Billionaire Shark Mark Cuban Warns SEC’s Anti-Crypto Stance Could Hurt Biden’s Election
Known for his many business ventures, Mark Cuban is also a long-term crypto investor, taking large positions especially in Ethereum (ETH), Polygon (MATIC) and NFTs. These investments signaled his openness and support for crypto. He recently shared his thoughts on the current state of cryptocurrency regarding regulation.
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“If @joebiden loses, there’s a good chance you’ll thank @GaryGensler and @NewYork_SEC. Crypto is a mainstay of young, independent voters. Gensler DID NOT PROTECT A SINGLE INVESTOR AGAINST FRAUD. All he did was make it nearly impossible for Legitimate crypto companies to operate, so who knows “How many businesses is it killing and who knows how many entrepreneurs it’s destroying?” Published on X.
Cuban talks about the different ways he believes SEC chairman Gary Gensler is hindering the adoption of cryptocurrencies in the U.S. According to Cuban, Gensler is working under the guise of preventing fraud and allowing Americans to access safe investments but instead created cryptocurrencies. It’s an environment where it’s difficult to create a crypto business that complies with many SEC regulations.
One comment stated that the SEC is simply trying to crack down on pump-and-dump and other fraudulent activities. Cuban responded: “Now compare that to OTC and Pink Sheets in today’s U.S. market. Even with relatively new regulations, it’s a dump. And don’t forget that our SEC allows billions and billions of shares of bankrupt companies to trade all the time.”
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Essentially, Cuban is stating that the SEC may apply double standards when it comes to some penny stocks and bankrupt companies, as it allows these companies to trade at a time when cryptocurrency is subject to much greater scrutiny.
“This is also a warning to Congress. Crypto voters’ voices will be heard in this election. You can solve this problem for Biden by passing legislation that defines registration specific to the crypto industry, just like other industries have registrations defined for them. Or Cuban also suggested a better “By offering the option, you can ensure that all cryptocurrencies are regulated by @CFTC,” he added.
As the presidential election continues to heat up, cryptocurrency is emerging as a dark horse issue that could affect the votes of some in the crypto community. According to Cuban, the Biden administration, potentially through Gary Gensler, is failing to appeal to these voters, which could cost them the election.
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It’s also notable that Trump recently expressed support for crypto at an NFT event: “A lot of people are very receptive to it…and that’s okay with me. I want to make sure it’s good and solid.” ..but I’m fine with this. “If you love crypto in any form, and it comes in many different forms, you better vote for Trump.”
Will crypto be a deciding factor in the upcoming elections? This may not be a big deal for many Americans, but it could influence the votes of crypto enthusiasts.
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