{"id":739,"date":"2024-10-05T13:31:33","date_gmt":"2024-10-05T13:31:33","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=739"},"modified":"2024-10-05T13:31:33","modified_gmt":"2024-10-05T13:31:33","slug":"mark-cuban-slams-gary-gensler-for-secs-crypto-crackdown-ftx-would-still-be-in-business","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=739","title":{"rendered":"Mark Cuban Slams Gary Gensler For SEC\u2019s Crypto Crackdown: \u2018FTX Would Still Be In Business\u2019"},"content":{"rendered":"
\n

Billionaire and crypto advocate Mark Cuban criticized the US Securities and Exchange Commission (SEC) Chairman for his crackdown on the industry, arguing that FTX and Three Arrows Capital (3AC) would still be in business if it weren\u2019t for the US regulator.<\/p>\n

SEC Chairman Under Fire For Crypto Crackdown<\/h2>\n

Mark Cuban recently joined two podcasts on Thursday to discuss industry-related topics, including the US elections, crypto adoption, and the SEC\u2019s regulatory stance. The billionaire heavily criticized the US regulator and its chairman, Gary Gensler, for their \u201cregulation via enforcement\u201d approach to the sector.<\/p>\n

In an interview with Farokh Sarmad, Cuban reiterated<\/a> his long-standing discontent with the Commission, asserting he is a \u201cbig fan of bright line regulation\u201d rather than \u201cregulation via litigation.\u201d<\/p>\n

The crypto advocate slammed the SEC\u2019s lack of transparency and argued that the Commission has been trying to make the law based on the rulings of its lawsuits instead of setting clear rules from the start, which has been a common criticism<\/a> for the regulatory agency.<\/p>\n

He revealed he confronted Gensler last week in CNBC\u2019s green room, detailing the reasons for his criticism. \u201cI told him\u00a0this: You\u2019re screwing the whole thing\u00a0up you\u2019re pushing Industries overseas (\u2026) that\u2019s just wrong because it starts with crypto but expands into other applications,\u201d he recalled.<\/p>\n

However, Cuban believes the SEC\u2019s chairman did not \u201creally get it.\u201d The billionaire suggested that Gensler \u201cgot some of that Elizabeth Warren in him,\u201d explaining that the SEC\u2019s chair might be \u201ctrying to be a public servant that\u2019s saving the world\u201d with his attempt to crack down on the sector and its \u201cbad actors.\u201d<\/p>\n

In the All-In podcast, the entrepreneur continued<\/a> to slam the US regulator, claiming that if it weren\u2019t for Gensler, crypto companies like FTX and 3AC wouldn\u2019t be out of business. He argued that if the US regulator had taken the appropriate approach, companies would have been able to operate responsibly and protect investors:<\/p>\n

\n

What he should be doing is saying here\u2019s the bright line regulations. If FTX wants to loan out all their Ethereum, you have to do what they did in Japan and have 95% collateral, and 95% of anything needs to be put in Cold Storage. If he had followed the same rules for crypto that Japan did, FTX would still be in business. Bankman-Fried might still be in jail, but FTX and 3AC would still be in business.<\/p>\n<\/blockquote>\n

Harris\u2019 Campaign \u2018Knows Gensler Screwed It Up\u2019<\/h2>\n

The billionaire shared the details of his conversations with US Vice President Kamala Harris and her campaign. Cuban has publicly endorsed<\/a> the Democratic nominee for the upcoming November Presidential elections.<\/p>\n

In the interview with Farokh, he shared that, despite his bias, he considers that having Gensler as SEC\u2019s chairman was a bad look for the Biden-Harris administration as it automatically makes all the resolutions \u201cf*cked up.\u201d<\/p>\n

Cuban also claims that Harris and her campaign are aware of it, \u201cthey understand that he screwed it\u00a0up, that\u2019s why you haven\u2019t heard her say anything\u00a0positive to support him.\u201d He considers not endorsing Gensler as a \u201chuge\u201d and positive signal for her crypto stance, which has been heavily questioned.<\/p>\n

Lastly, he revealed he was \u201ctrolling\u201d when he offered<\/a> to be the SEC\u2019s new chairman under Harris\u2019 administration. Instead, the billionaire wanted to open a conversation and send a message to Gensler: \u201cthat he\u2019s doing it all wrong.\u201d<\/p>\n

\"crypto,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Billionaire and crypto advocate Mark Cuban criticized the US Securities and Exchange Commission (SEC) Chairman for his crackdown on the industry, arguing that FTX and Three Arrows Capital (3AC) would still be in business if it weren\u2019t for the US regulator. SEC Chairman Under Fire For Crypto Crackdown Mark Cuban recently joined two podcasts on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-739","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=739"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/739\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}