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Billionaire Mark Cuban supports CFTC regulation of all cryptocurrencies

His support underscores the growing need for cryptocurrency regulation and could spur further efforts to increase transparency and security.

Date: 2024-05-13 Author: Łukasz Michałek
Billionaire Mark Cuban supports CFTC regulation of all cryptocurrencies

“Shark Tank” investor Mark Cuban advocated for the Commodity and Futures Trading Commission (CFTC) to oversee all cryptocurrencies. He responded to presidential candidate Donald Trump ‘s support for cryptocurrencies on social media, calling on the United States to stop hindering its development.

“If Joe Biden loses, there’s a good chance you’ll be able to thank Gary Gensler and the SEC,” Cuban wrote on Saturday in X. “Crypto is a mainstay of younger and independent voters.”

In addition, Mark Cuban accused SEC Chairman Gensler of failing to protect investors from fraud. He claimed that Gensler’s actions have stifled legitimate crypto businesses, harming countless entrepreneurs and hindering innovation.

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“This is also a warning to Congress. Voters dealing with cryptocurrencies will be heard in this election,” – he said. “You can solve this problem for Biden by passing legislation that defines registration specific to the cryptocurrency industry, just as other industries have registration defined for them.” “Or you can do a better option and assign all crypto to CFTC regulation. They really know what they are doing,” – he stated.

SEC enforcement action raises concerns in crypto industry

TheSecurities and Exchange Commission (SEC) is a major player in the regulation of cryptocurrencies in the US. It considers some cryptocurrencies to be securities, similar to stocks and ETFs. The CFTC, the Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS) are other regulators involved in the industry.

However, the SEC itself has been criticized for regulating cryptocurrencies too aggressively. In 2023 alone, it imposed 46 enforcement actions against cryptocurrency companies resulting in fines totaling $2.8 billion.

Trump promises to end hostility toward cryptocurrencies

Last week, Trump expressed his support for cryptocurrencies at an event at his Mar-a-Lago resort in Florida. He mentioned that he would stop hostility toward cryptocurrencies if re-elected as US president.

“If we’re going to accept it, we have to let them live,” he said.

In addition, he criticized President Joe Biden, saying he lacks understanding of cryptocurrencies. He also went on the offensive against Democrats, accusing them of strong opposition to cryptocurrencies.

“It doesn’t bother me. I want to make sure it’s good, solid and so on, but everything is fine,” he added. “If you’re a supporter of cryptocurrencies, you’ d better vote for Trump.”

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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