Mark Cuban dismisses the election prospects in the polymarket as meaningless: “Most of the money comes from abroad”

Billionaire, investor and entrepreneur Mark Cuban expressed skepticism about the meaning of Polymarketwhich has shown growing support for the former president, has high electoral prospects Donald Trump.

What happened: In an interview with CNBCCuban explained that he doesn’t think Polymarket’s odds indicate anything meaningful, pointing to the influence of foreign money and questionable legality for U.S. participants.

“I’m an indirect investor in Polymarket through a fund that I’m involved in, a crypto fund that I’m involved in,” Cuban revealed, but quickly added, “I don’t think that’s an indication of anything .”

He emphasized that much of the money flowing into Polymarket likely comes from foreign sources and US citizens are not technically allowed to bet on the platform.

“Everything indicates that most of the money flowing into Polymarket is foreign money, so I don’t think that’s an indication of anything,” he said.

Cuban’s comments come as prediction markets such as Polymarket are seeing an increase in betting in favor of Trump in the upcoming US elections.

As the 2024 US presidential election approaches, Trump continues to lead the vice president Kamala Harris in Polymarket betting and steadily increased his favorite status to over 61% at the time of writing.

Also Read: Bitcoin Will Hit $250,000, Says Raoul Pal: Why Guru’s Top 5 Crypto Predictions Matter If “You’re a Wage Slave”

Why it matters: Cuban’s comments on Polymarket come amid his recent expressions of interest in becoming the next chairman of the U.S. Securities and Exchange Commission.

In an interview with Fox NewsCuban expressed dissatisfaction with the agency’s current leadership, taking particular aim at its handling of cryptocurrencies and regulatory oversight.

“Head of the SEC. That’s the job I would take,” Cuban said as he criticized the current SEC chairman Gary Gensler‘s approach, which he described as “terrible.”

Cuban believes the SEC’s policies are slowing business growth, particularly in the emerging crypto sector, which he says has the potential to drive significant economic innovation.

“We have seen the number of publicly traded companies simply decimated,” Cuban said, citing what he said was an over-regulated environment that prevented companies from going public.

He has also expressed concerns that the SEC’s actions are hindering financial technologies such as blockchain and digital assets, and believes more effective oversight is needed to support growth in these sectors.

What’s next: The upcoming Benzinga Future of Digital Assets event on November 19th will examine how political outcomes could shape the future of the cryptocurrency market.

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