In summary
- Mark Cuban reiterated his interest in leading the US Securities and Exchange Commission (SEC) if Kamala Harris is elected president in November.
- Cuban has been critical of current SEC Chairman Gary Gensler’s enforcement actions against Cryptocurrency companies.
- Harris has made positive comments about the cryptocurrency industry, and Cuban has used his position to influence her stance toward a friendlier one.
Apparently, it’s not a joke. Mark Cuban reiterated his interest in leading the US Securities and Exchange Commission (SEC) on Thursday, confirming to Decrypt that he is indeed open to chairing the financial regulator if Kamala Harris is elected president in November.
Cuban, a strong supporter of both the crypto industry and Harris’ presidential campaign, has long been critical of current SEC Chairman Gary Gensler’s aggressive series of enforcement actions against a number of American cryptocurrency companies. .
That line has often been difficult to follow, given that Harris, as Vice President, is a key member of President Joe Biden’s cryptocurrency-hostile administration.
Since the early days of Harris’ presidential campaign, Cuban has emerged as one of the few cryptocurrency industry advocates with close connections to the Vice President’s inner circle. Apparently, he has used that position to try to move the Democratic candidate away from her predecessor’s skeptical stance on crypto assets, and toward a friendlier one.
In late July, less than two days after Harris launched her presidential bid, Cuban told Decrypt that his team contacted him with “multiple questions” about cryptocurrencies, a sign the billionaire businessman took as encouraging. .
And in recent days, Harris has made his first recorded comments about the cryptocurrency industry, both positive. On Sunday, she told a room full of high-profile donors in Manhattan that she will “encourage innovative technologies like AI and digital assets while protecting our consumers and investors,” according to a Bloomberg report.
In a speech to the Economic Club of Pittsburgh on Wednesday, she promised that America would “remain dominant in AI and quantum computing, Blockchain and other emerging technologies” under her leadership.
Cuban attended the last event, and afterward, he told a Fox News reporter that if he were interested in joining a Harris Administration, it would be to replace Gary Gensler.
“Head of the SEC,” Cuban said. “That’s the job I would take.”
At the time, it was unclear whether Cuban was being facetious. Although he has repeatedly criticized Gensler for his treatment of the cryptocurrency industry, the daily task of chairing the SEC is detailed and involves regulating the stock market and all publicly traded companies.
While Gensler had several stints in the federal government before taking office, previous SEC chairs, such as former President Donald Trump’s appointee Jay Clayton, have come from the private sector with no government experience.
Cuban has an extensive background as an entrepreneur and investor, and has been active in political fundraising for more than a decade. However, he has never formally worked in government.
In 2008, the SEC filed a lawsuit against Cuban, accusing him of insider trading. After the case was dismissed and then revived on appeal, a federal jury in Texas unanimously found him not liable in 2013.
Edited by Andrew Hayward
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