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Mark Cuban Shows Interest in Running the US SEC

By Olivier Acuña | TH3FUS3 Chief Editor

September 27, 2024 11:09 AM

Reading time: 1 minute, 48 seconds

TL;DR Mark Cuban, the billionaire entrepreneur and owner of the Dallas Mavericks, has expressed interest in becoming the US Securities and Exchange Commission (SEC) chair. In an interview with Fox News, he criticized current SEC chair Gary Gensler for his approach to crypto regulation.

Billionaire entrepreneur Mark Cuban has said he'd be interested in becoming the chair of the US Securities and Exchange Commission (SEC) if Kamala Harris becomes the next President of the White House.

Speaking on Fox News in an interview with Neil Caputo, the Dallas Mavericks owner was asked whether he'd be interested in positions such as the Treasury Secretary or the Commerce Secretary under a Harris administration. The crypto-friendly billionaire responded by saying: "Head of the SEC. That's the job I would take."

He added that he'd be open to working as the head of the Department of Health and Human Services (HHS), "but somebody needs to replace Gary Gensler," the SEC's chair.

Cuban continued highlighting Harris's promise to advance technologies such as artificial intelligence and blockchain. Earlier this week, Harris delivered what are believed to be her first crypto-positive remarks at a New York fundraiser. During her speech, she said that under her administration, she would "encourage innovative technologies like AI and digital assets."

However, when pushed further by Caputo about potentially replacing Gensler, Cuban said "Bottom line, he's awful, particularly for crypto and businesses in general."

Cuban has yet to be one to avoid criticizing Gensler and the SEC's policies and regulatory approach to crypto companies. Recently, the entrepreneur took to X, commenting on Rep. Richie Torres's post, where the head of the SEC claimed that NFTs were securities.

In an earlier message on the social media site, Cuban argued that Gensler was "a blight on the technology community."

For many, Gensler has taken a hard-line approach to crypto companies, often labeling them as securities and taking legal action against those that supposedly violate securities laws.

This lack of clarity is dampening the industry's growth in the US. Some think that if Cuban were to replace Gensler, he'd be a " breath of fresh air,", unlike the "lawlessness of Gary Gensler," as John Deaton, a lawyer and entrepreneur, stated.

To help advance the space with more regulatory clarity, many in the space will be waiting to see who will next be the head of the SEC.

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