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Billionaire investor Mark Cuban accused US Securities and Exchange Commission (SEC) chair Gary Gensler of ”killing” crypto businesses and failing to protect investors.
”All he has done is make it nearly impossible for legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many entrepreneurs,” said ”Shark Tank” investor Cuban in a May 10 post on X. “Gensler has not protected a single investor against fraud.”
According to the billionaire, the US Commodity Futures and Trading Commission (CFTC) is a more suitable regulator to oversee the crypto industry.
Cuban is also urging the US Congress to pass legislation to provide regulatory clarity for the crypto industry.
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 FRAUDAll he has done is make it nearly impossible for… https://t.co/uBKupxLhS9
— Mark Cuban (@mcuban) May 10, 2024
Mark Cuban Says SEC Action Will Deter People From Voting For Biden
Cuban said the SEC’s aggressive stance towards crypto will deter young independent voters from supporting President Joe Biden in the upcoming elections.
“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC,” Cuban said. “Crypto voters will be heard this election.”
Former US President, Donald Trump has also slammed the Biden administration’s harsh stance against crypto, saying it is pushing businesses out of the US. Trump also said last week that he would open his campaign to cryptocurrency donations.
Crypto lawyer John Deaton is challenging crypto critic Elizabeth Warren for the Massachusetts Senate seat.
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