Economy 13-05-2024 06:03 9 Views

Billionaire Mark Cuban Endorses CFTC Regulation for All Cryptocurrencies

“Shark Tank” investor Mark Cuban advocated for the Commodities and Futures Trading Commission (CFTC) to oversee all cryptocurrencies. He was responding to Republican presidential candidate Donald Trump’s crypto endorsement on social media, urging the US to stop hindering its development.

“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC,” Cuban wrote on X on Saturday. “Crypto is a mainstay with younger and independent voters.”

Further, Mark Cuban accused SEC Chair Gensler of failing to protect investors from fraud. He argued Gensler’s actions have stifled legitimate crypto businesses, harming countless entrepreneurs and hindering innovation.

If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_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…

— Mark Cuban (@mcuban) May 10, 2024

“This is also a warning to Congress. Crypto voters will be heard this election,” he said. “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. They actually know what they are doing,” he said.

SEC’s Enforcement Actions Raise Concerns in Crypto Industry

The Securities and Exchange Commission (SEC) is a major player in regulating cryptocurrency in the US. It considers certain cryptocurrencies to be securities, similar to stocks and ETFs. The CFTC, the Financial Crimes Enforcement Network (FinCEN), and the Internal Revenue Service (IRS) are other regulatory bodies involved in the industry.

However the SEC itself has been criticized for overly aggressively regulating cryptocurrency. In 2023 alone, it imposed 46 enforcement actions against crypto businesses, and imposed a total of $2.8b in fines within the industry.

Trump Pledges to Cease Crypto Hostility if Re-elected as President

Last week, Trump voiced his support for crypto during an event at his Mar-a-Lago resort in Florida. He mentioned that he would halt the hostility towards crypto if he were to be re-elected as US President because he does not favor it.

“If we’re going to embrace it, we have to let them be.”

Further, he criticized President Joe Biden, claiming he lacks an understanding of cryptocurrency. He also went on the offensive against the Democrats, accusing them of strong opposition to crypto.

“I’m fine with it. I want to make sure it’s good and solid and everything else, but I’m good with it,” he added. “If you’re in favor of crypto, you better vote for Trump.”

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