Kamala Harris could fire Gary Gensler if elected, says Mark Cuban

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Billionaire Mark Cuban said Vice President Kamala Harris’ team opposes “regulation by litigation,” suggesting Gary Gensler could be removed as chairman of the US Securities and Exchange Commission (SEC) if Harris is elected.

Cuban noted that Harris’ team did not use “uncertain terms” to express their lack of support for the SEC’s current approach to regulation. “CYA Gensler. If you leave, it’s worth a point in GDP growth,” he added.

This comes in the middle of Harris remarks during a Wall Street fundraiser in Manhattan on Sunday about encouraging innovative technologies if chosen, namely artificial intelligence and digital assets.

Moreover, former US President Donald Trump he swore to fire Gensler if elected on his first day in the White House during his appearance at the Bitcoin Conference held in Nashville this year.

Despite recent positive developments involving Kamala Harris and the crypto industry, her Polymarket shares have remained steady at 50%, beating Trump’s shares by 1%.

Gensler under fire

Gary Gensler and SEC Commissioners Caroline A. Crenshaw, Hester Peirce, James Lizarraga and Mark Uyeda attended a congressional hearing yesterday to discuss regulators’ efforts to oversee US capital markets.

During the hearing, Gensler was criticized by House representatives, who questioned him about the various definitions the SEC has come up with for crypto, their consequent lack of clarity, and what symbols can be considered securities.

Congressman Ritchie Torres questioned the SEC Chairman about the difference between a ticket to a baseball game, which provides access to said game, and a non-fungible token (NFT) that provides access to a web series, such as Stoner Cats.

Although Gensler confirmed that the ticket is not a security, he responded with his usual statement about the importance of the circumstances surrounding the offering and that a particular case cannot be used to measure what can be defined as a security token.

In particular, the entity behind the Stoner Cats collection received settled charges from the SEC in September 2023, accepting a cease and desist order and paying $1 million in civil penalties.

Furthermore, Congressman Tom Emmer argued that Gensler abused the regulator’s enforcement tools and ignored crypto companies eager to comply with the regulator. Emmer added that the SE chairman coined the term “crypto asset security” without providing clear lines on how to define it.

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