Pro-Crypto Billionaire Mark Cuban Eyes SEC Chair Position After Calling for Gensler Sack

Pro-crypto billionaire Mark Cuban has set his gaze on the Securities and Exchange Commission chair position after demanding Gary Gensler’s sack.

A day after American billionaire Mark Cuban advocated for the sack of Gensler, he declared his intentions to replace the SEC chairperson. In an interview with Fox News, Cuban stated he would take the position of head of the SEC.

When asked which job he would hold in the Kamala Harris government, Cuban said without hesitation that he would take on the position of the SEC Chairperson. The pro-crypto billionaire chose this position over appointments like Treasury Secretary and Commerce Secretary.

Notably, Cuban endorsed Harris, the Democrats’ presidential nominee, on Wednesday. He noted that the vice president was a better CEO than Donald Trump.

XRP Lawyer Supports Cuban

After declaring his intentions, Cuban received mixed reactions from the crypto community. However, a notable industry player has endorsed the pro-crypto businessman for the SEC chair job.

XRP lawyer and Republican Senate candidate in Massachusetts, John E. Deaton, supported Cuban’s push to become the next head of SEC. In a tweet, Deaton stated that although some might disagree with billionaire on certain issues, he feels that he will be an upgrade to Gensler.

Even if you disagree with @mcuban on specific issues, objectively speaking, Mark would be a breath of fresh air and a welcomed change from the lawlessness of @GaryGensler.

A decade ago, Mark witnessed firsthand the type of gross overreach the @SECGov is capable of. Much like… https://t.co/XT82sFlVN8

— John E Deaton (@JohnEDeaton1) September 26, 2024

The legal expert asserted that Cuban has experienced the unruly regulatory climate imposed by the current SEC regime firsthand and believes he can make a difference.

Notably, Deaton also mentioned the implications of Ripple CEO Brad Garlinghouse becoming the next SEC boss. According to him, it would be “fittingly ironic” if Garlingouse or Cuban heads the regulatory body that “unfairly attacked them.”

Gensler Faces Bipartisan Criticisms

The SEC boss not only has notable candidates sniffing around for his job, but he also had Congress questioning his regulatory overreach. Gensler appeared before the US lawmakers during the Financial Service Committee (FSC) meeting on Sept. 24.

One of the meeting’s climaxes came when Ritchie Torres, a Democratic representative, questioned Gensler’s recent clampdown on non-fungible tokens (NFTs). Torres quizzed the SEC boss on why he classified NFTs as securities when he stated that Yankee tickets for sports games were not.

Furthermore, Gensler may also be out of the job regardless of the outcome of the November election. Cuban stated that he had discussed with the Harris team, and they disclosed their displeasure in “regulation through litigation.”

With Trump already promising to sack Gensler on his first day in office, the SEC boss may have fallen out with both parties and could be headed for the exit anyway.