Mark Cuban, a billionaire investor and vocal supporter of crypto, expressed his beliefs that Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), could potentially harm President Joe Biden’s re-election campaign.
During his speech at Coinbase’s State of Crypto Summit, Cuban highlighted that Gensler’s actions could “literally cost Joe Biden the election,” as reported by Fox Business journalist Eleanor Terrett.
Cuban has repeatedly been vocal about his concerns regarding Gensler’s influence and the SEC’s regulatory stance on cryptocurrency.
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Back in May 2024, Cuban argued that the regulatory responsibilities over crypto should be shifted to the United States Commodity Futures Trading Commission (CFTC), adding:
If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC. <...> Crypto voters will be heard this election.
The Biden administration has generally shown an unfavorable view of cryptocurrency. However, recent reports suggest that Biden might be reconsidering his stance by engaging with crypto industry leaders and potentially accepting crypto donations for his campaign. This shift, however, might be too late to change his administration’s overall position.
Meanwhile, former President Donald Trump has taken a starkly different approach to crypto. Trump has promised to end what he calls “Joe Biden’s war on crypto” and to protect the future of Bitcoin and other digital currencies in the US. Trump has also recently expressed his support for Bitcoin mining after he hosted a meeting with leaders from the industry at his Mar-a-Lago home in Florida.
The differing views of Biden and Trump on crypto could play a significant role in the upcoming election, with Cuban’s warning about Gensler’s impact adding an intriguing dimension to the political fight.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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