Key takeaways
- Mark Cuban suggests Kamala Harris could remove Gary Gensler as SEC Chairman if elected.
- Gensler has been criticized in Congress for the lack of clarity in definitions and regulations of crypto assets.
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Billionaire Mark Cuban said Vice President Kamala Harris’ team opposes “regulation through litigation,” suggesting Gary Gensler could be ousted as chairman of the U.S. Securities and Exchange Commission (SEC) if Harris is elected.
Cuban noted that Harris’ team did not use any “ambiguous language” to express its lack of support for the SEC’s current approach to regulation. “Thank you, Gensler. Your departure is worth a point in GDP growth,” he added.
This comes in the context of Harris Remarks at a Wall Street fundraiser in Manhattan on Sunday aimed at encouraging innovative technologies if elected, namely artificial intelligence and digital assets.
In addition, former US President Donald Trump sworn to fire Gensler if he is elected on his first day in the White House during his appearance at the Bitcoin conference in Nashville this year.
Despite recent positive developments involving Kamala Harris and the crypto industry, her odds at Polymarket have remained stable at 50%, surpassing Trump’s odds of 1%.
Gensler under fire
Gary Gensler and SEC Commissioners Caroline A. Crenshaw, Hester Peirce, James Lizarraga and Mark Uyeda attended a congressional hearing yesterday to discuss the regulator’s efforts to oversee U.S. financial markets.
During the hearing, Gensler came under fire from House representatives who questioned him about the SEC’s various proposed definitions of cryptocurrencies, their resulting lack of clarity and which tokens qualify as securities.
Congressman Ritchie Torres asked the SEC chairman about the difference between a ticket to a baseball game, which grants access to that game, and a non-fungible token (NFT) that grants access to a web series, like Stoner Cats.
While Gensler confirmed that the note is not a security, he responded with his usual statement regarding the importance of the circumstances surrounding the offering, and that a specific case cannot be used to measure what can be defined as a security token.
Notably, the entity behind the Stoner Cats collection received settled the SEC charges in September 2023, agreeing to a cease and desist order and paying $1 million in civil penalties.
Additionally, MP Tom Emmer claimed that Gensler abused the regulator’s enforcement tools and ignored cryptocurrency companies willing to comply with the regulator. Emmer added that the SE chairman coined the term “crypto asset security” without providing clear guidelines on how to define it.
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