Mark Cuban, outspoken billionaire, NBA owner, and Harris supporter, is turning up the heat against SEC Chair Gary Gensler — especially with the 2024 election right around the corner. Known for criticizing the agency at every opportunity, Cuban is now backing Harris and pressing for a major leadership shakeup at the top Wall Street regulator. Cuban, who’s floated himself as a possible SEC chair, says Gensler’s handling of crypto and his litigation-heavy approach to regulation is stifling growth and innovation, particularly in the crypto markets.
“I’ve been outspoken about how poorly Gary Gensler is doing his job,” Cuban told Politico, accusing Gensler of pushing the crypto industry overseas and driving down the number of companies going public. Despite some light-hearted trolling about wanting the job, Cuban’s initial campaign for the SEC chair role raises a legitimate question: Could Harris turn her back on Gensler’s aggressive reform approach if she wins?
Gensler’s leadership has made him unpopular on Wall Street, where critics argue his rules stifle the markets and drag companies into costly court battles. And Cuban’s not alone in wanting to shake things up — he’s part of a growing chorus of Harris-friendly business voices calling for change at the SEC and other regulatory bodies. Some big-name Democrats back Gensler’s strong stance, but Cuban’s entry is sparking a debate within the party about the future of financial regulation.
As Harris considers her regulatory priorities, the SEC battle underscores a broader fight between Wall Street interests and progressive reformers. Though Cuban says he isn’t setting policy, his views and visibility make him an influential voice. The question remains whether Harris will align with Cuban’s pro-business stance or keep Gensler in place for consistency.
While Cuban has yet to discuss the SEC with Harris directly, his vision for the agency has crypto executives and Republicans cheering. Cuban’s knack for calling out issues in public may make him an appealing pick for those wary of Gensler’s progressive approach. But financial reform advocates caution against Cuban’s lack of regulatory background, arguing his private-sector success doesn’t qualify him to lead the SEC.
