Billionaire Mark Cuban warns that President Joe Biden could lose the Oval Office if he doesn’t listen to “crypto voters” and change the U.S. Securities and Exchange Commission’s (SEC) registration process.
On Thursday, Cuban, the NBA Dallas Maverick’s minority owner and cryptocurrency advocate, spoke at crypto exchange Coinbase’s State of Crypto Summit.
According to Fox Business reporter Eleanor Terrett, who reported the Shark Tank star’s comments on X, formerly Twitter, Cuban spoke to the challenges and limitations of the SEC’s crypto registration process. He called it “a uniquely American Gary Gensler problem,” referring to the SEC chair, who has held that post since 2021.
Cuban has repeatedly criticized the SEC’s stringent regulatory approach to crypto, and reiterated how it might impact young voters, saying that Gensler could “literally cost Joe Biden the election” given that many young voters hold cryptocurrency. A March 2023 Pew Research survey showed 17 percent of American adults say they have invested in, traded, or used a cryptocurrency.
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The reality TV show investor has called for crypto to be considered a commodity and therefore regulated by the Commodity Futures Trading Commission (CFTC) rather than as a security under the SEC’s jurisdiction.
Cuban told Newsweek in an email Friday afternoon, “Gensler says there are set rules in place for everyone to follow. But if not one company with a token has been able to follow those rules and register, what does that tell you about his intent with the crypto industry?” He added, “Which is exactly why companies are starting elsewhere.”
He wrote, “There is not a single operating company that has registered a token with the SEC. One, stx, spent a fortune and got approved, but they rescinded their registration because it was untenable.”
In 2019, STX, under Blockstack, was the first digital token approved by the SEC. As of 2021, Blockstack’s network is no longer controlled by a single entity, causing its tokens to no longer be considered securities…
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