Mark Cuban says Kamala Harris opposes regulation through litigation

Billionaire investor Mark Cuban has voiced his views on U.S. regulation, highlighting Vice President Kamala Harris’ stance against "regulation through litigation."

According to Cuban, Harris’ team made it clear to him that they oppose the strategy of regulating industries, including crypto, by legal enforcement.

Cuban's comments followed a debate sparked by Congressman Ritchie Torres, who questioned the U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler’s approach.

In a post on X, Cuban shared, “I talked to the Harris team today who told me in no uncertain terms that they are against ‘regulation through litigation.’”

His remarks came after Torres questioned Gensler’s categorisation of non-fungible tokens (NFTs) as securities, likening them to Yankee tickets and asserting that no legal difference exists.

Cuban, who has been a vocal critic of Gensler, continued to express his dissatisfaction with the SEC's regulatory approach, stating, “Gary Gensler is a blight on the technology community.”

He referred to Gensler's reliance on the Howey Test for securities classification, questioning its relevance in modern regulation, and pointed out the existence of cases like Reves vs. Ernst & Young that challenge the simplicity of Howey.

The billionaire added, “Gensler is gone,” alluding to the growing tensions between the SEC and innovators in the tech and crypto industries.