Mark Cuban, billionaire entrepreneur and vocal supporter of Vice President Kamala Harris, defended the Democratic presidential candidate’s grasp of cryptocurrencies and the significance they hold for young people.
What Happened: On Monday, Cuban defended Harris against allegations that the vice president lacked even a basic understanding of cryptocurrency and monetary policy.
“She doesn't know everything. Unlike your guy [Trump], she doesn't pretend. She understands the connection cryptocurrency has to young people. And she spoke about it today,” Cuban said, highlighting Harris’ latest cryptocurrency regulatory framework.
Cuban also took potshots at Republican challenger Donald Trump, stating that Harris was not trying to sell tokens, sneakers, bibles, etc.
The famous ‘Shark Tank’ celebrity also replied to concerns about why Harris cannot transfer state-owned Bitcoin BTC/USD to the Treasury Department to demonstrate her support for the leading cryptocurrency.
“There is a law in place that currently prevents it. Obviously, it’s been discussed. But no one can change it unilaterally,” Cuban said.
Considered a close advisor to the Harris campaign team, Cuban said he argued for holding onto confiscated cryptocurrency assets and warned against the consequences of dumping a huge quantity of Bitcoins into the market in quick successions.
Why It Matters: Harris recently unveiled a cryptocurrency regulatory framework as part of her "Opportunity Agenda for Black Men," signaling a potential shift in the Democratic approach to digital assets. However, the decision faced criticism from some industry leaders over the narrow focus on black men.
Earlier, Cuban criticized Trump’s upcoming sale of tokens, which were tied to his much-touted decentralized finance (DeFi) project, World Liberty Financial (WLFI).
Cuban has expressed dissatisfaction with the current SEC Chair Gary Gensler‘s approach to regulating the cryptocurrency industry and floated his name as a potential SEC chair candidate should Harris win the U.S. presidency.
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