Billionaire Mark Cuban is calling out the chairman of the US Securities and Exchange Commission (SEC), saying the regulator has yet to protect any crypto investors from fraud.
In a new post on social media platform X, the business mogul says say SEC Chairman Gary Gensler’s tough stance on the crypto industry could cost President Joe Biden the 2024 election.
“If Joe Biden loses, chances are you can thank Gary Gensler and the SEC. Crypto is a mainstay among younger and independent voters.
Gensler HAS NOT PROTECTED ANY 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 then warns Congress that crypto voters could be a deciding factor in the upcoming elections and that lawmakers should consider creating clear guidelines for digital assets 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 specific to the crypto industry, just as other industries have registration defined for them. Or you could choose the better option and commit all crypto to regulation by the CFTC.”
Cuban too encourages Coinbase should publish a list of the political candidates they support and require them to commit to replacing Gensler.
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Generated image: Midjourney