Mark Cuban Proposes CFTC to Regulate Crypto, Urges Congress to Offer Clarity Before Presidential Election 

American investor Mark Cuban proposes that assigning the Commodities Futures Trading Commission (CFTC) authority to regulate all crypto could benefit the vocal crypto voters ahead of the US presidential election in November. 

Cuban considers that assigning authority to the CFTC could enable President Joe Biden to galvanize support that is slipping away in the wake of the announcement by the Executive Office that the president will veto proposed legislation, H.J. Res. 109, that would enable the highly regulated financial firms to custody Bitcoins and cryptos. 

The H.J Res. 109 garnered bipartisan support in its bid to overturn the Staff Accounting Bulletin (SAB) No. 121, considered by the pro-crypto legislators as restricting the financial institutions from custodying digital assets under the provisions of Congressional Review Act (CRA). 

Cuban Supports CFTC to Regulate Entire Crypto

Investor Cuban is pushing for the Rostin Behnam-led CFTC to regulate the entire crypto. The investor pleads with the US Congress to hasten clarity sought by the crypto industry ahead of the November presidential election. 

Cuban considers that delivering clarity for the crypto will secure a second term for Joe Biden, given that the digital assets holders constitute a critical constituency.  

The resolution seeks to overtun the restriction imposed by SAB 121 as roadblocks barring the regulated financial institutions from custodying crypto assets.

Cuban addressed over 8.5 million followers on X, declaring on Friday, May 10, that passing legislation definitive on crypto industry registration could solve the pending problem that Biden’s administration faces. 

Biden Losing Votes from Crypto Holders

Cuban warned that crypto voters will have their voices heard before the forthcoming election. He added that Biden’s failure to secure reelection would open the door for crypto voters, given the tough anti-crypto stance by SEC and current chair Gary Gensler. 

Cuban illustrates that the Biden loss will present an opportunity to thank Gensler and the New York-based SEC. He suggests the better option is assigning all crypto under the CFTC regulation. 

Cuban observes that crypto is a constituent of younger and autonomous voters. He decries that Gensler has done little to safeguard a single investor against crypto-related fraud. 

Cuban echoes the pronouncement from crypto leaders that, in recent times, faulted Gensler for making it nearly impossible for legitimate firms to operate within the US. The majority are mulling exit owing to the enforcement-focused regulatory approach. 

Data provided by the litigation consulting firm Cornerstone Research illustrates that 46 enforcement actions were implemented against the crypto firms last year. Worse is set to come with CFTC chair Behnam indicating that the crypto industry will witness another cycle of enforcement actions in six to eighteen months. 

The US is set to conduct the presidential election on November 5. The voters drawn from the crypto community are considering the political event critical to shake off the existing restrictive burden. 

Crypto Community Criticizes Biden Administration Stance

A recent poll conducted by crypto media Cointelegraph reveals that two-thirds of the 1201 respondents strongly agreed with the essence of crypto. The respondents profiled crypto as possessing equitability unmatched by the traditional financial system. 

The crypto community has recently criticized the Biden administration, alleging it propagated the forced exit in recent months. Cardano creator Charles Hoskinson declared that the Biden administration attempts to destroy and kill the US crypto industry. 

Hoskinson criticism of the Biden administration comes after the White House indicated that the president would veto the joint resolution (H.J. Res. 109). The resolution passed aims to overturn the SEC guidelines discouraging banks from custody of crypto assets. 

Congressman Patrick McHenry, who chairs the House Financial Services Committee, affirmed support for H.J. Res. 109. The legislator indicates that overturning the SAB 121 will eliminate the regulatory overreach that characterizes Gary Gensler’s tenure.