More voices are speaking up about the regulatory inconsistencies of the U.S. Securities and Exchange Commission (SEC), led by its chair, Gary Gensler. Mark Cuban, a billionaire investor, has joined the call against Gensler for his approach to crypto regulation.
Mark Cuban's message to Gensler
In a post on his official X account, Cuban criticized the SEC chair’s approach to carrying out regulation through litigation. Notably, Cuban’s reaction came as a response to a post by Congressman Ritchie Torres’ video clip, where he grilled Gensler at a recent congressional hearing.
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Despite Torres’ direct question to Gensler asking if the "Yankee ticket" could be classified as a security, the SEC chair avoided providing a clear answer.
Reacting to the clip, Cuban maintains that Gensler was damaging the regulatory body and the U.S. economy.
“You leaving is worth a point in GDP growth,” Cuban wrote subtly to say he should resign.
I talked to the Harris team today who told me in no uncertain terms that they are against “regulation through litigation “CYA Gensler. You leaving is worth a point in GDP growth https://t.co/NbPd4RQSBF
— Mark Cuban (@mcuban) September 24, 2024
The billionaire’s comment suggests that Gensler’s regulatory style hinders innovation and harms the economy. He specifically refers to the crypto sector and how Gensler’s departure could unlock significant economic potential.
In the post, Cuban also stated that the "Harris team" was clearly against carrying out regulation through litigation, an approach Gensler seems to favor.
Ripple’s Alderoty joins chorus of criticism
Members of Congress questioned the handling of the crypto sector in the recent congressional hearing with the SEC chair. They interrogated Gensler’s inconsistencies in categorizing stablecoins as securities, which targeted crypto entities.
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As reported by U.Today, Mark Cuban roasted Gensler for making it almost impossible for legitimate crypto companies to operate. He believes the SEC chair has an anti-crypto agenda. The billionaire’s remarks at the time stemmed from the SEC’s legal fights with Binance, Kraken and Coinbase over the securities status of their listed assets.
Similarly, Stuart Alderoty, Ripple's Chief Legal Officer, previously criticized Gensler and alleged that no one would hire him after he leaves the SEC. Alderoty went on to list the SEC chair's "four sins."
