KEY POINTS
- Cuban said somebody needs to replace SEC Chair Gensler as he has been ‘awful’ for crypto
- The former Dallas Mavericks principal owner is a known investor and advocate for crypto
- Cuban endorsed Harris and spoke at a Crypto4Harris town hall last month
Billionaire Mark Cuban, who has said a vast majority of his investments not poured into “Shark Tank” are on cryptocurrencies, has taken on various roles, including being a television presenter and a former principal owner of the NBA’s Dallas Mavericks. These days, he just wants to be the next chairman of the U.S. Securities and Exchange Commission (SEC).
In an interview with FOX News Wednesday, the prominent investor was asked whether he would entertain the idea of becoming the Treasury Secretary under a government led by Vice President Kamala Harris.
“Head of the SEC. That’s the job I would take,” he said with a smile. He added that “somebody needs to replace [SEC Chair] Gary Gensler,” further emphasizing how Gensler is “awful, particularly for crypto.”
Cuban’s Ties to $2 Trillion Crypto Industry
Back in 2021, Cuban invested in layer 2 Ethereum scaling solution Polygon. At the time, Polygon co-founder Sandeep Nailwal said the conversations his team had with Cuban were “truly mind blowing.”
In 2022, Cuban said he revealed that “80% of the investments that I make that are not on ‘Shark Tank’ are in or around cryptocurrencies.” He also revealed that he was interested in decentralized autonomous organizations (DAOs), which are the core of communities within the crypto space, which is now a $2 trillion industry.
He has Bitcoin and Ethereum holdings, and also has MATIC, the native cryptocurrency of the Polygon blockchain.
Last month, he appeared that Crypto4Harris virtual town hall wherein several Democratic lawmakers and other crypto enthusiasts and advocates were present, except the Democratic presidential nominee.
On Wednesday, following the heated House Financial Services Committee hearing on SEC oversight, Cuban said he spoke with the Harris team and was told “in no uncertain terms that they are against ‘regulation through litigation.'” He urged Gensler to step down from the SEC chairmanship as it would be “worth a point in GDP growth.”
I talked to the Harris team today who told me in no uncertain terms that they are against “regulation through litigation “
CYA Gensler.
You leaving is worth a point in GDP growth https://t.co/NbPd4RQSBF
— Mark Cuban (@mcuban) September 24, 2024
The Congress hearing saw multiple lawmakers, both Republican and Democratic, grill Gensler for his leadership that saw the financial regulator launching a years-long crusade against the crypto industry.
Will Cuban be a Good SEC Chief?
There have been mixed reactions to Cuban’s declaration of wanting to be the SEC chief, even as he is known to be a crypto advocate.
Some crypto users believe Cuban will do well in heading the Wall Street regulator, with one saying the SEC has been of no use to the American people for so long and now needs someone who “understands the markets to bring real change and accountability.” Another said the agency “deserves someone with successful businesses behind them.”
Not everyone believes Cuban will do a great job as the SEC chair, with Ethereum user Florida Man saying the entrepreneur’s “communist ways are clear enough for all of us to say we’re good.”
Another X user said Cuban will only use the SEC chief position “as a retaliation.” The SEC accused Cuban of insider trading back in 2008. In 2013, he “defeated” the regulatory agency after a jury found him not liable.
It remains to be seen how things will go for Cuban. So far, Harris and Republican presidential candidate Donald Trump are in a tight race toward the November elections. Cuban has endorsed Harris.
