Mark Cuban Dismisses Dogecoin Founder's Concerns: Kamala Harris Is 'Night And Day Away From Biden And Far Ahead Of Trump' On Crypto Understanding

Benzinga · 10/15 11:49

A recent exchange on X between entrepreneur Mark Cuban and a crypto enthusiast has shed light on Vice President Kamala Harris’s evolving stance on cryptocurrency, particularly Bitcoin (CRYPTO: BTC), in light of the November election.

What Happened: Cuban, responding to a suggestion that Harris should transfer the U.S. government’s 200,000 bitcoin to the treasury, provided insights into his discussions with Harris’s team about crypto policy.

He pointed out that the treasury is legally obligated to dispose of confiscated assets, including the 69,000 Bitcoin currently in its possession, in a manner that benefits taxpayers.

“I was pushing for all confiscations in crypto to be held and not sold,” Cuban revealed, adding that he advised the team about the potential market impact of selling large amounts of Bitcoin quickly. He noted that the treasury “can’t sell in a way that will move the market” due to legal constraints.

Cuban highlighted Harris’s recent statements about protecting digital asset holders, suggesting a significant shift in her understanding of the crypto ecosystem. “If you saw what she said today about protecting people who hold digital assets, it’s really clear they now get it. And it’s not just about btc and favoring the maxis,” he wrote.

Benzinga Future of Digital Assets conference

Also Read: Mark Cuban To Replace Gary Gensler Under Harris Administration? ‘If Asked, I Would Want to Be Interviewed,’ Former Mavs Owner Says

Importantly, Cuban emphasized Harris’s recognition of the “app economy” and its relevance to younger generations. “She understands completely, and it really resonates with her that there are a lot of people who are in the ‘app economy’. They don’t open bank accounts. They use apps like Robinhood and Coinbase etc, and it’s easier to understand how to buy crypto,” Cuban explained.

He further noted that Harris is aware that many Gen Z individuals, particularly men, have a significant portion of their net worth in crypto. According to Cuban, Harris has pledged to “do what she can to protect them as consumers and as owners.”

Dogecoin co-creator Billy Markus popularly known as Shibetoshi Nakamoto also responded to his tag on the Cuban post. He believes that cryptocurrency is beyond the understanding of many lawmakers and it "messes with the existing laws."

Why It Matters: Cuban’s defense of Harris’s cryptocurrency knowledge comes amid her unveiling of a new regulatory framework aimed at supporting digital assets. As part of her “Opportunity Agenda for Black Men,” Harris’s proposal acknowledges the growing importance of cryptocurrencies among Black Americans, with over 20% reportedly owning or having owned crypto assets, according to her team.

In another statement, Cuban defended Harris and emphasized her genuine approach compared to other political figures. He noted, “She doesn’t know everything. Unlike your guy [Trump], she doesn’t pretend. She understands the connection cryptocurrency has to young people.”

What’s Next: The Benzinga Future of Digital Assets event on Nov. 19. will explore the question of digital asset regulations and the influence of Bitcoin as an institutional asset class.

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