Billionaire crypto investor Mark Cuban has openly expressed his desire to replace Gary Gensler as Chair of the U.S. Securities and Exchange Commission (SEC). Moreover, he urged VP Kamala Harris to consider him for the position if she wins the 2024 U.S. elections.
Mark Cuban Wants Gary Gensler’s SEC Position
In an interview with Fox News on Wednesday, Cuban stated, “Head of the SEC, that’s the job I would take.” This statement signals his interest in leading the regulatory body if Kamala Harris wins the upcoming presidential election. Cuban’s remarks come amidst growing dissatisfaction with Gensler’s stringent regulation of the crypto industry, which has drawn criticism from both Democrats and Republicans.
Moreover, Cuban, a long-standing critic of the SEC’s approach to digital assets, has repeatedly voiced his opposition to Gensler’s actions. This particularly concerns the classification of cryptocurrencies and NFTs as securities. Furthermore, the push to remove Gensler has now gained bipartisan momentum.
While Republicans were initially the loudest critics of Gensler’s policies, Democrats are increasingly joining the opposition. Rep. Ritchie Torres, a Democrat from New York, publicly criticized Gensler this week for his broad interpretation of securities law. Torres argued that the SEC chair’s position was “open-ended” and questioned the rationale behind labeling all digital assets as securities.
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Cuban’s discontent with Gensler’s approach was further evident on social media. Earlier, on Tuesday, September 24, Cuban posted on X (formerly Twitter), “You leaving is worth a point in GDP growth,” referring to Gensler.
The billionaire also took a swipe at the SEC after it was revealed that OpenSea, a prominent NFT marketplace, is under investigation. “Gensler screws up again,” Cuban quipped, highlighting his frustration with what he perceives as the SEC’s overreach into the blockchain industry.
The Anti-Crypto Crusade to End?
Gensler, an ex-Goldman Sachs executive, has long maintained that most cryptocurrencies should be regulated under the same 90-year-old laws that govern stocks and bonds. He argues that many digital asset issuers are breaking the law by failing to register their tokens as securities. Under his leadership, the SEC has pursued enforcement actions against major crypto firms, including Coinbase, Binance, Kraken, and Consensys.
Despite Gensler’s firm stance, crypto leaders and influencers have pushed back, both in court and in public opinion. Some have even accused the Biden administration of orchestrating an anti-crypto campaign, often referred to as “Chokepoint 2.0.” This narrative has gained traction across political lines, with even those in the Democratic Party now questioning Gensler’s aggressive regulatory approach.
Vice President Kamala Harris, Democratic candidate for the presidency, has shown a willingness to reconsider the administration’s stance on cryptocurrencies. Moreover, former President Donald Trump has vowed to “fire Gary Gensler on Day 1” if he is re-elected.
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Also Read: Gary Gensler’s Verdict on Bitcoin; Community Seeks Regulatory Clarity
