Mark Cuban Joins Critics of Biden’s Cryptocurrency Policy

Billionaire Mark Cuban has stated that if Joe Biden loses the upcoming presidential election, the crypto community will have a chance to “thank” the SEC and its head, Gary Gensler.

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

The entrepreneur’s tweet was in response to an article in Politico. The piece noted that Biden’s rival, Donald Trump, has become the first presidential candidate to openly seek to attract cryptocurrency users.

At an event promoting his own NFT collection, Mugshot Edition, the Republican Party leader announced the acceptance of donations in digital assets. He promised to protect the industry if elected and emphasized that the current president “doesn’t even know” what cryptocurrency is.

Some commentators have suggested that the Biden administration’s anti-cryptocurrency policy could cost him the election. This view was echoed by Hayden Adams, founder of the largest decentralized exchange, Uniswap.

Cuban also noted that the SEC’s confrontation with the industry could negatively impact support for the Democratic candidate.

“Cryptocurrency is a mainstay for young and independent voters,” he stated.

The billionaire expressed confidence that they “will be heard” in the upcoming elections. In his opinion, Congress could solve this problem for Biden by legislating “industry-specific regulation,” as has been done for other sectors.

He suggested an even better option would be to transfer oversight of digital assets to the CFTC. The head of the agency, Rostin Behnam, predicted in early May an increase in regulatory pressure on the crypto industry over the next two years.

Regarding SEC policy, Cuban stated that “Gensler has not protected a single investor from fraud.”

“All he has done is make it nearly impossible for legitimate crypto companies to operate, destroying an unknown number of businesses and bankrupting an unknown number of entrepreneurs,” he added.

Back in 2023, during debates with former SEC attorney John Reed Stark, the billionaire stated that the regulator “throws cryptocurrency under the bus.”

Earlier, Ethereum co-founder and ConsenSys head Joseph Lubin argued that the agency deliberately hinders innovation in the U.S., threatening the future of the country’s financial system.