Billionaire entrepreneur Mark Cuban has never been one to stay quiet, especially regarding the U.S. Securities and Exchange Commission (SEC). Recently, Cuban made waves by saying he'd gladly take over the role of SEC Chair from Gary Gensler.
His reason? Cuban simply wants to shake things up and isn't a fan of how Gensler handles the job, particularly when it comes to regulating cryptocurrencies. “Head of the SEC. That’s the job I would take,” Cuban said bluntly.
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However, Cuban explained in a recent podcast that he wasn’t genuinely serious about the position and that his statement was mostly to express his displeasure with Gensler’s leadership. “I put that out there on the SEC because I wanted to f*** with Gary Gensler,” Cuban remarked, sending shock waves through the business world as many thought he was serious about his SEC ambitions.
“You’re not going to see me in politics,” he added, emphasizing that his focus remains on his businesses, not government roles – “when it’s all said and done, costplusdrugs.com that’s hopefully going to be my legacy.”
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Cuban has been vocal about his dislike for how the SEC operates, especially regarding cryptocurrency regulation. He thinks the SEC's policies under Gary Gensler are "awful" and hold back innovation in industries like crypto. In Cuban's view, the SEC seems more interested in winning legal battles than protecting regular investors.
During a Reddit AMA in 2021, Cuban called the SEC a "mess" and accused the agency of working more for Wall Street than the average person, saying, “The SEC is a mess. I wouldn’t trust them to do the right thing ever. It’s an agency built by and for lawyers to be lawyers and win cases rather than do the right thing.”
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As Cuban backtracked on his SEC role comments, he reiterated that his focus remains on business ventures like Cost Plus Drugs, an online pharmacy he's passionate about. Cuban sees his legacy more in disrupting the health care industry for the better, stating, “I screwed up the entire health care system for the better so that everybody could start affording their health care and their medications."
Still, his dissatisfaction with the SEC is clear, and his feud with Gensler reflects his broader frustration with the agency's approach. Cuban has also praised Vice President Kamala Harris for her stance on emerging technologies, contrasting it sharply with Gensler's leadership. He sees Harris as thorough and open-minded, which led him to publicly support her in the 2024 election.
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