Mark Cuban claims that Gensler is “awful” for crypto and all businesses
Cuban highlighted Harris’s promise to advance technologies such as AI and blockchain
Lawyer John Deaton said Cuban would be a “breath of fresh air” unlike the “lawlessness of Gary Gensler” as head of the SEC
Billionaire entrepreneur Mark Cuban has said he’d be interested in becoming the chair of the US Securities and Exchange Commission (SEC) if Kamala Harris becomes the next President of the White House.
Speaking on Fox News in an interview with Neil Caputo, the Dallas Mavericks owner was asked whether he’d be interested in positions such as the Treasury Secretary or the Commerce Secretary under a Harris administration.
The crypto friendly billionaire responded by saying:
“Head of the SEC. That’s the job I would take.”
He added that he’d be open to working as the head of the Department of Health and Human Services (HHS), “but somebody needs to replace Gary Gensler” who is the SEC’s chair.
Cuban continued by highlighting Harris’s promise to advance technologies such as artificial intelligence and blockchain. Earlier this week, Harris delivered – what are believed to be her first – crypto-positive remarks at a New York fundraiser.
During her speech, she said under her administration, she would “encourage innovative technologies like AI and digital assets.”
However, when pushed further by Caputo about potentially replacing Gensler, Cuban said “bottom line, he’s awful, particularly for crypto and for businesses in general.”
A blight on technology
Cuban hasn’t been one to shy away from criticizing Gensler and the SEC’s policies and regulatory approach to crypto companies.
Recently, the entrepreneur took to X, commenting on Rep. Richie Torres’s post, where the head of the SEC claimed that NFTs were securities.
Gensler is gone https://t.co/NbPd4RQkM7
— Mark Cuban (@mcuban) September 24, 2024
In an earlier message on the social media site, Cuban argued that Gensler was “a blight on the technology community.”
Gary Gensler is a blight on the technology community. He says Howey is the law of the land. If it was, there never would be a reason for Reves vs Ernst &Young to exist https://t.co/QebV6xb3uy
— Mark Cuban (@mcuban) September 24, 2024
For many, Gensler has taken a hard-line approach to crypto companies, often labeling them as securities and taking legal action against those that supposedly violate securities laws. It it this lack of clarity that is putting a damper on the industry’s growth in the US.
Some think that if Cuban were to replace Gensler, he’d be a “breath of fresh air” unlike the “lawlessness of Gary Gensler,” as stated by John Deaton, a lawyer and entrepreneur. To help advance the space with more regulatory clarity, many in the space will be waiting to see who will next be the head of the SEC.
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