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Billionaire investor Mark Cuban says he’s enthusiastic about the SEC chairman’s anti-cryptocurrency agenda
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Amid growing regulatory concern in the United States, more and more industry leaders are starting to speak out against the Securities and Exchange Commission (SEC) and its chairman Gary Gensler. The latest to join the round of criticism is billionaire investor Mark Cuban. Taking his official account X, Cuban outlined the failures of the SEC chairman to guide the affairs of the commission.
According to Cuban, contrary to the claims and principles upon which the SEC was founded, Gary Gensler did not protect any investors from fraud. Rather, Cuban pointed out that Gensler has made it “nearly impossible for legitimate crypto companies to function, killing who knows how many businesses and ruining who knows how many entrepreneurs.”
Regulation via SEC enforcement tactics remains a major concern for many cryptocurrency stakeholders. Over the past year, the SEC has waged a legal battle against CoinbaseBinance and Kraken on the state of the securities of their listed assets.
In particular, the regulator said that major digital currencies such as Ethereum (ETH), Cardano (ADA), Solana (SOL) and Polygon (MATIC) are investment contracts.
This classification has triggered a series of debates, especially regarding Ethereum. With the spot approval of the Ethereum ETF in sight, the industry is uncertain as to what the fate of the product will be. At the moment, the consensus is that the approval rate is low with little clarity on the position of the market regulator.
Taking advantage of this lack of clarity, Mark Cuban lent his voice to demand that Congress hand over the document regulation of the crypto ecosystem to the Commodity Futures Trading Commission (CFTC).
There has remained a subtle power struggle between the SEC and the CFTC in recent years, with often contradictory views on what assets do or do not constitute market security.
Overall, the clamor for cryptocurrency regulation remains as loud as ever with the advent of Bitcoin spot ETF products.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.