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Cuban spotlights SEC's crypto policy as a potential risk to Biden's reelection bid.
Billionaire entrepreneur Mark Cuban has openly criticized Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), suggesting his actions could jeopardize President Joe Biden’s chances in the upcoming election.
Speaking at Coinbase’s State of Crypto Summit 2024, Cuban highlighted the potential political fallout from the SEC’s stance on crypto, which he believes could alienate young voters who own crypto. Cuban’s comments were first reported by FOX Business journalist Eleanor Terrett.
🚨NEW: @mcuban says @GaryGensler could “literally cost @JoeBiden the election” because of all the young voters that own crypto.
“If he has a political career in mind, he’s done,” Cuban says of Gensler. https://t.co/zNtsI2QyZB
— Eleanor Terrett (@EleanorTerrett) June 13, 2024
In a separate post from Terrett, Cuban reportedly also addressed the challenges US crypto companies face due to the SEC’s registration process, labeling it “a uniquely American Gary Gensler problem.”
It was not the first time the billionaire discussed crypto’s influence on US elections. Cuban said last week that Biden must choose between Gensler or crypto voters or he could lose the White House.
Do you really think he understands anything about crypto? Beyond saying he made money selling NFTs?
Neither of them does.
And I have said many times that Biden has to choose between Gensler or crypto voters or it could cost him the Whitehouse
— Mark Cuban (@mcuban) June 9, 2024
President Biden is reportedly considering crypto donations for his campaign, potentially through Coinbase Commerce. This is considered part of Biden’s effort to gain support from crypto-focused voters, especially after the White House vetoed a resolution aimed at overturning the SEC’s Staff Accounting Bulletin No. 121 (SAB 121).
In contrast, former President Donald Trump has actively shown his support for crypto.
Trump has pledged to end hostility toward crypto and promote a supportive environment for businesses in the US. In addition, he has accepted crypto donations and vowed to make the US a leader in the industry.
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