Mark Cuban Asks CFTC to Regulate Crypto Market Ahead of Presidential Election
Famous investor and billionaire Mark Cuban called upon CFTC to solve issues plaguing the cryptocurrency market. The entrepreneur noted that placing CFTC as the supervisory agency can solve all problems facing crypto voters for President Joe Biden. On this account, he advised CFTC officials to regulate the crypto sector.
His statement was followed by a note to the US Congress to issue regulatory clarity for the cryptocurrency industry before the 2024 Presidential elections. He opines that legislative guidelines can assist in securing another presidential term for President Biden.
He suggested that president office has the power to pass a legislator with specified terms and requirements for registration of cryptocurrency firms. He shared the remarks on X with his 8.8 million followers.
Elaborating on the matter he noted that in case President Biden is not elected for a second term, the Securities and Exchange Commission and chairperson Gary Gensler may be accountable for maintaining a tough and anti-crypto stance.
He noted that crypto voters are going to get their voices across in the upcoming presidential elections.
The Impact of Crypto on the US Election
Speaking on the importance and power of crypto voters in the 2024 Presidential elections, Mark Cuban noted that it the strict outlook of New York SEC and Gary Gensler.
He noted that the stringent demeanor of the securities regulatory under the helm of the existing leadership may be held responsible for flipping the elections against the favor of President Biden, it such an event takes place.
As a solution, he asked the government to hand over the supervision of the entire blockchain sector to CFTC. He further noticed that crypto is popular among younger and independent voters. He further emphasized that Gensler has not saved investors from fraudulent projects.
He also reiterated remarks from other spearheads in the crypto sector amidst the anticipated political feud.
Sharing his disappointment with the ongoing regulatory environment for the crypto industry, Cuban noted that Gensler has made it impossible for legitimate crypto firms to operate in the United States.
He criticized the regulations by enforcement approach that continues to spell trouble and create obstacles for local crypto companies. It is important to note that in 2023 46 enforcement actions were brought against crypto firms as per Cornerstone Research.
Blockchain Leaders Express Issues About the Regulatory Hurdles in the United States
In addition to Mark Cuban, noteworthy cryptocurrency leaders have also expressed concerns regarding the regulatory approach of US regulators.
One such person to voice their opinions is Ryan Sean Adams who posted on X claiming that SEC is now fighting Kraken, Coinbase, MetaMask, Robinhood, and Uniswap in court. He claimed that these firms were persecuted for making crypto businesses more accessible to regulatory firms.
He further stated that regulatory interference in the crypto industry has become a norm. Such a situation deteriorated the legitimacy of the SEC and it might cost the democrats the next election.
On the other hand, CFTC chairperson Rostin Behnam claimed that there is another cycle of enforcement actions headed towards crypto in the next 6-18 months.
Upcoming US Election
The US elections are set to take place on 5th November 2024. As per the analysts, cryptocurrency has become a more prominent and contentious concern among US voters than the previous elections.
On 7th May, Cointelegraph published an article about an online poll conducted during April with the participation of 1201 registered voters in the United States.
About two-thirds of survey participants opted for strongly agreed that crypto is made for people like them. The group also agreed that crypto is more equitable in comparison to traditional financial systems.
The Biden administration has been engaged with various controversies associated with the blockchain sector in the last few months. The government was subjected to a storm of criticism after President Biden revealed the plan to veto to overturn SEC guidelines to bar banks from crypto custodial options.
