Cuban: FTX collapse could have been avoided if SEC chairman wasn't Gary Gensler

Odaily News Mavericks owner Mark Cuban said he told presidential candidate Kamala Harris's cryptocurrency adviser over lunch that the collapse of FTX could have been avoided if the SEC chairman was not Gary Gensler. Mark Cuban pointed to Japan's regulatory framework for cryptocurrency businesses, which requires crypto companies to post collateral for digital assets held by customers, as a model for preventing the crisis that shook the industry in 2022. Cuban believes that if SEC Chairman Gensler had acted like Japan, companies like FTX and Three Arrows Capital would not have collapsed. He criticized the SEC's reliance on litigation enforcement rather than implementing active regulation for the crypto industry.