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Mark Cuban Advocates for CFTC to Tackle Crypto Regulation Ahead of U.S. Election

Mark Cuban

The recent appeal made by billionaire entrepreneur Mark Cuban that regulators must change their policy which is considered to be a pivotal shift is typical of the mounting pressure that has been placed on regulators to resolve the industry’s regulatory ambiguities. Cuban’s proposal for strengthening the Commodities Futures Trading Commission (CFTC) with all-encompassing supervision is not just a policy issue but also closely associated with the upcoming U. S. presidential election.

Cuban’s Proposal for Regulatory Clarity

In a recent social media post, Cuban, followed by millions, highlighted the need to give clarity to the crypto industry before Americans cast their ballots in November. He argues that developing specific registration regimes exclusive to the crypto sector, similar to other regulated industries would not only bring much needed clarity but also strengthen President Joe Biden’s re-election chances.

Critique of SEC’s Approach

“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the New York SEC,” Cuban mentioned, stressing the implications of the current regulatory obscurity on the electoral result. Cuban’s proposal goes beyond criticism; he offers a constructive solution by saying that unifying crypto regulation under the CFTC could ease the problems of the industry and pacify the loud-voiced crypto voters.

The sentiment of Cuban reverberates in a burgeoning choir in the crypto community, which charges the Securities and Exchange Commission (SEC), chaired by Gary Gensler, of killing innovation, and hampering real crypto undertakings. The SEC’s aggressive enforcement approach, that includes a wave of enforcement actions against crypto firms, has left industry stakeholders concerned.

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READ:  Mark Cuban Slams SEC for Stifling Crypto Innovation: "They're Making it Impossible to Comply"

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