Billionaire Mark Cuban is calling out the chair of the U.S. Securities and Exchange Commission (SEC), saying that the regulatory agency has yet to protect a single crypto investor against fraud.
In a new message on the social media platform X, the business magnate says SEC Chair Gary Gensler’s tough stance against the crypto industry may cost President Joe Biden the 2024 election.
“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the 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 legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many entrepreneurs.”
The Shark Tank star goes on to warn Congress that crypto voters could be a deciding factor in the upcoming election and that lawmakers should consider either creating clear digital asset guidelines or having the Commodities Futures Trading Commission (CFTC) regulate cryptocurrencies.
“This is also a warning to Congress. Crypto voters will be heard this election. 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.”
Cuban also encourages Coinbase to publish a list of the political candidates they endorse and require them to commit to replacing Gensler.
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