Mark Cuban Says Joe Biden Must Choose Between Gary Gensler And Crypto Voters To Beat Donald Trump

Updated: 11 June 2024

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Billionaire Mark Cuban says that US President Joe Biden could lose the upcoming elections because of his loyalty to the Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has made it “nearly impossible” for crypto firms to function.

“I have said many times that Biden has to choose between Gensler or crypto voters or it could cost him the White House,” said Cuban, best known for his role in the TV show ”Shark Tank, in a Jun. 8 X post.

Crypto Voters Will Have A Voice In This Election, According To Mark Cuban

Although he believes that neither Donald Trump nor Biden truly understand what crypto is, he is of the opinion that Gensler and the SEC could put Biden at a disadvantage.

If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD

All he has done is make it nearly impossible for… https://t.co/uBKupxLhS9

— Mark Cuban (@mcuban) May 10, 2024

This is mainly due to the SEC’s aggressive approach to regulating the digital asset sector, which Cuban thinks has done more harm than good. The SEC, under Gensler’s leadership, “has not protected a single investor against fraud,” according to the billionaire.

Trump Wants To Become The “Crypto President”

Trump has developed a pro-crypto stance this year after calling the digital assets a “dangerous thing” back in 2021. His campaign recently announced that it will accept donations in crypto ,and Trump himself said that he aims to become the “crypto president.”

Although the Biden campaign attempted to follow suit by starting to reach out to industry experts, many felt that it was too little, too late. Meanwhile, Gensler denounced the Financial Innovation and Technology for the 21st Century Act (FIT21), which aimed to provide a robust regulatory framework for digital assets.

The SEC Chair said that the bill “would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts.” It could also put “investors and capital markets at immeasurable risk.”

Biden has opposed the bill as well.