Billionaire Mark Cuban explains why the current administration cannot hold Bitcoin, arguing that Harris is ahead of Trump in terms of understanding the crypto industry.
Mark Cuban addressed the U.S. government’s Bitcoin holdings in response to comments by Dogecoin co-creator Billy Markus. Markus particularly commented on lawmakers’ lack of understanding of cryptocurrency.
Cuban, a businessman and vocal supporter of cryptocurrency stressed how Harris’ approach differs from Trump’s stance.
The businessman notes that in about 100 days, Kamala Harris will have shown progress, distancing herself from Biden and surpassing Trump, who “intends to push tokens.”
They are not the issue here. The way her team explained it (I was pushing for all confiscations in crypto to be held and not sold ), is that the treasury has an obligation to dispose of anything they take possession of , like the 69k btc, in a manner that most benefits… https://t.co/t4m3c4NN23
— Mark Cuban (@mcuban) October 14, 2024
Cuban pointed to the World Liberty Financial project, which plans to launch its native token, WLFI, soon. This governance token will allow users to vote on the platform’s future development but differs from most crypto assets as it will be non-transferable and non-yielding.
As per our recent report, the World Liberty Financial project has already received over 100,000 whitelist signups, and the founder of Paxos has joined the coin team.
Trump's backed World Liberty Financial claims over 100,000 whitelist signups as World Liberty Financial hosted a live stream on X Monday morning to discuss the DeFi protocol ahead of its token launch on Tuesday. Paxos co-founder Rich Teo has joined the team as its stablecoin and…
— TheCryptoBasic (@thecryptobasic) October 14, 2024
Additionally, Cuban had earlier highlighted a law that prevented the U.S. government from transferring 200,000 Bitcoins currently held by the treasury. He expressed concerns about how the government plans to handle this substantial holding.
While he advocated for holding onto the confiscated Bitcoin, he explained that the law requires the treasury to dispose of assets it takes possession of in ways that benefit taxpayers.
Cuban’s Interaction with Harris’ Team
Cuban revealed that he had been in discussions with Harris’ team about this issue. He shared that the team explained their legal obligation to avoid selling Bitcoin in a way that would disrupt the market.
Cuban, concerned about the potential impact of such a sale on Bitcoin prices, was assured that the treasury has safeguards in place to prevent market disruptions. He noted that Harris’ team emphasized that any sale would avoid negatively affecting Bitcoin’s value.
Cuban also stressed the importance of protecting digital asset holders, especially younger generations, who increasingly use apps like Robinhood and Coinbase for financial transactions. He explained that many Gen Z individuals, particularly men, have a significant portion of their wealth tied up in cryptocurrencies.
According to Cuban, Harris’ team appeared to understand the significance of this demographic and their need to protect consumers and investors in the rapidly growing crypto economy.
Harris Campaign Receives XRP Donation
In a related development, Kamala Harris’ campaign recently received a substantial donation of over 1 million XRP tokens. According to newly disclosed filings, Chris Larsen, co-founder and chairman of Ripple, contributed these XRP tokens to support Harris’ election efforts.
The tokens, valued at $1 million, were donated to the Future Forward USA super PAC.
While the donation occurred in August, details only emerged recently. Importantly, the XRP tokens have not been liquidated but were kept in their original form at the time of the contribution.
This donation has triggered attention within the cryptocurrency community, particularly given the administration’s past criticism from crypto holders, notably XRP investors.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
