Mark Cuban advocates for CFTC to regulate ‘all crypto’ before US election day
Billionaire investor Mark Cuban has pushed for the United States' Commodity Futures Trading Commission (CFTC) to regulate “all crypto” in his latest plea to the US Congress to bring transparency to the crypto industry ahead of the 2024 presidential election.
Cuba believes that such transparency will help secure another term for Joe Biden as president.
“You can solve this problem for Biden by passing a separate registration law for the crypto industry,” Cuban told his 8.8 million followers in a May 10 post on X.
He also said that if Biden is not elected for another term as president, the US Securities and Exchange Commission and its chairman, Gary Gensler – who is known for his strong anti-crypto stance – could be held responsible. choice”
“If Joe Biden loses, there's a good chance he'll thank Gary Gensler and the New York SEC,” he added, before assigning “a better option” where “all crypto is regulated by the CFTC.”
“Crypto is a staple with young and independent voters. Gensler did not protect a single investor from fraud.
Cuba echoed an argument heard by other leaders in the crypto community in recent times, namely that Gensler has made it “almost impossible” for legitimate crypto companies to operate in the U.S. under a performance-focused regulatory framework.
In 2023 alone, 46 enforcement actions were taken against crypto firms, according to data from litigation consulting firm Cornerstone Research.
The SEC is now suing Kraken, Coinbase, Uniswap, Metamask and now Robinhood for helping regular Americans access crypto.
This level of regulatory oversight has undermined the SEC's legitimacy and could cost Democrats the election.
Voters don't want that.
— RYAN SΞAN ADAMS — rsa.eth (@RyanSAdams) May 6, 2024
Meanwhile, CFTC Chairman Rostin Behnam believes there will be another round of enforcement in the crypto industry in the next six to 18 months.
With the US election coming up on November 5th, crypto is a more prevalent issue among voters than in previous elections.
Related: Council Votes to Repeal SEC's Anti-Crypto Banking Directive SAB 121
On May 7, Cointelegraph reported that in an online poll of 1,201 registered voters conducted in April, more than two-thirds of those surveyed, with more than two-thirds of respondents somewhat agreeing that “crypto is fairer to people and the financial system than the financial system.”
The Biden administration has faced a lot of controversy from the crypto community in recent months.
Recently, Cardano co-founder Charles Hoskinson said it was “unequivocally clear” that the Biden administration was trying to “destroy the American cryptocurrency industry.”
This comes after Biden said his administration plans to overturn a joint resolution to overturn SEC guidelines that encourage banks not to hold crypto assets in custody.
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