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Billionaire Mark Cuban Says Gary Gensler Can Cost Joe Biden the Election

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5 months ago

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There’s been a major shift in the Biden administration’s approach toward the crypto market recently, however, the top industry market players aren’t quite satisfied with the way SEC Chair Gary Gensler has been dealing with crypto-related issues. Billionaire Mark Cuban has literally warned that Gary Gensler can cost President Joe Biden the 2024 Presidential Election.

Mark Cuban Lashes Out At Gary Gensler

Fox Business Reported Eleanor Terret stated that billionaire Mark Cuban has voiced strong criticism against the SEC Chair Gary Gensler suggesting that he can play a spoilsport for Biden in the upcoming elections.

Cuban also added that Gensler’s stand on digital assets could possibly alienate young crypto-owning voters. “If he has a political career in mind, he’s done,” Cuban remarked about Gensler.

Speaking at the Coinbase State of Crypto event, Cuban told the attendees that he is informing governors, senators, and representatives that the SEC registration process poses major challenges to American crypto companies. He called this issue a “uniquely American Gary Gensler problem”.

SEC Should Prioritize on Crypto Regulatory Clarity

Cuban is not alone in calling out SEC’s laggard approach towards crypto regulations. Senator Bill Hagerty has also urged Gary Gensler to prioritize the clarity of crypto regulations. The Senator further stated that there’s a need for a proper ecosystem in order to prevent pushing the crypto industry offshore. “This industry needs to have a proper ecosystem…so we’re not shoving it offshore,” Hagerty stated.

However, responding to this, the SEC chair countered saying that breaking the law and disliking the law are not the same as lack of clarity. However, one positive thing is that the SEC chair has assured the spot Ethereum ETF approval by this summer.

Despite this statement from Gensler, Hagerty maintained that there’s still major uncertainty and ambiguity from the SEC, adding that it “need not be that way”.

Furthermore, Senator Dick Durbin also questioned Gary Gensler on whether the Commodities and Futures Trading Commission (CFTC) has sufficient resources in order to regulate the crypto industry.

Responding to this, Gensler said that it “depends on what they’re given,” noting that the CFTC lacks the established disclosure regime that the SEC has in place.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Regulation

Gary Gensler To Step Down As US SEC Chair In January

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15 minutes ago

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November 21, 2024

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In a recent development, the US Securities and Exchange Commission (SEC) announced that Gary Gensler will step down from his position next year. This follows calls for Gensler to resign since Donald Trump won the US presidential elections.

Gary Gensler To Step Down As US SEC Chair

The US SEC announced in a press release that Gary Gensler will depart the Agency on January 20, 2025. The US SEC Chair also confirmed this development in an X post. Interestingly, this comes on the same day that Donald Trump will be inaugurated as the 47th president of the United States.

Following the announcement, Gensler also used the opportunity to reflect on his time at the Commission. He remarked that it has been an “honor of a lifetime” to serve alongside those at the SEC. He also thanked President Biden for the opportunity to serve in the position. Gensler has been the US SEC Chair since April 2021. During his time, he has spearheaded several litigations against the crypto industry.

This includes the long-running legal battle with Ripple, which Gensler took over from his predecessor Jay Clayton, which bordered on whether XRP was a security. Up till now, the Agency continues to reiterate this ‘digital asset securities’ claim.

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Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BitClave Investors Get $4.6M Back In US SEC Settlement Distribution

Published

18 hours ago

on

November 21, 2024

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BitClave investors have started receiving $4.6 million in repayments from the U.S. Securities and Exchange Commission (SEC), following a settlement reached in 2020. The SEC announced on Nov. 20 that payments from the BitClave Fair Fund had been disbursed to eligible investors harmed during the company’s 2017 initial coin offering (ICO).

Pro-XRP lawyer and online commentator “MetaLawMan” criticized the SEC’s stance on digital assets, stating on social media, “Here we go again with ‘digital asset securities.’ Unbelievable.” The lawyer’s statement reflects ongoing industry frustrations over the SEC’s regulatory approach to cryptocurrencies.

BitClave Investors Get $4.6M Back in US SEC Settlement

The US SEC assured the public that $4.6 million was returned to investors who filed the claims and were eligible for the refunds. These funds were agreed upon in 2020 after the SEC accused BitClave of conducting an unregistered ICO.

The company’s initial coin offering (ICO) in 2017 brought in $25.5 million in only 32 seconds and distributed its Consumer Activity Token (CAT) to thousands of buyers. The SEC therefore claimed that the ICO was an unregistered securities transaction because potential investors were induced to invest in the CAT token with an expectation of appreciation of its value. 

Under the settlement, BitClave will have to refund the money it raised and also pay $4 million in fines and interest. In between these settlements, John Deaton has accused the regulator of using laws that were set in 1933.

The Fair Fund was therefore created to ensure that the funds are returned to the affected investors. The claims submission period closed in August 2023, and the eligible investors received the information on the claims in March 2024. The Securities and Exchange Commission posted on its social media accounts that the payment has been made, and “the checks are in the mail.”

BitClave Settlement Included Penalties and Token Destruction

In the settlement, BitClave did not accept or reject the accusations made by the SEC but agreed to cough up $29 million. This total consisted of the $25.5 million that was generated in the ICO and the additional $4 million in fines.

Concurrently, the company also committed to burning 1 billion of the catalyst tokens that have not been distributed and to ask exchanges to delist the token.

The Securities and Exchange Commission therefore pointed out that by February 2023, BitClave had only remitted $12m to the Fair Fund, thus leaving questions on the balance of $7.4m. Neither the SEC nor the fund administrator gave further details on the matter, and it is still uncertain as to how the outstanding payment will be collected.

US SEC Maintains Strict Regulatory Stance on Crypto

The US SEC has continued to enforce regulations on crypto companies under the Biden administration, with over 100 enforcement actions taken against the industry. BitClave’s settlement, subsequently, is one of many cases where the regulator has targeted unregistered ICOs and other alleged securities violations.

BitClave’s case, handled under former SEC Chairman Jay Clayton, emphasized the agency’s view that many digital assets fall under securities laws. The CAT white paper described potential value increases, which the regulator argued encouraged speculative investment in an unregistered security.

As the US SEC faces criticism, President-elect Donald Trump has expressed plans to reshape crypto oversight. Trump has promised to remove current SEC Chair Gary Gensler and is reportedly considering creating a new White House position dedicated to cryptocurrency policy. 

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US SEC Pushes Timeline For Franklin Templeton Crypto Index ETF

Published

19 hours ago

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November 21, 2024

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US SEC Extends Review Period for Franklin Templeton Crypto Index ETF

Therefore, the

The proposal was first published in the Federal Register on October 8, to kick start a thirty-five (35) days review period. As a result, the review was to end on November 22, 2024. Consequently, the review was to expire on November 22, 2024. However, the SEC’s decision to delay indicates a thorough approach to reviewing the fund’s compliance with crypto regulations.

Meanwhile, no public comments on the proposed rule change have been submitted, leaving the US SEC to focus on internal assessments. This delay concurs with the commission’s conservative approach to the products that are connected with cryptocurrencies. The extra time will allow more detailed research of fund’s organization and market risks.

Franklin Templeton Expands Push Into Cryptocurrency ETFs

Franklin Templeton is broadening its efforts in the cryptocurrency space with its proposed Bitcoin and Ethereum index ETF. The asset manager, which oversees $1.5 trillion in assets, has previously launched a spot Bitcoin ETF and a spot Ethereum ETF. 

If approved, the latest ETF would add to Franklin Templeton’s portfolio of crypto-focused investment products, further diversifying options for institutional.

In addition, Franklin Templeton has taken a major step in its tokenization efforts, announcing the expansion of its Benji tokenization platform to the Ethereum network. This marks the fifth blockchain integration for the platform this year, following launches on Aptos, Avalanche, Arbitrum, and Coinbase’s Base.

Despite the US SEC overall crypto ETF delays, other market players are moving further with their strategies . Last week, Bitwise submitted a registration statement to transform the Bitwise 10 Crypto Index Fund which now manages $1.3 billion into an ETP. It investments in Bitcoin represent 75% of the fund and Ethereum is 16% of the fund; these two assets sum up to 91%.

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Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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