News
Billionaire shark Mark Cuban warns the SEC’s anti-crypto stance could cost Biden the election
May 14, 2024 8:30 am | 3 minute read
Known for his many business ventures, Mark Cuban has also been a long-term investor in cryptocurrencies, notably taking large positions in Ethereum (ETH)Polygon (MATIC) e NFTsS. These investments signaled his openness and support for cryptocurrencies. He recently shared his thoughts on the current state of cryptocurrency as it relates to regulation.
Not to be missed:
“If @joebiden loses, there’s a good chance you can thank @GaryGensler and @NewYork_SEC. Cryptocurrencies are a mainstay among younger, independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD. All he’s done is state created, it is nearly impossible for legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many entrepreneurs,” Cuban said published on X.
Cuban is referring to the several ways he believes SEC Chairman Gary Gensler has prevented the adoption of cryptocurrencies in the United States. According to Cuban, Gensler is operating under the guise of preventing fraud and allowing Americans to access reliable investments, but instead has created an environment where it is difficult to create a crypto business that complies with numerous SEC regulations.
One comment noted that the SEC is simply attempting to take precautions against pump-and-dump and other fraudulent activity. Cuban responded by saying, “Now compare that to OTC and Pink Sheets in the US market today. Even with the relatively new regulations, it’s a cesspool. And remember our SEC lets billions and billions of shares of bankrupt companies trade continuously”.
Trending: Big Crypto Boom and Metaverse Interest as BTC Skyrockets — Has Apple Vision Pro increased demand for virtual real estate?
Essentially, Cuban points out that the SEC may be adopting a double standard when it comes to certain penny stocks and bankrupt companies, as it allows them to trade while cryptocurrencies are subject to much more scrutiny.
“This is also a warning to Congress. Cryptocurrency voters will be heard in this election. You could solve this problem for Biden by passing legislation that defines registration specifically for the cryptocurrency industry just as other industries have registration defined for them Or you could do the next best thing and assign all cryptocurrencies to @CFTC regulation,” Cuban also added.
As the presidential election continues to heat up, cryptocurrency emerges as a murky issue that could influence the votes of some in the crypto community. According to Cuban, the Biden administration, perhaps through Gary Gensler, is failing to appeal to these voters, which could cost them the election.
It is also notable that Trump recently expressed support for cryptocurrencies NFT eventstating, “a lot of people are very supportive… and that’s fine with me. I want to make sure it’s good and solid… but that’s fine with me. If you like cryptocurrencies in any form, and it comes in many different forms, would you Better to vote for Trump.”
Will cryptocurrencies be a decisive factor in the next elections? It may not be a big deal for many Americans, but it could impact the votes of cryptocurrency enthusiasts.
Read next:
ENTER TO WIN $500 IN STOCKS OR CRYPTO
Enter your email and you’ll also receive Benzinga’s latest morning update AND a free $30 gift card and more!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.