Billionaire investor Mark Cuban has made a final call to the US Congress to ensure that "all crypto" regulations are handled by the Commodities Futures Trading Commission (CFTC) and provide clarity for the crypto industry before the 2024 presidential election. Cuban believes this clarity could secure another term for Joe Biden as president.

“For Biden, you can solve this problem by passing legislation that defines registration specific to the crypto industry, just like other industries have registrations defined for them,” Cuban said. He also claimed that if Biden is not elected for another presidential term, the SEC and its Chairman Gary Gensler, known for his anti-crypto stance, could be held responsible.

“If Joe Biden loses, you can thank Gary Gensler and the New York SEC,” Cuban said, and suggested that “all crypto be regulated by the CFTC.”

Cuban argued that Gensler's regulatory approach to the practice makes it "nearly impossible" for legitimate crypto companies to operate in the United States.

CFTC Chairman Rostin Behnam believes there will be another enforcement cycle in the crypto industry within the next 6 to 18 months.

The US elections will be held on November 5th and crypto appears to be an important issue for many voters in the country.

The Biden administration has received a lot of criticism from the crypto community in recent months. Most recently, Cardano founder Charles Hoskinson claimed that the Biden administration is doing everything it can to “destroy the American cryptocurrency industry.”

This comes after Biden's administration announced plans to veto a joint resolution to override SEC guidelines that discourage banks from holding crypto assets in escrow.

What are you thinking? Leave your comments below.#crypto#regulation #elections