The stance of SEC Chairman Gary Gensler on cryptocurrencies could “literally cost Joe Biden the election,” according to billionaire investor Mark Cuban.
?NEW: @mcuban says @GaryGensler could “literally cost @JoeBiden the election” because of all the young voters that own crypto.
“If he has a political career in mind, he’s done,” Cuban says of Gensler. https://t.co/zNtsI2QyZB
— Eleanor Terrett (@EleanorTerrett) June 13, 2024
His remarks were reported by Fox Business journalist Eleanor Terrett during the Coinbase-hosted State of Crypto conference.
Cuban has previously expressed the importance for U.S. presidential candidates to support the crypto community. In May, he stated that the SEC’s opposition to the industry could negatively affect Biden’s support.
“Cryptocurrency is a key area for young and independent voters,” he noted.
In May, the billionaire suggested that Donald Trump might win the election due to his declared support for digital assets. However, Cuban was skeptical about the competence of both politicians in this field.
The Republican leader previously promised not to hinder the use of Bitcoin and other cryptocurrencies if elected. During an event promoting his NFT collection Mugshot Edition, Trump announced the acceptance of digital asset donations for his campaign and later fulfilled this promise.
Subsequently, the politician stated that the U.S. should lead the global crypto industry and promised to protect the mining sector.
Meanwhile, Biden’s campaign team is reportedly already in talks to accept donations in digital assets, according to media reports.