Cuban Says Gensler Could "Literally Cost" Biden the Election

Crypto News Regulation

Mark Cuban Says SEC's Gary Gensler Could "Literally Cost" Joe Biden the Election

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 17, 2024

Key Takeaways

Mark Cuban warns that SEC Chair Gary Gensler's actions could jeopardize President Biden's re-election campaign;
President Biden is reportedly considering accepting crypto donations despite a previous negative stance on the industry;
Former President Trump has pledged strong support for crypto, promising to end Biden's regulatory approach.

Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁

Mark Cuban Says SEC's Gary Gensler Could "Literally Cost" Joe Biden the Election

BITDEGREE IN YOUR SOCIAL FEED

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.

What is a Crypto Bridge? (Explained with Animations)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

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.