Billionaire investor Mark Cuban is urging the United States Commodity Futures Trading Commission (CFTC) to regulate the entire cryptocurrency industry. He has also made a final plea to the U.S. Congress to provide clarity for the crypto sector before the 2024 presidential election, as he believes this could help secure another term for President Joe Biden.
In a post on X, Cuban stated that passing legislation specifically defining registration requirements for the crypto industry, similar to other industries, could solve the problem for Biden. He 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, who is known for his strict anti-crypto stance. Cuban suggested that assigning all crypto regulation to the CFTC would be a better option.
Cuban’s argument echoes the concerns expressed by other leaders in the crypto community, who believe that Gensler’s regulatory approach has made it nearly impossible for legitimate crypto companies to operate in the U.S. According to Cornerstone Research data, 46 enforcement actions were taken against crypto firms in 2023 alone.
Meanwhile, CFTC Chair Rostin Behnam predicts that there will be another wave of enforcement actions within the crypto industry in the next six to 18 months.
The upcoming U.S. election, scheduled for November 5, is expected to see cryptocurrency as a more prominent issue among voters than in previous elections. A recent online poll conducted with 1,201 registered voters showed that 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 in recent months. Cardano founder Charles Hoskinson accused the administration of trying to destroy the American cryptocurrency industry. This came after Biden announced plans to veto a joint resolution aimed at overturning SEC guidelines discouraging banks from holding crypto assets in custody.