Shark Tank star and billionaire investor Mark Cuban took to social media platform X on Tuesday following comments made by Congressman Ritchie Torres, addressing the growing debate over U.S. Securities and Exchange Commission (SEC) regulation.
Cuban stated that he had spoken with Vice President Kamala Harris’ team, who made their stance on government policy clear, stating:
I talked to the Harris team today who told me in no uncertain terms that they are against ‘regulation through litigation.’
This response came after Rep. Torres questioned SEC Chair Gary Gensler’s classification of non-fungible tokens (NFTs) and collectibles as securities. Torres drew a parallel between NFTs and Yankee tickets, arguing there was no legal distinction between them, and criticized Gensler’s stance on assets like those related to the animated series Stoner Cats.
Gensler and the SEC under his leadership have been accused of regulating the crypto industry by enforcement. Cuban has criticized Gensler’s regulatory approach multiple times. “Gary Gensler is a blight on the technology community,” Cuban asserted on Tuesday. “He says Howey is the law of the land. If it was, there never would be a reason for Reves vs Ernst & Young to exist.”
Cuban also added bluntly, “Gensler is gone,” suggesting Gensler’s regulatory policies have caused significant friction with innovators in the technology and crypto spaces. Cuban’s critiques align with wider frustrations about how the SEC’s regulations are perceived to hinder technological growth and economic potential.
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