Mark Cuban claims CFTC should regulate ‘all cryptocurrencies’ ahead of US election day.
Billionaire investor Mark Cuban has called on the Commodity Futures Trading Commission (CFTC) to take over the regulation of “all cryptocurrencies” and made a final plea to the U.S. Congress to provide clarity on the cryptocurrency industry before the 2024 presidential election. .
Cuban believes that such clarity could potentially help secure another presidential term for Joe Biden.
“We can fix this Biden problem by passing legislation that defines registration specific to the cryptocurrency industry like registration is defined for other industries,” Cuban declared to his 8.8 million followers on May 10. post At X.
He also argued that if Biden is not re-elected in the next presidential term, the SEC and Chairman Gary Gensler, known for his strong anti-crypto stance, could be held accountable because crypto voters will “listen to this election.”
“If Joe Biden loses, he will likely thank Gary Gensler and the New York SEC,” he added, before suggesting a “better option” would be to designate “all cryptocurrencies to be regulated by the CFTC.”
“Cryptocurrency is mainstream among young, independent voters. Gensler did not protect a single investor from fraud.”
Cuban echoed claims he’s recently heard from other leaders in the cryptocurrency community that Gensler’s enforcement-focused regulatory approach has made it “nearly impossible” for legitimate cryptocurrency companies to operate within the United States.
In 2023 alone, 46 enforcement actions were taken against cryptocurrency companies, according to data from litigation consulting firm Cornerstone Research.
The SEC is now suing Kraken, Coinbase, Uniswap, Metamask, and Robinhood for the crime of helping ordinary Americans access cryptocurrencies.
This level of excessive regulation has destroyed the legitimacy of the SEC and could cost Democrats the election.
Voters don’t want this.
— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) May 6, 2024
Meanwhile, CFTC Chairman Rostin Behnam believes there will be another cycle of enforcement actions within the cryptocurrency industry in the next 6 to 18 months.
The US election is scheduled to be held on November 5th, and cryptocurrency appears to be an important issue for many voters in the country.
Related: House votes to repeal SEC’s cryptocurrency banking guidance SAB 121
On May 7, Cointelegraph reported in an online poll of 1,201 registered voters conducted in April that more than two-thirds of those surveyed said “cryptocurrencies are for people like them and are fairer than the financial system.” reported that they somewhat or strongly agreed that
The Biden administration has faced numerous controversies from the cryptocurrency community in recent months.
Most recently, Cardano founder Charles Hoskinson claimed that it was “absolutely clear” that the Biden administration was doing its best to “destroy the American cryptocurrency industry.”
This comes after Biden claimed his administration plans to veto a joint resolution to overturn SEC guidance preventing banks from storing cryptocurrency assets.
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