Billionaire investor Mark Cuban has called for the United States Commodity Futures Trading Commission (CFTC) to regulate the entire cryptocurrency industry. He also made a plea to the U.S. Congress to provide clarity for the crypto industry before the 2024 presidential election, as he believes this could help secure another term for President Joe Biden.
In a post on X, Cuban shared his thoughts with his 8.8 million followers, stating that passing legislation specifically defining registration for the crypto industry, similar to other industries, could solve the problem for Biden. He also warned that if Biden is not reelected, the U.S. Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, who is known for his tough stance on crypto, may be held responsible, as crypto voters will make their voices heard in the election.
Cuban echoed the sentiments of other crypto leaders, claiming that Gensler’s regulatory approach has made it nearly impossible for legitimate crypto companies to operate in the U.S. In 2023 alone, 46 enforcement actions were taken against crypto firms, according to data from litigation consulting firm Cornerstone Research.
Meanwhile, CFTC Chair Rostin Behnam believes there will be another wave of enforcement actions within the crypto industry in the next six to 18 months.
The upcoming U.S. election on November 5 is expected to see crypto become a more significant issue among voters than in previous elections. A recent online poll 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, with Cardano founder Charles Hoskinson accusing the administration of trying to destroy the American cryptocurrency industry. This followed Biden’s announcement that his administration plans to veto a joint resolution aimed at overturning SEC guidelines discouraging banks from holding crypto assets in custody.