Billionaire investor and cryptocurrency advocate Mark Cuban recently shared his thoughts on the potential for havoc that Gary Gensler’s actions as head of the Securities and Exchange Commission could wreak on incumbent United States president Joe Biden’s bid for reelection.
Speaking at Coinbase’s State of Crypto Summit, Cuban opined that Gensler could “literally cost Joe Biden the election,” per Fox Business reporter Eleanor Terrett.
This isn’t the first time Cuban has gone on the record to indicate that it’s his belief that Gary Gensler, and by extension the SEC itself, could act as a foil to Biden’s second term hopes. long called for regulatory clarity. As Cointelegraph reported back in May of 2024, Cuban called for the United States Commodity Futures Trading Commission (CFTC) to take over cryptocurrency regulation duties.
At the time he said that crypto voters “will be heard this election,” referring to the 2024 U.S. presidential election. He also issued the warning that “If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the New York SEC.”
Joe Biden on cryptocurrency
President Biden has reportedly begun discussions with cryptocurrency industry insiders for a potential pivot to accepting crypto donations for his campaign. This could be a too-little-too-late move for the president as his time in office has been marked by a relatively negative attitude towards the industry.
Related: Biden vetoes House and Senate votes on SEC’s anti-crypto resolution: Law Decoded
Otherwise, it’s unclear how the incumbent plans to approach the issue as it arises during the rest of the campaign. It’s possible the issue could be raised during the upcoming presidential debates
Donald Trump on cryptocurrency
Former U.S. president Donald Trump’s stance on cryptocurrency differs wildly from that of Bidens. In a complete 180-degree turn, Trump’s has recently offered his full-throated support for the technology.
As Cointelegraph reported recently, Trump has vowed to “end Joe Biden’s war on crypto,” and to “ensure that the future of crypto and the future of Bitcoin will be made in America.”
In previous comments, Trump posted to his Truth social media network that he would safeguard the cryptocurrency industry against government infringement and that “Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death.”
