Billionaire investor Mark Cuban says that assigning all authority to the CFTC “could solve” the problem of vocal crypto voters for current United States president Joe Biden.
Billionaire investor Mark Cuban has pushed for the United States Commodity Futures Trading Commission (CFTC) to regulate “all crypto,” along with a final plea to the U.S. Congress to offer clarity for the crypto industry before the 2024 presidential election.
Cuban believes such clarity could help secure another presidential term for Joe Biden.
“You could solve this problem for Biden by passing legislation that defines registration that is specific to the crypto industry just as other industries have registration that is defined for them,” Cuban declared to his 8.8 million followers in a May 10 post on X.
He further claimed that if Biden isn’t reelected for another presidential term, the U.S. Securities and Exchange Commission and its Chair, Gary Gensler — known for his tough anti-crypto stance — may be held responsible, as crypto voters “will be heard this election.”
“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the New York SEC,” he added before suggesting the “better option” of assigning “all crypto to be regulated by the CFTC.”
“Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD.”
Cuban echoed the argument that has been heard by other leaders in the crypto community in recent times, namely that Gensler has made it “nearly impossible” for legitimate crypto companies to operate within the U.S. due to his enforcement-focused regulatory approach.