Harris team does not approve of Gensler's war on cryptocurrencies, says Mark Cuban
By
Alejandro Gil
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September 25, 2024
2049
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For the past few years, the US Securities and Exchange Commission (SEC) under Gary Gensler has been waging an open war against cryptocurrencies. This has caused huge losses to the innovation sector in the North American country.
Representatives of the crypto sector are confident that a Donald Trump victory will put an end to this bitter period of conflict with the agency. However, within the Democratic Party itself there is also a distancing from this approach by the SEC. The latter is stated by businessman Mark Cuban, who claims that Kamala Harris has a position contrary to that of Gensler.
In a post on his X Cuban account, he says that Harris' team rejects regulation through litigation by the agency. He says that he spoke with the leftist candidate's team and they expressed Harris' support for the innovation sector.
The businessman's statement came during Gensler's appearance before Congress. In this appearance, the official defended the agency's position and assured that it is a commitment to defend the interests of investors. Criticism inside and outside Congress increased after the SEC president's attendance at this legislative event.
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Gensler's war on cryptocurrencies will soon end
If Cuban's claims are true, Gensler's war on cryptocurrencies is close to over. Consequently, if Harris really does not share the agency's approach to the crypto sector, then she could replace him if she wins the election.
However, the latter leaves many doubts, considering that Harris is currently vice president of the United States. This means that she could make the decision to dismiss Gensler now, but she does not do so. On the other hand, if Donald Trump becomes president, the chances of Gensler being fired increase.
The Republican candidate said during the Bitcoin 2024 Conference in Nashville that he would fire Gensler on his first day in office. In any case, Mark Cuban is completely convinced that the era of regulation through litigation will end.
Among the main criticisms of the SEC chairman is the nature of tokens. The official considers tokens, including NFTs, to be securities. Under this argument, he pursues numerous cases in court against companies, developers and even social media influencers.
The decision to consider NFTs as securities was widely criticized by congressmen. They consider non-fungible tokens to be art or collectibles and not investment contracts. If they were considered securities then the same logic could be applied to collectible Yankees game tickets, said one of them.
