Mark Cuban Says Kamala Harris Opposes SEC’s Litigation-Based Regulation

Billionaire investor Mark Cuban does not mince words in saying that Kamala Harris’ presidential campaign is against “regulation through litigation,” which contrasts with the current approach of the U.S. Securities and Exchange Commission (SEC) under Chair Gary Gensler.

Cuban shared his thoughts following the SEC Chair’s recent testimony at a House Financial Services Committee hearing, where Gensler faced questioning about his approach to regulating cryptocurrencies.

Cuban posted videos from the hearing on X, including a moment where Representative Ritchie Torres (D-N.Y.) asked Gensler to explain the difference between buying a ticket to a Yankees game and purchasing a non-fungible token (NFT) for an animated web series under federal securities regulations. Gensler was unable to provide a clear response — a moment Cuban highlighted in his criticism.

I talked to the Harris team today who told me in no uncertain terms that they are against “regulation through litigation “

CYA Gensler.

You leaving is worth a point in GDP growth https://t.co/NbPd4RQSBF
— Mark Cuban (@mcuban) September 24, 2024

Mark Cuban’s Criticism of Gary Gensler

In another post, Cuban shared footage of House Financial Services Chair Patrick McHenry pressing Gensler on the regulatory uncertainty surrounding cryptocurrencies. Cuban criticized Gensler, calling him “a blight on the technology community,” and challenged his reliance on the Howey test, a decades-old legal standard used to determine whether an asset is a security. Cuban noted that the Reves v. Ernst & Young case exists as a more relevant legal precedent.

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

Cuban’s remarks add to the growing criticism of Gensler from the cryptocurrency industry and lawmakers alike. Congressman Tom Emmer even accused the SEC chairman of overreaching and inventing the term “crypto asset security.” Emmer argued that the regulator had created confusion in the market by enforcing rules without providing clear guidelines.

Cuban’s comments about the Harris campaign’s stance come when many in the cryptocurrency industry seek clarity on the position of key political figures. While Cuban confirmed that Harris’ team is against regulation through litigation, some insiders have doubts whether she will clearly define her position on cryptocurrency policy before the 2024 election.

Cuban commented that Gensler’s departure could positively affect the economy, writing, “You leaving is worth a point in GDP growth.” His statements come amid increasing frustration with the SEC’s handling of digital assets, as critics argue the agency has stifled innovation by enforcing regulations without clear rulemaking.

Additionally, SEC Commissioner Hester Peirce echoed some of these criticisms, stating that the SEC has been slow to admit that many crypto tokens should not be classified as securities.

Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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