Billionaire and cryptocurrency advocate Mark Cuban has said that Gary Gensler and his actions as the head of the United States Securities and Exchange Commission could wreck President Joe Biden’s bid for reelection.
Cuban also stated that Gensler’s political aspirations would be worthless due to his rigid stance against cryptocurrencies.
Gensler Could Cost Biden Reelection
Cuban made the comments while speaking at Coinbase’s State of Crypto Summit 2024 about the political fallout of the United States Securities and Exchange’s hard stance on crypto. Cuban believes the SEC’s stance could alienate young voters and adversely impact Biden’s bid for reelection. The billionaire’s comments were first reported by 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 also discussed the challenges faced by crypto companies primarily due to the SEC’s registration process, which he called a “uniquely American Gary Gensler problem.”
“@mcuban tells attendees at @coinbase’s State of Crypto event that he’s telling senators, governors, and representatives that the problem for American #crypto companies is the @SECGov registration process. Cuban calls this “a uniquely American @GaryGensler Problem.”
Biden Must Choose Between Gensler And Crypto Voters
This is not the first time Cuban has talked about crypto and its influence on the US elections. Last week, Cuban stated that Biden must choose between Gensler and US voters who back crypto, or else he stands to lose the White House. Cuban had stated at the time,
“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.”
Contrasting Stances On Crypto
President Joe Biden has been reportedly having a change of heart and has initiated discussions with cryptocurrency insiders to pivot towards crypto. Biden may also accept campaign donations in crypto. However, the sudden pivot towards crypto could be too little, too late for Biden, whose time in office has been marked with hostility towards the crypto industry. It is also unclear how Biden would approach crypto during the rest of the campaign.
Meanwhile, Republican presidential candidate Donald Trump has come out in support of the crypto industry, going as far as to call himself the crypto president. Trump has promised to support the crypto industry and to end Biden’s “war on crypto. He also added that he wanted the future of crypto and the future of Bitcoin to be made in America. Trump has repeatedly promised to safeguard the cryptocurrency industry as he looks to drum up among crypto enthusiasts and within the crypto industry.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
