Mark Cuban Advocates for CFTC Control Over Crypto Regulation, Criticizes SEC's Anti-Crypto Stance
Summary:
Billionaire Mark Cuban urges the Commodity Futures Trading Commission (CFTC) to regulate all cryptocurrencies and calls on the U.S Congress to provide clear guidelines for the crypto industry before the 2024 election. He believes these moves could help President Joe Biden secure a second term. Cuban also criticizes SEC Chair Gary Gensler's stringent anti-crypto stance, which he claims has created a hostile operating environment for U.S-based crypto companies.
In an appeal directed towards the Commodity Futures Trading Commission (CFTC), billionaire Mark Cuban is advocating for the body to assume responsibility for "all crypto" regulation, with a specific request for congress to provide clearer guidelines set for the crypto industry before the 2024 presidential election. The clarity, Cuban suggests, could increase the chances of a second presidential term for Joe Biden. On May 10, Cuban stated that legislation regarding the crypto industry rules and regulations could be the problem solver for Biden. He further made assertions that if Biden isn't voted back in for a second term, the SEC and Gary Gensler, its chairperson, known for their stringent position against cryptocurrencies, could be blamed, considering the volume of crypto voters expected in the upcoming election. "The chances of Joe Biden losing could be significantly attributed to Gary Gensler and the New York SEC," Cuban added, further offering the alternative option of transferring all crypto regulation to the CFTC. He joined other crypto community leaders in criticizing Gensler for creating an almost unmanageable operating environment for legitimate crypto companies in the U.S due to his disciplinary regulatory stance. "Crypto has a strong following among independent and younger voters. Not a single investor's protection against fraud has been secured under Gensler's administration." In 2023, 46 actions were taken against crypto firms, as indicated by data from Cornerstone Research consultancy firm. The chair of the CFTC, Rostin Behnam, projects another series of enforcement action against the crypto industry is forthcoming within the next 6 to 18 months. The U.S election will take place on November 5, and the stance taken on crypto is anticipated to be a significant talking point for voters. An online poll conducted in April involving 1,201 participants, showed that over two-thirds were of the opinion that the crypto industry is more equitable than the traditional financial system. The Biden administration has been at the center of numerous disputes with the crypto community in recent times. The founder of Cardano, Charles Hoskinson, alleged that the Biden administration is evidently trying to dismantle the American cryptocurrency industry. This comes after Biden stated plans to veto a proposal to overturn SEC guidelines that dissuade banks from keeping custody of crypto assets. Regarding the topic of AI, Uplift author David Brin discusses how to avert an artificial intelligence apocalypse in a magazine feature.
Published At
5/11/2024 4:31:29 AM
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