Mark Cuban Criticizes Trump’s Crypto Plans, While Jon Stewart Calls Him ‘The Left’s Favorite Billionaire’ — What Investors Need to Know

Billionaire entrepreneur and star of “Shark Tank” Mark Cuban recently appeared on “The Daily Show” with Jon Stewart to discuss his latest venture, Cost Plus Drugs. But the conversation quickly turned to cryptocurrency and Donald Trump.

The outspoken Cuban didn’t hold back. When Stewart mentioned Trump’s recent promise to create a “strategic national bitcoin reserve,” Cuban responded. “What’s happening in Silicon Valley is insane,” he said. “They want Trump to be the CEO of America, and they want to be the board of directors that makes him listen to them.”

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Trump made the statement at a crypto convention in Nashville, telling the crowd that if elected, he would make it U.S. policy to hold on to all bitcoin the government currently owns or could acquire. Cuban wasn’t convinced. Instead, he pointed out that Trump’s stance on cryptocurrency could backfire in the long run.

“Supporting crypto is not about making the rich richer,” Cuban explained during a recent virtual town hall event, Crypto4Harris, a fundraiser for Democratic presidential candidate Vice President Kamala Harris. “It’s about egalitarianism. It’s about creating a financial system that works for everyone, not just the elite.”

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Cryptocurrency, which has been around for about 15 years, continues to stir up debate, especially in Washington. Despite its volatility, many investors remain hopeful about its potential. But regulation—or the lack thereof—is a sore spot.

While some states have passed their own laws, the federal government has lagged behind, leaving many investors in the dark. Cuban believes it’s crucial to keep crypto decentralized, though he does support some regulations to protect ordinary investors.

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Then Stewart jumped in, calling Cuban “the left’s favorite billionaire,” a title Cuban didn’t seem to mind. After all, he’s publicly supported Kamala Harris and advocated for preserving the decentralized nature of crypto. “We can regulate it without turning it into a tool for a few,” Cuban said, voicing support for more oversight, but only if it’s designed to level the playing field.

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Cuban wasn’t the only one pushing for more clarity in the crypto space. He introduced Senator Chuck Schumer to the town hall, who hinted at a potential breakthrough in Congress. According to Schumer, bipartisan legislation on cryptocurrency could be passed by the end of the year. He didn’t specify what bills might be on the table, however. Investors, as always, are waiting to see what happens next.

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But as the political buzz around cryptocurrency grows louder, so do the warnings. Earlier this year, SEC Chairman Gary Gensler sounded the alarm, urging investors to exercise caution. “Bitcoin and other crypto products come with a lot of risks,” Gensler said. His comments echoed what many financial experts have been saying for years: Cryptocurrency is still a gamble.

Still, Cuban isn’t losing hope. He sees a future where cryptocurrency can coexist with traditional finance, as long as it stays true to its decentralized roots. “Crypto should belong to everyone,” he said. “Not just a handful of people trying to play the market.”

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This article Mark Cuban Criticizes Trump’s Crypto Plans as Jon Stewart Calls Him ‘The Left’s Favorite Billionaire’ – What Investors Need to Know originally appeared on Benzinga.com

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