Mark Cuban Wonders If SEC Chair Gary Gensler Is Doing 'Everything In His Power' To End Elizabeth Warren's Senate Career

Aniket Verma

August 28, 2024

Billionaire investors and television celebrity Mark Cuban threw a jibe at SEC Chair Gary Gensler, questioning if he is deliberately trying to weaken Senator Elizabeth Warren (D-Mass.).

What Happened: In a cheeky post on Wednesday, the “Shark Tank” star insinuated that Gensler might be a covert supporter of pro-cryptocurrency attorney John Deaton, who is aiming to unseat the Massachusetts legislator.

“He is doing everything in his power to end Sen. Warren’s career!” Cuban said.

Also makes you wonder if @GaryGensler is secretly a @JohnEDeaton1 supporter. He is doing everything in his power to end @SenWarren career ! https://t.co/SHooAU6SWM
— Mark Cuban (@mcuban) August 28, 2024

Cuban’s swipe came in response to SEC slapping NFT markerplace OpenSea with a Wells Notice, a precursor to a likely enforcement action.

The development followed a pattern of increased SEC scrutiny of the cryptocurrency and blockchain space, with top companies like Coinbase, Kraken, and Robinhood coming in the firing line.

See Also: $1B Worth Of Bitcoin Sold Off Ahead Of Nvidia Earnings Is ‘Technical,’ Analyst Says

This isn’t the first time Cuban has criticized Gensler. He has previously expressed his dissatisfaction with the SEC’s approach to regulating cryptocurrency. Cuban, a long-time investor in cryptocurrencies, has described the SEC’s current registration process for token-based companies as trying to fit a “square peg in a round hole”.

Why It Matters: This isn’t the first time Cuban has criticized Gensler. He has previously questioned the SEC Chair’s understanding of the registration process for token-based companies .

Earlier in May, he accused Gensler of not protecting a single investor against fraud and making it nearly impossible for legitimate cryptocurrency companies to operate.

Warren has earned the ire of cryptocurrency enthusiasts over the years because of her critical stance on the industry and accusations of facilitating illegal activities, including money laundering and terrorism.

Cuban has been a vocal supporter of the crypto industry, having a history of holding large positions in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and other tokens.

Image Via Shutterstock.com

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