American billionaire Mark Cuban has criticized Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), in regards to the agency’s forceful regulatory approach towards the crypto industry. The highly esteemed television personality and crypto advocate has also emphasized the need for clear crypto legislation in a direct message to the US Congress.
Gensler Offers No Protection Against Fraud, Cuban Says
On Friday, Mark Cuban, while commenting on the upcoming US Presidential elections, expressed the importance of proposed government policies on digital assets in swaying voters’ minds. To this end, he issued some statements on regulations in the US crypto space.
Firstly, the billionaire laid into SEC Chairman Gensler, stating the commission’s enforcement actions against cryptocurrency-related businesses have “not protected a single investor against fraud”. Rather, Cuban claims that Gensler’s crackdown operations have created an unfavorable environment leading to the elimination of many legitimate crypto businesses.
For context, the SEC under the leadership of Gary Gensler has launched lawsuits against several crypto companies alleging charges of fraud, and unregistered securities sale among others. Notably, the US regulator is in multiple legal battles with crypto heavyweights including Ripple, Coinbase, Binance, and Huobi. etc.
Mark Cuban views the SEC’s attempts to regulate the US crypto space as harmful which could play a pivotal role in the coming election as the Billionaire describes digital assets to be quite popular with younger US voters.
Congress Must Act Now – Mark Cuban
In more comments on the US Presidential elections, Mark Cuban has issued an alert to the US Congress stating that “Crypto voters” will be looking to express their voices at the polls. The billionaire is urging the current US legislators to create legislation that provides a clear meaning of registration unique to the crypto industry.
The US House of Representatives is expected to vote on two crypto bills in the next two weeks. These bills include the Financial Innovations and Technology for the 21st Century Act and the CBDC Anti-Surveillance State Act.
According to Fox Journalist Eleanor Terrett, there are plans to present both bills together for debate and consideration. Meanwhile, Mark Cuban has also suggested the US Congress allocate “all crypto” regulatory business to the Commodities Future Trading Commission (CFTC).
Such legislation will end the current battle of regulatory control between the SEC and CFTC over the US crypto space. Cuban appears resolute in the choice of the CTFC claiming they seem to “actually know what they are doing.”
Featured image from NBC News, chart from Tradingview
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