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Billionaire Mark Cuban calls the US SEC incapable of applying cryptocurrency regulations

Everyone in the crypto community is eagerly watching regulatory changes in the crypto landscape with complete uncertainty from the US Securities and Exchange Commission (SEC). Billionaire Mark Cuban has sharply criticized the SEC chairman, saying he has proven ineffective in protecting even a single investor from fraud.

Cuban wants the SEC to forward the fee to the CFTC

Billionaire entrepreneur Mark Cuban has delivered sharp criticism of SEC Chairman Gary Gensler and the New York SEC, warning of potential repercussions in the upcoming election if current regulatory trends continue.

Cuban highlighted the growing influence of crypto-savvy voters, particularly among younger and independent demographics, suggesting that a failure to address their concerns could impact the election results.

In his remarks, Cuban accused Gensler of failing to protect investors from fraud and criticized regulatory actions that hamper legitimate crypto businesses, potentially leading to company closures and entrepreneurial failures.

Urging Congress to take action, Cuban proposed legislative measures to establish a clear regulatory framework tailored to the cryptocurrency industry. He stressed the importance of ensuring regulatory transparency and suggested assigning cryptocurrency regulations to the Commodity Futures Trading Commission (CFTC) to ensure effective oversight.

As election season approaches, Cuban’s message is a reminder of the growing importance of cryptocurrency issues and their potential impact on the political landscape.

Crypto is becoming the new battlefield

The Biden administration along with Gary Gensler have stayed put when it comes to cryptocurrency regulation. Since the SEC lost the Debt Box case, the crypto community believes that the SEC is unnecessarily taking control of cryptocurrencies while stifling innovation in this space. Other members of the crypto community also came out in support of Mark Cuban. Dogecoin co-founder Billy Markus also sharply criticized the Biden government.

On the other hand, Republican candidate Donald Trump extended his support to the crypto community and stated that his administration would not impose harsh repression. In his final speech of the presidential campaign, the Republican candidate stated: “If you like cryptocurrency in any form… and it comes in many forms… if you are a supporter of cryptocurrencies, you better vote for Trump.”

Interestingly, former President Donald Trump himself launched Mugshot NFTs, giving them the status of Bitcoin Ordinals.