Mark Cuban, billionaire investor, thinks Joe Biden might lose the next elections if he keeps covering for Gary Gensler, chief of Securities and Exchange Commission's (SEC), on cryptocurrency regulation.
Cuban argues that the US crypto industry faces some unique challenges. And Gensler is not helping anyone with his infamous politics. "Gensler's suing everybody," Cuban explains.
The registration process is the main issue, according to Cuban. He notes that other countries, including Singapore and Japan, do not face similar problems.
Cuban claims that regulatory issues allow illicit activities in crypto to persist. He suggests this could have political ramifications.
"If he has a political career in mind, he's done," Cuban says of Gensler. He adds that Gensler "literally could cost Joe Biden the election."
Cuban cites crypto ownership among younger generations as a key factor. And the difficulty in registering cryptocurrencies creates opportunities for "scam coins." That bureaucracy is created by Gensler. And Biden supports that, Cuban notes.
The investor's comments highlight growing tensions between the crypto industry and regulators. These tensions could influence voter sentiment in the upcoming election.
Mark Cuban is a prominent entrepreneur and owner of the Dallas Mavericks NBA team. He is one of the most influential leaders of the crypto community.
Gary Gensler is the current Chairman of the SEC, appointed by President Biden in 2021. Gensler has finally approved Bitcoin ETFs and is about to approve Ethereum ETFs, Thought many market experts thinks it is all going way too slow. Cuban being one of them, obviously.
President Biden is seeking re-election in November 2024. He faces challenges including economic concerns and geopolitical tensions. His opponent, ex-President Donald Trump is now a big crypto supporter. Trump even started accepting crypto donations and claims all the remaining Bitcoin must be mined in the U.S. A stark contrast to Biden's crypto stance, to say the least.