In a recent social media post, billionaire Mark Cuban shared his thoughts on former 2024 Republican presidential candidate Donald Trump’s interest in crypto. According to Cuban, the digital asset market is expected to have a significant impact on the upcoming 2024 election.
“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC,” stated Cuban on the social media platform X. “Crypto is a mainstay with younger and independent voters.”
Mark Cuban warns Joe Biden on crypto and the 2024 political frame
In a recent statement, the American businessman and television personality suggested that if Joe Biden were to lose the presidential election, Gary Gensler and the SEC (Securities and Exchange Commission) might deserve some credit.
“Crypto is a mainstay with younger and independent voters,” he stated, expressing his concern that SEC Chair Gensler has not taken sufficient measures to safeguard investors from fraudulent activities.
The entrepreneur expressed their strong opinion, stating that the actions of the SEC have severely hindered the ability of crypto companies to function in the United States. They believe that this has resulted in the closure of several companies and the detriment of countless entrepreneurs.
On the other hand, the Biden administration has made it clear that they will oppose any attempts to reverse the SEC’s Staff Accounting Bulletin 121 (SAB 121), which has been met with disapproval by many in the industry. On the other hand, the Biden administration argued that reversing the decision would hinder the SEC’s ability to protect investors in the digital assets market.
These actions have caused dissatisfaction among digital assets stakeholders who view them as potentially harmful to Biden’s chances of being reelected.
Imagine risking losing control of the most powerful nation in human history [because you allowed] a rogue regulator try to outlaw ‘internet money,’ which 40% of the adults in your country already owns. And the regulator is going to lose in court anyway.
Uniswap creator Hayden Adams wrote.
Crypto makes it to the ballot paper
According to the business man, if Biden fails to secure another term as president, there could be potential consequences for the U.S. Securities and Exchange Commission and its Chair, Gary Gensler, who is known for his strong opposition to cryptocurrencies. He emphasized the importance of crypto voters making their voices heard in the upcoming election.
“This is also a warning to Congress,” Cuban continued. “Crypto voters will be heard this election. You could solve this problem for Biden by passing legislation that defines registration that is specific to the crypto industry just as other industries have registration that is defined for them. Or you could do the better option and assign all crypto to be regulated by the CFTC.”
According to a poll carried out in January 2024, the majority of voters in the crypto community expressed a preference for Trump as the U.S. president, with a significant percentage also favoring Biden.
On the other hand, a significant portion of the population, 46%, expressed their preference for Democrats in the Senate and House, while 42% indicated their inclination towards Republicans in Congress. A small portion of these voters remained undecided.
It has been reported that President Trump has expressed his willingness to accept donations in digital assets for his presidential campaign. In addition, memecoins inspired by former President Trump and current President Joe Biden experienced significant rallies on May 9, with gains of 44% and 22% respectively.
