Cuban vs. Gensler: Battle Intensifies for SEC's Direction as Billionaire Supports Harris
With a straightforward demeanor and a face familiar to television audiences — along with an estimated net worth of $5.7 billion that surpasses Trump's — Cuban serves as a significant representative for the Harris campaign.
TroibNews 
Mark Cuban has been a vocal critic of the Securities and Exchange Commission (SEC) for over 15 years. As the presidential election approaches, the billionaire entrepreneur is now on a mission to remove the SEC’s chairman, Gary Gensler, even briefly considering himself as a potential successor.
Cuban, who owns a minority stake in the Dallas Mavericks and appears on "Shark Tank," has been one of Vice President Kamala Harris' most prominent business supporters. He has consistently insisted that Gensler, known for his strict stance on cryptocurrency regulation and frequent legal actions against companies, should be replaced.
“It’s not a job I will chase,” Cuban remarked in a recent interview, stating his willingness to be considered for the role if asked. “But if asked, I would want to be interviewed.”
Having previously beaten insider trading allegations from the SEC over a decade ago, Cuban later downplayed his interest in the SEC chair position, claiming he enjoys "trolling." However, this initial push to secure a role in a potential future administration highlights a challenge Harris will face if she wins the presidency: Will she choose to follow President Joe Biden's approach and appoint progressive regulators aiming to rein in corporate power, or will she seek a compromise with Wall Street to appease investors?
The situation extends beyond the SEC. Cuban's recent suggestion that Harris should replace Federal Trade Commission Chair Lina Khan received criticism from Representative Alexandria Ocasio-Cortez, who warned of a confrontation with wealthy individuals attempting to influence the ticket.
Gensler's tenure has garnered significant criticism from Wall Street after his aggressive rule-making and enforcement strategies over the past three and a half years. Advocates for financial reform are urging Harris to support her choice of Gensler for chair, arguing that maintaining his position is the best course of action. They view Cuban as an unsuitable candidate.
"I do understand why Harris is empowering Mark Cuban. He's famous and he has an incredibly parallel history of how he came to that fame that mimics Donald Trump in a way that allows him to be a pretty good foil," observed Jeff Hauser, executive director of the Revolving Door Project. However, Hauser also pointed out that Cuban lacks the necessary "credentials," such as experience in law or regulation, to lead the SEC effectively.
"Mark Cuban's palpably not qualified to be a commissioner of the SEC, let alone chair,” he stated.
An SEC spokesperson defended Gensler's leadership, asserting that the agency has "been one of the most productive Commissions on behalf of issuers and investors since the agency was created 90 years ago." They emphasized that the reforms enacted during Gensler's tenure have improved efficiency, competition, and investor protection in U.S. capital markets and that enforcement actions have held wrongdoers accountable while returning billions to harmed investors.
Cuban, now 66, remains focused on criticizing Gensler, a former Goldman Sachs partner.
“I’ve been outspoken about how poorly Gary Gensler is doing his job,” he stated in an email. “He is pushing the crypto industry overseas. He is perfecting regulation through litigation, stifling growth in the capital markets, reducing the number of companies going public and going on what seems like witch hunts for big names.”
Cuban's visibility and substantial net worth of $5.7 billion make him a significant figure for the Harris campaign.
Democrats are eager to bolster the vice president's economic vision, a crucial issue for voters. Cuban has positioned himself as a vital ally from the business sector, part of an eclectic group of executives supporting Harris that spans the political spectrum. Robert Wolf, former UBS Americas Chair and CEO, described Cuban as "one of the most respected business entrepreneurs in the country,” noting that his backing is "a huge positive."
Progressives, however, are unsure about the alignment between Cuban’s demands from a potential Harris administration and her actual plans.
“You don't want people who are engaged and making policy determinations on behalf of the campaign, which they would personally benefit from,” remarked Faiz Shakir, who managed Sen. Bernie Sanders’ 2020 presidential campaign. “I don’t hear anybody [on the campaign] saying, ‘Hey, that’s Mark Cuban’s viewpoint, but that’s not ours.’”
In response, Cuban clarified that he does not dictate policy but offers feedback, which he believes is not always considered by the Harris campaign.
“The one certainty is that [Harris] makes the final call. That is the response I have gotten over and again,” he said. “She has asked for feedback from anyone and everyone. Not just progressives. She has said there would be a Republican in her Cabinet. That’s one of her best qualities. She is not an ideologue.”
Cuban’s engagement with the SEC underscores a contentious history with the regulator. In 2008, the SEC accused him of using insider information to sell shares of Mamma.com Inc. and evade nearly $1 million in losses. He was acquitted after a prolonged legal battle, which he deemed "personal." Following this, his criticisms of the agency intensified.
Shortly after the jury's decision, he voiced his grievances on "The Tonight Show," directly naming an SEC attorney involved in his case. He has condemned the agency as a “joke” and supported efforts to dismantle its in-house courts, which culminated in a Supreme Court ruling affirming the unconstitutionality of these tribunals.
Some inside the SEC have humorously suggested that Cuban as chair would be a nightmare scenario due to his persistent attacks on the agency.
“My concern is he may be proceeding with a kind of bitterness,” said Joel Seligman, an SEC historian and law professor at Washington University in St. Louis.
Cuban indicated he has not held direct discussions about the SEC chair position with Harris, though the topic has arisen in conversations with her team regarding the $2 trillion cryptocurrency market.
Harris might choose to retain Gensler, who is confirmed to remain until 2026. Some Democrats believe keeping him could be the most feasible outcome for her, especially if Republicans gain control of the Senate. Appointing a new chair would require considerable political capital that could be diverted to more prominent positions in her administration.
A spokesperson for the campaign declined to comment.
Tyler Gellasch, a former SEC official and current leader of the Healthy Markets Association, anticipates that Gensler will stay on for a while longer, given his ability to provide ordinary investors a voice after years of favoring Wall Street.
“The SEC’s slogan is ‘We are the investor’s advocate,’” Gellasch remarked. “But it spent three decades forgetting that, and I think a lot of folks would like the SEC to go back to forgetting.”
Regardless, Cuban has contemplated what he would prioritize as SEC chair, advocating for issues that would resonate with numerous executives and even Republicans. These include the decline in the number of publicly traded companies, the SEC's tough stance on cryptocurrencies, and what he perceives as the agency’s trend of "litigating to regulate."
“He’s very business-oriented, he understands crypto, he’s been a huge advocate,” said Kristin Smith, CEO of Blockchain Association, which represents leading crypto firms like Coinbase and Ripple. “We would absolutely welcome Mark Cuban as chair of the SEC, if that’s the way Harris wanted to go.”
Brittany Gibson contributed to this report.
Ian Smith contributed to this report for TROIB News
Cuban, who owns a minority stake in the Dallas Mavericks and appears on "Shark Tank," has been one of Vice President Kamala Harris' most prominent business supporters. He has consistently insisted that Gensler, known for his strict stance on cryptocurrency regulation and frequent legal actions against companies, should be replaced.
“It’s not a job I will chase,” Cuban remarked in a recent interview, stating his willingness to be considered for the role if asked. “But if asked, I would want to be interviewed.”
Having previously beaten insider trading allegations from the SEC over a decade ago, Cuban later downplayed his interest in the SEC chair position, claiming he enjoys "trolling." However, this initial push to secure a role in a potential future administration highlights a challenge Harris will face if she wins the presidency: Will she choose to follow President Joe Biden's approach and appoint progressive regulators aiming to rein in corporate power, or will she seek a compromise with Wall Street to appease investors?
The situation extends beyond the SEC. Cuban's recent suggestion that Harris should replace Federal Trade Commission Chair Lina Khan received criticism from Representative Alexandria Ocasio-Cortez, who warned of a confrontation with wealthy individuals attempting to influence the ticket.
Gensler's tenure has garnered significant criticism from Wall Street after his aggressive rule-making and enforcement strategies over the past three and a half years. Advocates for financial reform are urging Harris to support her choice of Gensler for chair, arguing that maintaining his position is the best course of action. They view Cuban as an unsuitable candidate.
"I do understand why Harris is empowering Mark Cuban. He's famous and he has an incredibly parallel history of how he came to that fame that mimics Donald Trump in a way that allows him to be a pretty good foil," observed Jeff Hauser, executive director of the Revolving Door Project. However, Hauser also pointed out that Cuban lacks the necessary "credentials," such as experience in law or regulation, to lead the SEC effectively.
"Mark Cuban's palpably not qualified to be a commissioner of the SEC, let alone chair,” he stated.
An SEC spokesperson defended Gensler's leadership, asserting that the agency has "been one of the most productive Commissions on behalf of issuers and investors since the agency was created 90 years ago." They emphasized that the reforms enacted during Gensler's tenure have improved efficiency, competition, and investor protection in U.S. capital markets and that enforcement actions have held wrongdoers accountable while returning billions to harmed investors.
Cuban, now 66, remains focused on criticizing Gensler, a former Goldman Sachs partner.
“I’ve been outspoken about how poorly Gary Gensler is doing his job,” he stated in an email. “He is pushing the crypto industry overseas. He is perfecting regulation through litigation, stifling growth in the capital markets, reducing the number of companies going public and going on what seems like witch hunts for big names.”
Cuban's visibility and substantial net worth of $5.7 billion make him a significant figure for the Harris campaign.
Democrats are eager to bolster the vice president's economic vision, a crucial issue for voters. Cuban has positioned himself as a vital ally from the business sector, part of an eclectic group of executives supporting Harris that spans the political spectrum. Robert Wolf, former UBS Americas Chair and CEO, described Cuban as "one of the most respected business entrepreneurs in the country,” noting that his backing is "a huge positive."
Progressives, however, are unsure about the alignment between Cuban’s demands from a potential Harris administration and her actual plans.
“You don't want people who are engaged and making policy determinations on behalf of the campaign, which they would personally benefit from,” remarked Faiz Shakir, who managed Sen. Bernie Sanders’ 2020 presidential campaign. “I don’t hear anybody [on the campaign] saying, ‘Hey, that’s Mark Cuban’s viewpoint, but that’s not ours.’”
In response, Cuban clarified that he does not dictate policy but offers feedback, which he believes is not always considered by the Harris campaign.
“The one certainty is that [Harris] makes the final call. That is the response I have gotten over and again,” he said. “She has asked for feedback from anyone and everyone. Not just progressives. She has said there would be a Republican in her Cabinet. That’s one of her best qualities. She is not an ideologue.”
Cuban’s engagement with the SEC underscores a contentious history with the regulator. In 2008, the SEC accused him of using insider information to sell shares of Mamma.com Inc. and evade nearly $1 million in losses. He was acquitted after a prolonged legal battle, which he deemed "personal." Following this, his criticisms of the agency intensified.
Shortly after the jury's decision, he voiced his grievances on "The Tonight Show," directly naming an SEC attorney involved in his case. He has condemned the agency as a “joke” and supported efforts to dismantle its in-house courts, which culminated in a Supreme Court ruling affirming the unconstitutionality of these tribunals.
Some inside the SEC have humorously suggested that Cuban as chair would be a nightmare scenario due to his persistent attacks on the agency.
“My concern is he may be proceeding with a kind of bitterness,” said Joel Seligman, an SEC historian and law professor at Washington University in St. Louis.
Cuban indicated he has not held direct discussions about the SEC chair position with Harris, though the topic has arisen in conversations with her team regarding the $2 trillion cryptocurrency market.
Harris might choose to retain Gensler, who is confirmed to remain until 2026. Some Democrats believe keeping him could be the most feasible outcome for her, especially if Republicans gain control of the Senate. Appointing a new chair would require considerable political capital that could be diverted to more prominent positions in her administration.
A spokesperson for the campaign declined to comment.
Tyler Gellasch, a former SEC official and current leader of the Healthy Markets Association, anticipates that Gensler will stay on for a while longer, given his ability to provide ordinary investors a voice after years of favoring Wall Street.
“The SEC’s slogan is ‘We are the investor’s advocate,’” Gellasch remarked. “But it spent three decades forgetting that, and I think a lot of folks would like the SEC to go back to forgetting.”
Regardless, Cuban has contemplated what he would prioritize as SEC chair, advocating for issues that would resonate with numerous executives and even Republicans. These include the decline in the number of publicly traded companies, the SEC's tough stance on cryptocurrencies, and what he perceives as the agency’s trend of "litigating to regulate."
“He’s very business-oriented, he understands crypto, he’s been a huge advocate,” said Kristin Smith, CEO of Blockchain Association, which represents leading crypto firms like Coinbase and Ripple. “We would absolutely welcome Mark Cuban as chair of the SEC, if that’s the way Harris wanted to go.”
Brittany Gibson contributed to this report.
Ian Smith contributed to this report for TROIB News
