Jun 18, 2024 at 09:21Billionaire investor and cryptocurrency proponent Mark Cuban recently voiced concerns that Gary Gensler’s role as head of the United States Securities and Exchange Commission (SEC) could negatively affect President Joe Biden’s re-election campaign. Speaking at Coinbase’s State of Crypto Summit, Cuban stated that Gensler could “literally cost Joe Biden the election,” as reported by Fox Business journalist Eleanor Terrett.
Cuban has previously expressed that Gensler’s regulatory approach towards cryptocurrency might hinder Biden’s chances of securing a second term. He has consistently advocated for clearer regulatory guidelines and suggested that the U.S. Commodity Futures Trading Commission (CFTC) should take over cryptocurrency regulation from the SEC. Back in May, Cuban noted that cryptocurrency voters would have a significant impact on the 2024 presidential election and warned that Biden’s potential loss could be attributed to Gensler and the SEC’s actions.
Biden’s Stance on Cryptocurrency
President Biden has reportedly begun consulting with cryptocurrency industry insiders about accepting crypto donations for his campaign. However, this move may come too late, as his administration has generally maintained a negative stance towards the industry. It remains uncertain how Biden plans to address cryptocurrency issues during the rest of his campaign, though it is likely to be a topic in the upcoming presidential debates.
Trump’s Position on Cryptocurrency
In contrast, former President Donald Trump has recently expressed strong support for cryptocurrency. Trump has pledged to “end Joe Biden’s war on crypto” and ensure that the future of Bitcoin and other cryptocurrencies is secured in America. He has previously stated on his Truth Social media platform that he would protect the cryptocurrency industry from government interference, while criticizing Biden for wanting to stifle the industry.
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