Entrepreneur and proponent of cryptocurrency, Mark Cuban, recently expressed concerns about the potential impact of Gary Gensler’s actions as the head of the Securities and Exchange Commission on President Joe Biden’s chances of reelection.
During his speech at Coinbase’s State of Crypto Summit, Cuban warned that Gensler’s decisions could “potentially derail Joe Biden’s reelection bid,” according to a report by Fox Business reporter Eleanor Terrett.
This is not the first time that Cuban has voiced his apprehensions about Gensler and the SEC affecting Biden’s political aspirations. In the past, Cuban has called for regulatory clarity and even suggested that the United States Commodity Futures Trading Commission (CFTC) should take over cryptocurrency regulation responsibilities.
Cuban emphasized the importance of crypto voters in the 2024 U.S. presidential election, stating that if Biden were to lose, Gensler and the SEC could be partially responsible.
On the other hand, President Biden has reportedly initiated discussions with members of the cryptocurrency industry regarding the possibility of accepting crypto donations for his campaign. However, this move may be perceived as too little, too late, given Biden’s previous negative stance towards the industry.
As for former President Donald Trump, his views on cryptocurrency stand in stark contrast to Biden’s. Trump has recently expressed strong support for the technology, promising to end what he calls “Joe Biden’s war on crypto” and to ensure that the future of crypto and Bitcoin is developed in America.
In a statement on his Truth social media platform, Trump vowed to protect the cryptocurrency industry from government interference and criticized Biden’s approach, claiming that Biden wants to see it perish slowly and painfully.