Billionaire investor and cryptocurrency advocate Mark Cuban recently shared his thoughts on the potential for havoc that Gary Gensler’s actions as head of the United States Securities and Exchange Commission (SEC) could wreak on incumbent U.S. President Joe Biden’s bid for re-election.
Speaking at Coinbase’s State of Crypto Summit, Cuban opined that Gensler could “literally cost Joe Biden the election,” per Fox Business reporter Eleanor Terrett.
This isn’t the first time Cuban has indicated on the record that he believes Gary Gensler, and by extension, the SEC itself, could foil Biden’s second-term hopes. Cuban has long called for regulatory clarity. As Cointelegraph reported in May, Cuban called for the U.S. Commodity Futures Trading Commission (CFTC) to take over cryptocurrency regulation duties.
At the time, he said that crypto voters “will be heard this election,” referring to the 2024 U.S. presidential election. He also warned that “If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the New York SEC.”
Biden on cryptocurrency
Biden has reportedly begun discussions with cryptocurrency industry insiders for a potential pivot to accepting crypto donations for his campaign. This could be a too-little, too-late move for the president, as his time in office has been marked by a relatively negative attitude toward the industry.
Related: Biden vetoes House and Senate votes on SEC’s anti-crypto resolution: Law Decoded
Otherwise, it’s unclear how the incumbent plans to approach crypto as it arises during the rest of the campaign. It’s possible the issue could be raised during the upcoming presidential debates
Trump on cryptocurrency
Former U.S. President Donald Trump’s stance on cryptocurrency differs wildly from that of Biden’s. In a complete 180-degree turn, Trump has recently offered his full-throated support for the technology.
As Cointelegraph reported recently, Trump has vowed to “end Joe Biden’s war on crypto” and to “ensure that the future of crypto and the future of Bitcoin will be made in America.”
In previous comments, Trump posted to his Truth Social media network that he would safeguard the cryptocurrency industry against government infringement and that “Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death.”
