Mark Cuban questions Polymarket election odds

Here’s why he calls it meaningless

Author

Daniel Akpobare
October 23, 2024

GM Explorer,

Support for former President Donald Trump has surged on Polymarket election odds so much that Mark Cuban has expressed skepticism about its credibility.

Here’s what we got for you today:

  • 🤔 Mark Cuban questions Polymarket election odds!

  • 🧑‍💼 The Road Ahead for SEC Chair Gary Gensler!

  • 🧱 Around The Block: Solana TVL reaches new peak since early 2022.

🤔 Mark Cuban Questions Polymarket Election Odds!

Have you heard about the wild betting frenzy happening on Polymarket?

If those numbers were to determine the outcome of the upcoming US elections, Trump would undoubtedly be unbeatable!

But not everyone is convinced.

Mark Cuban (the billionaire investor) has raised some eyebrows over the whole betting situation, especially with Trump’s rising numbers—which, honestly, isn’t surprising at all.

In a recent chat with CNBC, Cuban expressed his skepticism about the platform’s credibility.

He even highlighted that much of the betting activity likely originates from foreign sources, as U.S. citizens technically can't legally participate.

But guess what? Cuban has an indirect stake in Polymarket through a crypto fund.

So, his doubts kind of feel like owning a pizza place but not being sure if the pizza’s any good. It makes you wonder what he’s thinking, right?

As the 2024 presidential election approaches, Trump’s odds have soared past 61% on Polymarket, while Kamala Harris (Cuban’s favorite) is trailing behind.

You can almost hear Cuban wondering, “Is this really how we’re gauging political prospects now?”

Adding more spice is the fact that Cuban hasn't exactly been thrilled with the SEC’s current leadership, especially when it comes to their strict crypto regulations.

In fact, he’s hinted at taking on the role of SEC Chair himself, so all those Polymarket betting odds aren't exactly helping his ambitions.

For years, Cuban has been vocal about the SEC stifling business growth, claiming the regulations are making it harder for companies to go public.

He’s particularly annoyed by the drop in the number of public companies, which is a headache for innovators.

Overall, he believes it's time for a more supportive regulatory environment and, most importantly, a leadership change.

But here's the big question: Would the crypto community want Cuban shaking things up as SEC Chair with his signature entrepreneurial style?

It’s intriguing to imagine what an SEC led by Cuban would look like, but ultimately, it all boils down to who will be in the Oval Office after the 2024 elections.

So, buckle up, folks, because anything and everything is possible from here on out!

🧑‍💼 The Road Ahead for SEC Chair Gary Gensler!

Gary Gensler’s time as chair of the SEC has been rocky for the crypto industry.

His tough stance that current securities laws are sufficient to regulate digital assets, leaving no need for new rules, has resulted in a crackdown on crypto businesses.

But change is coming.

Gensler's five-year SEC term is set to end on Jan. 5, 2026, but with the approaching 2024 election, his future at the SEC is up in the air. 

While it has become a tradition for a chair to step down if the opposing party takes the White House, it's not a hard and fast rule.

And if even a chair decides to step down, it doesn't happen immediately. At the latest, it happens when the new president takes office two months after Election Day.

Who knows if Gensler will decide to perhaps be the first chair not to resign?🤷‍♀️

In a recent interview, Gensler slyly avoided commenting on whether he'd resign if Trump won, saying he wouldn't comment on the elections.

But he did add that "Elections have consequences."

So, what happens to Gensler after the presidential election next month?

If Donald Trump wins, he will likely fire Gensler if he follows through on what he told attendees at a Bitcoin conference.

But get this:

Jaret Seiberg, a financial policy analyst with TD Cowen, suggests that Gensler could stay on the commission even if he vacates the top job.

On the other hand, if Vice President Kamala Harris emerges victorious, the urgency to replace Gensler might be less pressing.

However, her cautious support for the growth of digital assets and new regulations suggest a different path from Gensler.

Regardless of the outcome, the "age of Gary Gensler" is drawing to a close.

And the big question now is: Will the next SEC chair strike a friendlier balance, or will the legal battles continue?

🧱 Around The Block

That's all we've got for you today.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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