Kamala Harris likely to fire Gary Gensler if elected, Mark Cuban says

Billionaire Mark Cuban has claimed that Vice President Kamala Harris’ team opposes “regulation through litigation,” suggesting that Gary Gensler could be ousted as chairman of the U.S. Securities and Exchange Commission (SEC) if Harris is elected.

Cuban noted that Harris’ team did not use “uncertain terms” to express its lack of support for the SEC’s current regulatory approach. “Fulfill your promise, Gensler. Your departure is worth a point in GDP growth,” he added.

This comes amid Harris' remarks. Observations during a fundraising event on Wall Street in Manhattan on Sunday about fostering innovative technologies if elected, namely artificial intelligence and digital assets.

In addition, former US President Donald Trump Fiance fire Gensler if elected on his first day in the White House during his appearance at the bitcoin Conference held in Nashville this year.

Despite recent positive developments involving Kamala Harris and the cryptocurrency industry, her odds on Polymarket remained stable at 50%, outperforming Trump's odds by 1%.

Gensler under fire

Gary Gensler and SEC Commissioners Caroline A. Crenshaw, Hester Peirce, James Lizarraga and Mark Uyeda attended a congressional hearing yesterday to discuss the regulator's efforts to oversee U.S. capital markets.

During the hearing, Gensler came under fire from House members who questioned him about the various definitions the SEC has developed for cryptocurrencies, their resulting lack of clarity, and which tokens can be considered securities.

Congressman Ritchie Torres questioned the SEC Chairman about the difference between a ticket to a baseball game, which gives access to said game, and a non-fungible token (nft) that gives access to a web series, such as Stoner Cats.

While Gensler confirmed that the ticket is not a security, he responded with his usual statement about the importance of the circumstances surrounding the offering and that a specific case cannot be used to measure what can be defined as a security token.

It is worth noting that the entity behind the Stoner Cats collection received settled the SEC charges in September 2023, agreeing to a cease and desist order and paying a $1 million civil penalty.

Additionally, Congressman Tom Emmer claimed that Gensler abused the regulator’s compliance tools and ignored cryptocurrency companies eager to comply with the regulator. Emmer added that the SE chairman created the term “crypto asset security” without providing clear lines on how to define it.