Mark Cuban Slams
Gary Gensler
For SEC’s Crypto
Crackdown: ‘
FTX Would
Still Be InBusiness• Экономика » Бизнес’
Mark Cuban Slams Gary Gensler For SEC’s Crypto Crackdown: ‘FTX Would Still Be
In Business• Экономика » Бизнес’
by Rubmar Garcia
2 mins ago
in Crypto News
0
Billionaire and crypto advocate Mark Cuban criticized the US Securities and
Exchange Commission (SEC) Chairman for his crackdown on the industry, arguing
that FTX and Three Arrows Capital (3AC) would still be in business• Экономика » Бизнес if it
weren’t for the US regulator.
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Korean Hackers Infiltrated The Industry
SEC Chairman Under Fire For Crypto Crackdown
Mark Cuban recently joined two podcasts on Thursday to discuss
industry-related topics, including the US elections, crypto adoption, and the
SEC’s regulatory stance. The billionaire heavily criticized the US regulator
and its chairman, Gary Gensler, for their “regulation via enforcement”
approach to the sector.
In an interview with Farokh Sarmad, Cuban reiterated his long-standing
discontent with the Commission, asserting he is a “big fan of bright line
regulation” rather than “regulation via litigation.”
The crypto advocate slammed the SEC’s lack of transparency and argued that the
Commission has been trying to make the law based on the rulings of its
lawsuits instead of setting clear rules from the start, which has been a
common criticism for the regulatory agency.
He revealed he confronted Gensler last week in CNBC’s green room, detailing
the reasons for his criticism. “I told him this: You re screwing the
whole thing up you re pushing Industries overseas (…) that s just
wrong because it starts with crypto but expands into other applications,” he
recalled.
However, Cuban believes the SEC’s chairman did not “really get it.” The
billionaire suggested that Gensler “got some of that Elizabeth Warren in him,”
explaining that the SEC’s chair might be “trying to be a public servant that’s
saving the world” with his attempt to crack down on the sector and its “bad
actors.”
In the All-In podcast, the entrepreneur continued to slam the US regulator,
claiming that if it weren’t for Gensler, crypto companies like FTX and 3AC
wouldn’t be out of business• Экономика » Бизнес. He argued that if the US regulator had taken the
appropriate approach, companies would have been able to operate responsibly
and protect investors:
What he should be doing is saying here s the bright line regulations. If
FTX wants to loan out all their Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, you have to do what they did in
Japan and have 95% collateral, and 95% of anything needs to be put in Cold
Storage. If he had followed the same rules for crypto that Japan did, FTX
would still be in business• Экономика » Бизнес. Bankman-Fried might still be in jail, but FTX and
3AC would still be in business• Экономика » Бизнес.
Harris’ Campaign ‘Knows Gensler Screwed It Up’
The billionaire shared the details of his conversations with US Vice President
Kamala Harris and her campaign. Cuban has publicly endorsed the Democratic
nominee for the upcoming November Presidential elections.
In the interview with Farokh, he shared that, despite his bias, he considers
that having Gensler as SEC’s chairman was a bad look for the Biden-Harris
administration as it automatically makes all the resolutions “f*cked up.”
Cuban also claims that Harris and her campaign are aware of it, “they
understand that he screwed it up, that s why you haven t heard her
say anything positive to support him.” He considers not endorsing Gensler as a
“huge” and positive signal for her crypto stance, which has been heavily
questioned.
Lastly, he revealed he was “trolling” when he offered to be the SEC’s new
chairman under Harris’ administration. Instead, the billionaire wanted to open
a conversation and send a message to Gensler: “that he’s doing it all wrong.”
Related Reading: Sony• Объект организация » Организации по алфавиту » Организации на So » Sony Corporation’s Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum L2 Joins Ava Protocol To Support Creators,
Here’s How
Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) is trading at $61,600 in the weekly chart. Source: BTCUSDT on
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