LATEST: Mark Cuban Supports CFTC Regulating All Crypto Before US Election Day

Billionaire investor Mark Cuban has urged the U.S. Congress to pass legislation that clarifies crypto regulation, advocating for the Commodities Futures Trading Commission (CFTC) to oversee the sector. In a recent post to his 8.8 million followers on X, Cuban expressed his view that regulatory clarity could bolster President Joe Biden’s chances for re-election. He warned that the current lack of clear guidelines, enforced strictly by SEC Chair Gary Gensler, is harming the crypto industry and could alienate crypto-focused voters. Notably, a litigation consulting firm reported 46 enforcement actions against crypto companies in 2023 alone. Cuban suggested that if Biden loses the upcoming election, Gensler’s stringent policies could be a contributing factor.

The sentiment around crypto regulation is increasingly resonant among voters, with recent polls showing a majority believe crypto aligns with their values more than traditional financial systems. As the November 5 election approaches, the debate intensifies, with CFTC Chair Rostin Behnam predicting more enforcement actions in the next 6 to 18 months. Meanwhile, voices within the crypto community, like Cardano’s Charles Hoskinson, have criticized the Biden administration for policies perceived as hostile to the industry, highlighting a pivotal moment for crypto in U.S. politics.

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