Mark Cuban Urges CFTC to Supervise All Cryptos Prior to US Election, Emphasizing Comprehensive Regulation

Billionaire investor Mark Cuban is urging the United States Commodity Futures Trading Commission (CFTC) to regulate the entire cryptocurrency industry. He is also calling on the U.S. Congress to provide clarity for the crypto sector before the 2024 presidential election, believing that this could help secure another term for President Joe Biden. In a post on X, Cuban suggested that passing legislation to define registration specific to the crypto industry, similar to other industries, could solve the problem for Biden. He also warned that if Biden is not reelected, the responsibility may lie with the U.S. Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, known for his tough stance on crypto. Cuban proposed the alternative of assigning all crypto regulation to the CFTC. He echoed the concerns of other crypto leaders, stating that Gensler’s enforcement-focused regulatory approach has made it nearly impossible for legitimate crypto companies to operate in the U.S. In 2023, there were 46 enforcement actions against crypto firms. CFTC Chair Rostin Behnam believes that there will be another cycle of enforcement actions in the crypto industry within the next six to 18 months. The upcoming U.S. election on November 5 is expected to see crypto as a more prominent issue among voters than in previous elections. In a recent online poll, more than two-thirds of respondents agreed that crypto is more equitable than the traditional financial system. The Biden administration has faced criticism from the crypto community, with Cardano founder Charles Hoskinson accusing them of trying to destroy the American cryptocurrency industry. Biden has expressed plans to veto a resolution to overturn SEC guidelines discouraging banks from holding crypto assets in custody.