billionaire Mark Cuban are sounding the alarm about the nation’s increasingly adversarial stance, worrying it could derail the crypto ecosystem and tarnish America’s standing in the world. 

SEC is Killing Crypto Companies, Mark Cuban

“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC,”  Mark Cuban asserted in his latest social media response to former President Donald Trump’s open embrace of crypto as part of his presidential campaign. 

The entrepreneur highlighted that crypto has become a mainstay with younger and independent voters; however, SEC Chair Gary Gensler is suffocating the industry with his probe. 

"All he has done is make it nearly impossible for legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many entrepreneurs." Cuban added. 

Sending a stark warning to Congress, Cuban highlighted that crypto voters would play a pivotal role in the November elections, adding they will be “heard this election.” 

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The Shark Tank investor suggested that President Biden could salvage his dwindling popularity by passing legislation that brings much-needed regulatory clarity to the industry or by designating all digital assets under the jurisdiction of the US Commodity Futures Trading Commission.

However, given the White House’s staunch anti-crypto stance, prospects for President Biden embracing the asset appear increasingly bleak.

Will President Biden Warm Up to Crypto?

President Biden has made one thing clear in recent years: his distaste for crypto. From dismissing its value to outright vowing to veto any legislation in its favor, his administration hasn’t pulled any punches.

President Biden’s anti-crypto sentiment was glaringly evident when the US House of Representatives passed a groundbreaking resolution to overturn the SEC’s crypto accounting guidance, which had barred banks from handling crypto customers. However, before Congress could break out the champagne, President Joe Biden vowed to stay the course with his anti-crypto stance and veto the resolution. 

Such instances, coupled with the SEC’s aggressive pursuit of crypto enforcement actions, have prompted crypto voters to distance themselves from President Biden. A January 2024 poll revealed that 51% of crypto voters would vote for Trump, with only 41% favoring Biden—a statistic that seems fitting given the former President’s open embrace of cryptocurrencies.

At a recent Gala Dinner, President Trump reiterated his pro-crypto stance , promising to prevent an exodus of crypto companies and boldly declaring that a vote for him is a vote for crypto. With only months until the elections, President Trump’s pro-crypto campaign could bear fruit for him as Bitcoin and the overall market shake with excitement. 

On the Flipside

• Crypto policy is not a concern for most voting Americans, as just 17% have invested in digital assets.
• Donald Trump’s campaign recently declared its willingness to accept cryptocurrency donations.
• A US House Committee is currently considering voting for the FIT21 act , a crypto bill seeking to provide much-needed clarity to the industry.

Why This Matters

Mark Cuban’s concerns hold weight, particularly given the investor exodus and brain drain caused by the SEC’s stringent regulation. Crypto has become a crucial talking point for voters, and any party—be it Democrat or Republican—that champions the cause stands to gain popularity and potentially secure the elections.

What is FIT21?
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