Joe Biden’s animosity towards crypto is well-known worldwide, with strong support from SEC chief Gary Gensler. Billionaire investor and crypto advocate Mark Cuban believes Gensler’s anti-crypto stance could have a detrimental effect on President Biden’s chances of winning the upcoming election in the United States. Cuban expressed his concerns at the State of Crypto Summit hosted by Coinbase.
Criticism was directed towards Gensler, the head of the SEC, by Cuban, who cautioned that Gensler’s actions could potentially impact Joe Biden’s re-election campaign. Cuban has consistently called for a clearer regulatory framework, proposing that the CFTC should oversee crypto regulations instead of the SEC.
While reports suggest that Biden may consider accepting crypto donations for his campaign, it may be too little, too late. In contrast, former President Donald Trump has taken a pro-crypto stance, vowing to protect the cryptocurrency industry and ensure its growth in America. Trump has positioned himself as a champion of the crypto community, criticizing Biden’s regulatory actions.
As the 2024 U.S. presidential election approaches, crypto voters are expected to play a significant role. Cuban emphasized that these voters will have a voice in the election and warned that Gensler’s regulatory measures could impact Biden’s chances. The sentiment among crypto enthusiasts is for more supportive regulatory policies.
Biden’s reported discussions with crypto insiders suggest a potential change in strategy, including the acceptance of crypto donations to appeal to tech-savvy voters. However, the effectiveness of this move remains uncertain, and the crypto community will closely monitor how both candidates address their concerns.