American billionaire Mark Cuban criticized Gary Gensler, head of the US Securities and Exchange Commission (SEC), regarding the agency's strong regulatory approach towards the cryptocurrency industry. The respected TV personality and cryptocurrency advocate also stressed the need for clear cryptocurrency legislation in a direct message to the US Congress.
Cuban says Gensler offers no protection against fraud
On Friday Mark Cuban while comment Regarding the upcoming US presidential elections, he expressed the importance of the proposed government policies on digital assets in influencing the minds of voters. To this end, he issued some statements about cryptocurrency regulations in the United States.
First, the billionaire spoke to SEC Chairman Gensler, noting that the SEC's enforcement actions against cryptocurrency-related companies “did not protect a single investor from fraud.” Instead, Cuban claims that Gensler's crackdowns have created an unfavorable environment that has decimated many legitimate cryptocurrency companies.
In context, the SEC under the leadership of Gary Gensler has launched lawsuits against several cryptocurrency companies alleging fraud and selling unregistered securities, among other things. It is worth noting that the US regulator is engaged in multiple legal battles with cryptocurrency heavyweights including Ripple, Coinbase, Binance, and Huobi. etc.
Mark Cuban sees the SEC's attempts to regulate the cryptocurrency space in the US as harmful and could play a pivotal role in the upcoming election as the billionaire describes digital assets as very popular with younger American voters.
Congress must act now – Mark Cuban
In further comments on the US presidential election, Mark Cuban issued an alert to the US Congress stating that “crypto voters” will be looking to make their voices heard at the ballot box. The billionaire is urging current US lawmakers to create legislation that provides clear meaning for the unique registration of the cryptocurrency industry.
The US House of Representatives is expected to vote on two cryptocurrency bills in the next two weeks. These bills include the Financial Innovations and Technology for the 21st Century Act and the state's Central Bank Digital Currency Anti-Surveillance Act.
according to Fox journalist Eleanor Terret, There are plans to present the two bills together for discussion and consideration. Meanwhile, Mark Cuban also suggested that the US Congress should assign “all crypto-related regulatory work” to the Commodity Futures Trading Commission (CFTC).
Such legislation would end the current battle for regulatory control between the SEC and the CFTC over the cryptocurrency space in the United States. The Cubans appear firm in choosing the CTC, claiming that they “already know what they are doing.”
Total crypto market cap valued at $2.194 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from NBC News, chart from Tradingview