Billionaire investor and television celebrity Mark Cuban welcomed SEC Chair Gary Gensler’s intense grilling by legislators on his stance on cryptocurrencies, confirming that the Kamala Harris campaign was against “regulation through litigation.”
What Happened: On Tuesday, Cuban posted a video on X where Gensler was cross-examined by Rep. Ritchie Torres (D-N.Y.) at the House Financial Services Committee hearing.
In the video, the Democratic Congressman asked the SEC’s top executive if there is a distinction between buying a Yankees ticket that granted access to a sporting event and buying a non-fungible token (NFT) that gave access to an animated web series as per Federal securities regulations. Gensler didn’t give a clear answer to the question.
Responding to this, Cuban said that Gensler’s days at the SEC are numbered and his exit would result in a potential boost in GDP growth.
Cuban, who is also part of the Democratic-leaning pro-cryptocurrency lobby, revealed that the Harris campaign was vehemently against “regulation through litigation,” something which Gensler has been accused of doing.
A long-time critic of Gensler, Cuban also referred to the SEC Chairman as a “blight on the technology community,” raising concerns about the Howey Test’s applicability in initiating enforcement actions against cryptocurrency entities.
Why It Matters: Cuban’s remarks reflected ongoing criticism of the SEC’s approach to cryptocurrency regulation.
Previously, Torres raised concerns over the usage of the term “digital asset security” by the SEC, accusing the agency of inventing the term “out of thin air.”
Pro-cryptocurrency SEC Commissioner Hester Peirce admitted that the agency proceeded with regulatory actions against cryptocurrency companies despite potential legal implications. This approach, she noted, was detrimental to the SEC’s institutional integrity.
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