Crypto supporter and billionaire Mark Cuban has spoken out against the US Securities and Exchange Commission (SEC) Chairman, claiming that the US regulator is to blame for the continued existence of companies like FTX and Three Arrows Capital (3AC).

The US elections, cryptocurrency adoption, and the regulatory posture of the SEC were among the industry-related subjects covered by Mark Cuban during Thursday's appearances on two podcasts. For their "regulation via enforcement" strategy in the industry, the US regulator and chairman, Gary Gensler, were severely slammed by the billionaire.

Cuban stated his long-standing dissatisfaction with the Commission in an interview with Farokh Sarmad, stating that he prefers "regulation via litigation" to "bright line regulation."

A frequent complaint leveled against the SEC is that it is not transparent enough, and the crypto advocate went so far as to say that the agency has been attempting to build the law based on the decisions of its litigation rather of establishing clear regulations from the beginning.

Last Monday, he went on CNBC's green room to face Gensler and explain his criticisms. "I told him this: You're letting industries go global, which is a bad idea because it starts with crypto but has other uses as well," he remembered telling him.

Cuban, on the other hand, thinks the head of the SEC "really got it." The wealthy businessman went so far as to say that Gensler "got some of that Elizabeth Warren in him," adding that the head of the SEC could be "trying to be a public servant that's saving the world" by attempting to rein in the industry's "bad actors."

Crypto firms like FTX and 3AC wouldn't be out of business if US regulator Gensler weren't involved, according to the entrepreneur's repeated criticism of Gensler in the All-In podcast. He said that corporations might have acted responsibly and safeguarded investors' interests had the US regulator adopted the right strategy:

Here are the clear rules, which is what he ought to be doing. To borrow all of FTX's Ethereum, you'll need to follow Japan's lead and place 95% of your assets in cold storage, just as they did. He could have kept FTX going if he had adopted Japan's crypto regulations. No matter what happened to Bankman-Fried, FTX and 3AC would have continued operating.

The Harris campaign is aware that Gensler messed up.
Details of the billionaire's interactions with US Vice President Kamala Harris's campaign were revealed. Cuban has come out in support of the Democratic presidential contender in the next November election.

Despite his predisposition, he told Farokh that the appointment of Gensler as head of the SEC reflects poorly on the Biden-Harris administration and renders any resolutions "f*cked up."

"They understand that he screwed it up, that's why you haven't heard her say anything positive to support him," Cuban said of Harris and her campaign, adding that they are aware of it. Not backing Gensler would be a "huge" boost to her crypto position, which has been under fire, in his opinion.

Last but not least, he said he was "trolling" when he proposed becoming the next head of the SEC under Harris' government. The billionaire's real intention was to initiate contact with Gensler in order to convey the message "that he's doing it all wrong."

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