‘Shark Tank’: Mark Cuban Confronts the SEC’s Gensler
With a straightforward demeanor and a face familiar to audiences nationwide — 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 spent the last fifteen years criticizing the Securities and Exchange Commission whenever the opportunity arises.
Now, with the presidential election approaching, the billionaire entrepreneur is actively pushing to remove the head of the Wall Street regulator, even briefly expressing interest in stepping into that role himself.
The minority owner of the Dallas Mavericks and prominent "Shark Tank" judge—who is also one of Vice President Kamala Harris' most visible business supporters—has consistently called for the ousting of the agency’s assertive chair, Gary Gensler. Cuban has cited Gensler’s stringent measures against cryptocurrencies and his predilection for bringing lawsuits against companies as reasons for his dismissal.
“It’s not a job I will chase,” Cuban told PMG recently, despite his significant investments in various crypto ventures. “But if asked, I would want to be interviewed.”
Cuban, who successfully contested insider-trading allegations brought against him by the SEC over a decade ago, has since toned down his aspirations for the SEC chairmanship, claiming his remarks were just meant to “troll.” Nonetheless, his earlier positioning to lobby for a position within the administration hints at a broader challenge Harris may face if elected: Should she align with President Joe Biden’s strategy of appointing progressive regulators aimed at limiting the influence of major corporations, or will she foster a more conciliatory relationship with Wall Street to calm investor fears?
The conflict is not limited to the SEC alone. Cuban has also urged Harris to replace Federal Trade Commission Chair Lina Khan, prompting a response from Rep. Alexandria Ocasio-Cortez, who warned of an impending "out-and-out brawl" with billionaires attempting to gain favor with the ticket.
The tension is particularly palpable at the SEC, where Gensler's tenure has incited frustration among Wall Street firms due to his rigorous regulations and enforcement efforts over the past three and a half years. Advocates for financial reform are urging Harris to firmly support her selection for the chair, with some asserting that retaining Gensler might be the most advantageous path forward, especially considering Cuban's relatively minimal influence.
"I do understand why Harris is empowering Mark Cuban," said Jeff Hauser, executive director of the Revolving Door Project. "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."
However, Hauser criticized Cuban’s qualifications, asserting he lacks the necessary experience in law or regulation. He emphasized that Gensler's extensive background at the confluence of law and securities lends him insights not derived from either "Shark Tank" or the NBA salary cap.
"Mark Cuban's palpably not qualified to be a commissioner of the SEC, let alone chair," Hauser stated.
An SEC spokesperson defended the agency’s accomplishments under Gensler, stating that it "has been one of the most productive Commissions on behalf of issuers and investors since the agency was created 90 years ago." They highlighted that the reforms initiated in the past three and a half years promote efficiency, competition, and investor protection in U.S. capital markets and that enforcement actions have held wrongdoers accountable and returned billions to cheated investors.
Cuban, 66, remains undeterred in his pursuit of Gensler.
“I’ve been outspoken about how poorly Gary Gensler is doing his job,” he wrote 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 prominence and a personal fortune estimated at $5.7 billion make him a potent ally for the Harris campaign, especially as Democrats seek to reinforce her economic vision, a critical voter issue.
Cuban has emerged as a significant voice from the business sector, part of an unusual collective of executives supporting Harris across the political spectrum. Former UBS Americas Chair and CEO Robert Wolf referred to him as "one of the most respected business entrepreneurs in the country,” further noting that Cuban’s endorsement of Harris is "a huge positive."
However, progressives are uncertain about the balance between Cuban’s expectations and Harris's plans for her administration.
“You don't want people who are engaged and making policy determinations on behalf of the campaign, which they would personally benefit from. I think that’s the danger of him being out there, being so aggressive and really empowered,” 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 to concerns about his influence, Cuban emphasized that he does not dictate policy—he merely offers his views, many of which he feels the Harris campaign ignores.
“The one certainty is that [Harris] makes the final call. That is the response I have gotten over and again,” Cuban added. “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 scrutiny of the SEC highlights his fraught history with the agency. In 2008, the SEC accused him of using insider information to sell shares of a company called Mamma.com Inc. and avoid nearly $1 million in losses. After a costly legal struggle, a jury ultimately acquitted him, which Cuban described as having been “personal.” His critiques of the SEC have intensified since then.
Following the verdict, he famously utilized "The Tonight Show" to publicly name one of the SEC attorneys involved in his case, a rare moment of public scrutiny for the regulator. Over the years, he has labeled the agency a “joke” and supported efforts to dismantle its in-house court systems, a campaign that culminated in a Supreme Court decision affirming the unconstitutionality of those tribunals.
Within the SEC, some officials have joked about Cuban as a “nightmare scenario,” given his persistent attacks.
“My concern is he may be proceeding with a kind of bitterness,” remarked Joel Seligman, an SEC historian and law professor at Washington University in St. Louis.
It remains unclear how the Harris campaign views Cuban's overtures. Cuban stated that he has not directly communicated with Harris about a potential SEC chair position. His discussions with Harris's team have mostly involved the SEC’s approach to the $2 trillion crypto market.
Moreover, Harris may decide to retain Gensler.
Gensler is already confirmed for a term extending into 2026. Some Democrats within financial regulatory spheres suggest that keeping him could be the most likely outcome for Harris, especially if Republicans regain control of the Senate. Appointing a new chair would demand significant political capital that might be better allocated toward other high-profile or unfilled roles in her administration.
A campaign spokesperson declined to provide any comments.
Tyler Gellasch, a former SEC official and current leader of the Healthy Markets Association, anticipates that Gensler will likely remain in his position for some time. He noted that Gensler has managed to provide ordinary investors with a voice after years of being sidelined in favor of Wall Street elites.
“The SEC’s slogan is ‘We are the investor’s advocate,’” Gellasch commented. “But it spent three decades forgetting that, and I think a lot of folks would like the SEC to go back to forgetting.”
Cuban has also considered what his priorities would be as SEC chair. His main concerns resonate with executives across the nation, including Republicans. These issues encompass the declining number of publicly traded companies, the SEC's stringent approach towards the crypto industry, and what he perceives as the agency's tendency to “litigate to regulate.”
“He’s very business-oriented, he understands crypto, he’s been a huge advocate,” said Kristin Smith, CEO of the 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.
Rohan Mehta contributed to this report for TROIB News
Now, with the presidential election approaching, the billionaire entrepreneur is actively pushing to remove the head of the Wall Street regulator, even briefly expressing interest in stepping into that role himself.
The minority owner of the Dallas Mavericks and prominent "Shark Tank" judge—who is also one of Vice President Kamala Harris' most visible business supporters—has consistently called for the ousting of the agency’s assertive chair, Gary Gensler. Cuban has cited Gensler’s stringent measures against cryptocurrencies and his predilection for bringing lawsuits against companies as reasons for his dismissal.
“It’s not a job I will chase,” Cuban told PMG recently, despite his significant investments in various crypto ventures. “But if asked, I would want to be interviewed.”
Cuban, who successfully contested insider-trading allegations brought against him by the SEC over a decade ago, has since toned down his aspirations for the SEC chairmanship, claiming his remarks were just meant to “troll.” Nonetheless, his earlier positioning to lobby for a position within the administration hints at a broader challenge Harris may face if elected: Should she align with President Joe Biden’s strategy of appointing progressive regulators aimed at limiting the influence of major corporations, or will she foster a more conciliatory relationship with Wall Street to calm investor fears?
The conflict is not limited to the SEC alone. Cuban has also urged Harris to replace Federal Trade Commission Chair Lina Khan, prompting a response from Rep. Alexandria Ocasio-Cortez, who warned of an impending "out-and-out brawl" with billionaires attempting to gain favor with the ticket.
The tension is particularly palpable at the SEC, where Gensler's tenure has incited frustration among Wall Street firms due to his rigorous regulations and enforcement efforts over the past three and a half years. Advocates for financial reform are urging Harris to firmly support her selection for the chair, with some asserting that retaining Gensler might be the most advantageous path forward, especially considering Cuban's relatively minimal influence.
"I do understand why Harris is empowering Mark Cuban," said Jeff Hauser, executive director of the Revolving Door Project. "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."
However, Hauser criticized Cuban’s qualifications, asserting he lacks the necessary experience in law or regulation. He emphasized that Gensler's extensive background at the confluence of law and securities lends him insights not derived from either "Shark Tank" or the NBA salary cap.
"Mark Cuban's palpably not qualified to be a commissioner of the SEC, let alone chair," Hauser stated.
An SEC spokesperson defended the agency’s accomplishments under Gensler, stating that it "has been one of the most productive Commissions on behalf of issuers and investors since the agency was created 90 years ago." They highlighted that the reforms initiated in the past three and a half years promote efficiency, competition, and investor protection in U.S. capital markets and that enforcement actions have held wrongdoers accountable and returned billions to cheated investors.
Cuban, 66, remains undeterred in his pursuit of Gensler.
“I’ve been outspoken about how poorly Gary Gensler is doing his job,” he wrote 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 prominence and a personal fortune estimated at $5.7 billion make him a potent ally for the Harris campaign, especially as Democrats seek to reinforce her economic vision, a critical voter issue.
Cuban has emerged as a significant voice from the business sector, part of an unusual collective of executives supporting Harris across the political spectrum. Former UBS Americas Chair and CEO Robert Wolf referred to him as "one of the most respected business entrepreneurs in the country,” further noting that Cuban’s endorsement of Harris is "a huge positive."
However, progressives are uncertain about the balance between Cuban’s expectations and Harris's plans for her administration.
“You don't want people who are engaged and making policy determinations on behalf of the campaign, which they would personally benefit from. I think that’s the danger of him being out there, being so aggressive and really empowered,” 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 to concerns about his influence, Cuban emphasized that he does not dictate policy—he merely offers his views, many of which he feels the Harris campaign ignores.
“The one certainty is that [Harris] makes the final call. That is the response I have gotten over and again,” Cuban added. “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 scrutiny of the SEC highlights his fraught history with the agency. In 2008, the SEC accused him of using insider information to sell shares of a company called Mamma.com Inc. and avoid nearly $1 million in losses. After a costly legal struggle, a jury ultimately acquitted him, which Cuban described as having been “personal.” His critiques of the SEC have intensified since then.
Following the verdict, he famously utilized "The Tonight Show" to publicly name one of the SEC attorneys involved in his case, a rare moment of public scrutiny for the regulator. Over the years, he has labeled the agency a “joke” and supported efforts to dismantle its in-house court systems, a campaign that culminated in a Supreme Court decision affirming the unconstitutionality of those tribunals.
Within the SEC, some officials have joked about Cuban as a “nightmare scenario,” given his persistent attacks.
“My concern is he may be proceeding with a kind of bitterness,” remarked Joel Seligman, an SEC historian and law professor at Washington University in St. Louis.
It remains unclear how the Harris campaign views Cuban's overtures. Cuban stated that he has not directly communicated with Harris about a potential SEC chair position. His discussions with Harris's team have mostly involved the SEC’s approach to the $2 trillion crypto market.
Moreover, Harris may decide to retain Gensler.
Gensler is already confirmed for a term extending into 2026. Some Democrats within financial regulatory spheres suggest that keeping him could be the most likely outcome for Harris, especially if Republicans regain control of the Senate. Appointing a new chair would demand significant political capital that might be better allocated toward other high-profile or unfilled roles in her administration.
A campaign spokesperson declined to provide any comments.
Tyler Gellasch, a former SEC official and current leader of the Healthy Markets Association, anticipates that Gensler will likely remain in his position for some time. He noted that Gensler has managed to provide ordinary investors with a voice after years of being sidelined in favor of Wall Street elites.
“The SEC’s slogan is ‘We are the investor’s advocate,’” Gellasch commented. “But it spent three decades forgetting that, and I think a lot of folks would like the SEC to go back to forgetting.”
Cuban has also considered what his priorities would be as SEC chair. His main concerns resonate with executives across the nation, including Republicans. These issues encompass the declining number of publicly traded companies, the SEC's stringent approach towards the crypto industry, and what he perceives as the agency's tendency to “litigate to regulate.”
“He’s very business-oriented, he understands crypto, he’s been a huge advocate,” said Kristin Smith, CEO of the 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.
Rohan Mehta contributed to this report for TROIB News
