Billionaire investor and cryptocurrency advocate, Mark Cuban, expressed concerns about the potential impact of Gary Gensler’s actions as head of the Securities and Exchange Commission on President Joe Biden’s reelection bid. During a speech at Coinbase’s State of Crypto Summit, Cuban suggested that Gensler could significantly influence the outcome of the election, according to Fox Business reporter Eleanor Terrett.
This is not the first time that Cuban has voiced his belief that Gensler and the SEC could hinder Biden’s chances for a second term. He has long called for regulatory clarity in the cryptocurrency industry. In May 2024, Cuban called for the United States Commodity Futures Trading Commission (CFTC) to take over cryptocurrency regulation duties, emphasizing the importance of crypto voters in the 2024 U.S. presidential election. Cuban also warned that if Biden were to lose, Gensler and the New York SEC could be to blame.
President Biden has reportedly started discussions with cryptocurrency industry insiders about potentially accepting crypto donations for his campaign. However, this shift may come too late, as Biden’s presidency has been characterized by a negative stance towards the industry.
Former President Donald Trump, on the other hand, has shown strong support for cryptocurrency, in stark contrast to Biden’s position. Trump has pledged to end what he refers to as “Joe Biden’s war on crypto” and ensure that the future of crypto and Bitcoin is developed in America. Trump has also vowed to protect the cryptocurrency industry from government interference, criticizing Biden’s approach as harmful to its growth.