Who Won the U.S. Presidential Debate?

Mark Cuban, the billionaire entrepreneur and star of ‘Shark Tank,' recently appeared on ‘The Daily Show' with Jon Stewart to discuss his latest venture, Cost Plus Drugs. But the conversation quickly veered into cryptocurrency and Donald Trump.

The outspoken Cuban didn't hold back. When Stewart mentioned Trump's recent promise to establish a “strategic national bitcoin stockpile,” 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 who makes him listen to them.”

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

“Supporting crypto isn't about making the rich even richer,” Cuban explained at a recent virtual town hall event, Crypto4Harris, a fundraiser for the Democratic presidential nominee, 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 debates, especially in Washington. Despite its volatility, many investors remain hopeful about its potential. But regulation – or the lack of it – has been a sore spot.

While some states have passed their own laws, the federal government has lagged behind, leaving many investors in limbo. Cuban believes that keeping crypto decentralized is crucial, though he supports some regulations to protect regular investors.

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

Cuban wasn't alone in pushing for more clarity in the crypto space. He introduced Sen. Chuck Schumer at the town hall, who hinted at a possible breakthrough in Congress. According to Schumer, bipartisan legislation on cryptocurrency could pass by the end of the year. However, he didn't specify which bills might be on the table. Investors, as always, are left waiting to see what happens next.

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But while the political buzz around cryptocurrency grows louder, so do the warnings. Earlier this year, SEC Chair Gary Gensler raised an alarm, urging investors to be cautious. "Bitcoin and other crypto products come with many risks," Gensler said. His comments echoed what many financial experts have said 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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