Mark Cuban Slams SEC Chair Gary Gensler's Understanding Of Crypto Registration: 'Trying To Put A Square Peg In A Round Hole'

Billionaire and prominent television celebrity Mark Cuban has called out SEC Chair Gary Gensler for the agency’s approach to regulating cryptocurrency.

What Happened: Cuban, a long-time investor in cryptocurrencies, specifically taking large positions in Ethereum ETH/USD, took to X on Monday to express his concerns. He suggested that the SEC’s current registration process for token-based companies is akin to “trying to put a square peg in a round hole.”

Cuban also challenged Gensler’s understanding of the process, implying that the SEC head has never attempted to register a token-based company himself. “If no one can register, the problem is not us. It's you,” he added.

Hey @GaryGensler , changing the S1 form so that token based companies can actually get registered, would be a game changer.

The issue isn't that crypto companies don't want to register. The issue is that it's like trying to put a square peg in a round hole. It doesn't fit.… https://t.co/BPLJgzrfnL

— Mark Cuban (@mcuban) July 2, 2024

See Also: Trump’s Crypto Fortune, Proposal For Bill Allowing Federal Tax Payments In Bitcoin, And More: Crypto Week

Cuban’s critique comes in response to a statement by SEC commissioner Mark Uyeda emphasizing the need for an amended Form S-1 for cryptocurrency assets that includes information specific to the latter’s unique characteristics.

Why It Matters: Cuban’s comments come in the wake of his previous criticisms of the SEC’s stance on cryptocurrencies. In May, he warned that the SEC’s hostile stance could cost President Joe Biden the election, highlighting the popularity of cryptocurrencies among younger and independent voters.

Later in June, he suggested that the influence of cryptocurrency could tip the 2024 presidential race in favor of Republican challenger Donald Trump.

Meanwhile, Cuban’s forecast garnered support from Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini. While responding to Gensler’s views during an interview, Winklevoss said, “Thank you Mark Cuban for putting Gary Gensler on notice that his war on crypto is going to cost President Biden the election.”

Thank you @mcuban for putting @GaryGensler on notice that his war on crypto is going to cost @POTUS the election. https://t.co/aMEluQtmgj

— Cameron Winklevoss (@cameron) July 1, 2024

Photo by Kathy Hutchins on Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.