Kamala Harris Opposes SEC’s Regulation by Enforcement Approach
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After the Gary Gensler hearing on Tuesday, tech billionaire Mark Cuban has come out slamming the SEC chief on his regulation-by-enforcement approach. In his latest tweet, he wrote that even the Kamala Harris team has disapproved of this approach, which Gensler has undertaken for a long time. Mark Cuban Talks to Kamala Harris Team Tech billionaire Mark Cuban has recently slammed SEC Chair Gensler after the latest hearing on Tuesday. He added that he has spoken to the Harris team, who made it clear that they would oppose “regulation through litigation” while referring to the current US crypto regulatory approach. Recently, Kamala Harris vowed to boost investments in the crypto industry and promised to support its growth if elected as President. Cuban also criticized SEC Chair Gary Gensler, implying that his departure could positively impact the economy. “You leaving is worth a point in GDP growth,” he added. During Tuesday’s hearing, Gary Gensler accepted the fault in the mishandling of the Debt Box case. 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 US SEC uses a regulation-by-enforcement approach to regulate certain assets like cryptocurrencies. This approach involves the use of legal actions against individuals and entities thereby establishing agency precedent over rulemaking. The crypto industry, which has been demanding clear crypto regulations, has slammed this approach. Apart from Mark Cuban, Congressman Tom Emmer also slammed Gensler calling him the most “destructive” and “lawless” Chair in history. Emmer wrote: “You’ve made up the term crypto asset security. This term is nowhere to be found in statute, you made it up [and] you never provided any interpretive guidance…
Filed under: News - @ September 25, 2024 7:27 am