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Gensler Dismisses Cuban’s Crypto Election Warning: “I Don’t Speak About Elections”
- Gary Gensler sat down with Bloomberg Invest earlier this week to discuss hedge funds and the ever-evolving crypto landscape.
- Gensler was prompted to comment on Trump making crypto a significant election topic, however refused to make a definitive statement.
- The head of the SEC also noted that the Ethereum ETF approval process was operating smoothly, although an official launch date isn’t yet determined.
The crypto market has experienced something of a rough patch of late, with Bitcoin sinking below the US $60k (AU $90k) milestone for the first time in months. Although the coin eventually stabilised, it has generated polarising opinions thanks to its recent time in the limelight.
One such voice was Mark Cuban, owner of the Dallas Mavericks and host of Shark Tank, who went on record to suggest Trump might win the presidential election due to Biden’s anti-crypto stance. In particular, Cuban singled out Gary Gensler, the head of the Securities and Exchange Commission, for making it “nearly impossible for legitimate crypto companies to operate”.
Related: Ethereum ETF Launch Could See 30% Drop In ETH Price, Here is Why
Gensler Contends Current Crypto Regulations Fit With Traditional Securities Laws
In an interview with Bloomberg Invest, Gensler remained as cagey as ever regarding the digital currency industry.
When quizzed on Cuban’s comments, and the potential impact crypto will make on the upcoming election, Gensler played a straight bat.
I don’t speak about elections.
Gary Gensler, SEC Chair Naturally, Biden losing his grip on the US administration could have significant ramifications for Gensler’s position at the summit of the SEC – especially given Trump’s interest in new financial regulation.
By contrast, Gensler himself wasn’t convinced that the financial regulators needed to switch up their current laws.
There’s nothing inconsistent about crypto securities and the securities laws.
Gary Gensler, SEC Chair Ethereum ETF Dates Still Unclear, May Begin Trading Next Month
Although nobody would accuse Gary Gensler and Joe Biden of being allies to the crypto community, the tides have turned a little since Cuban made the comments in May.
For starters, the SEC spectacularly changed its stance on spot Ethereum ETFs at the final hour, tentatively approving the funds to begin trading in the coming weeks.
Although the details around Ether-based products hitting the market are still a little murky, Gensler suggested the overall process is “going smoothly” and pointed out that “[the SEC] actually went live last year with an Ethereum futures ETF”.
Gensler is far from a crypto fanatic, but the fact he’s discussing the asset class for longer than a sentence without making a snide remark is a win for the industry. It clearly demonstrates the positive impact spot Bitcoin ETFs had on legitimising the industry, and that Trump’s pro-crypto vendetta may have long-term effects on the sector’s legislation.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
