Billionaire Mark Cuban has highlighted the role of cryptocurrencies in the presidential race, particularly in US President Joe Biden’s loyalty to Securities and Exchange Commission Chairman Gary Gensler.
Cuban doubted whether Biden or former President Donald Trump understands cryptocurrency, despite raising money selling NFTs. However, Cuba said cryptocurrency voting will be the main difference between the two in the upcoming presidential election in November 2024.
“I have said many times that Biden will have to choose between Gensler or the cryptocurrency voters,” Cuban said Saturday on social media platform “Don’t take anything for granted.”
When The Block requested additional comments from Cuba, he responded, “I have nothing to add.”
Mark Cuban lashes out at Gary Gensler.
Cuban has previously stated that cryptocurrencies will play a larger role in the 2024 election and that Biden losing the White House will likely be due to the SEC’s actions against Gensler and the cryptocurrency industry.
Specifically, Cuban said Gensler failed to protect investors from fraud and instead made it “nearly impossible” for cryptocurrency companies to function. “Crypto voters will be heard in this election,” Cuban said on May 10.
Gensler criticized the Financial Innovation and Technology of the 21st Century Act (FIT21), which aims to provide a broad, robust framework for cryptocurrency regulation and place some cryptocurrency regulation in the hands of the Commodity Futures Trading Commission (CFTC). Gensler said the bill would “create new regulatory gaps and undermine decades of precedent on the oversight of investment contracts, putting investors and capital markets at immeasurable risk.”
Biden also publicly opposed FIT21, but added that his administration is “eager to work with Congress” on a further digital asset regulatory framework. However, this bill passed the U.S. House of Representatives on May 22.
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