Venture Capitalist Criticizes Gary Gensler as ‘Worst Crypto Regulator Ever,’ Sees Election Race as Favorable for Crypto Investors

Bradley Tusk, CEO of Tusk Ventures, has taken a strong stance against U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler and his handling of cryptocurrency regulations.

What Happened: In a CNBC interview, Tusk voiced his dissatisfaction with Gensler’s approach to crypto regulations. He pointed to the issue of lack of clarity regarding what is considered legal in the crypto space, arguing that this ambiguity hinders innovation. He has gone as far as to label Gensler as the “worst regulator in crypto history.”

Tusk also touched on the ongoing disagreement between the Commodity Futures Trading Commission (CFTC) and the SEC over crypto regulation. He, along with many others in the industry, favors the CFTC’s approach of treating crypto as a commodity.

The venture capitalist predicts a change in SEC leadership could provide the industry with a much-needed boost. With candidates actively courting the support of the crypto community, Tusk believes that the election outcome will be beneficial for crypto investors, regardless of who wins.

Tusk Ventures holds significant stakes in major crypto companies such as Coinbase, Circle and FanDuel.

Also Read: Anthony Scaramucci Calls Donald Trump’s Crypto Project ‘A Money Scam’ That Should Be Avoided ‘At All Costs’

Why It Matters: Tusk’s criticism of Gensler’s approach to crypto regulation is not an isolated sentiment. Billionaire entrepreneur Mark Cuban has also expressed his dissatisfaction with Gensler’s regulatory approach, stating that it is pushing the crypto industry overseas and stifling growth in the capital markets.

Cuban even suggested that he would be open to replacing Gensler as SEC Chair under a potential Harris administration. Gensler, on the other hand, has expressed doubts about the future of cryptocurrencies and their potential to become widely accepted forms of payment.

What’s Next: The fallout of the election for the crypto industry will take center stage at Benzinga’s Future of Digital Assets event on Nov. 19.