Billionaire investor Mark Cuban believes that the Chair of the US Securities and Exchange Commission (SEC), Gary Gensler, could cost Joe Biden the US Presidency because of his anti-crypto stance.
The “Shark Tank” investor spoke at the Coinbase State of Crypto event last week, where he opined that the main problem facing US crypto companies was the SEC.
Mark Cuban Criticizes the SEC’s Anti-Crypto Stance
In recent years, the US Securities and Exchange Commission has launched investigations into multiple crypto companies, including Binance, Coinbase, Ethereum Foundation, Uniswap Labs, and others.
Following these lawsuits, the crypto community has decried the SEC’s failure to develop clear regulations for the industry. The community believes that the SEC has been regulating through enforcement.
Cuban now believes that the regulator’s actions could dampen the chances of Biden winning the US Presidential elections. With the rise of many young voters who own crypto, unfair policies could deter these voters from supporting President Biden.
The billionaire also believes that Gensler has soiled any chances of him scooping a political seat. “If he has a political career in mind, he’s done,” Cuban said.
It is not the first time that Cuban has publicly called out Gensler and the SEC. Earlier this month, he stated that Biden needed to choose between Gensler and crypto voters to get another term at the White House. He has also advocated for the Commodity Futures Trading Commission (CFTC) to regulate crypto, not the SEC.
Cuban Meets Biden Officials and Legislators for Crypto Talks
Cuban is also expected to appear in a roundtable discussion with US legislators and representatives from the Biden administration in July. According to reports, the meeting will discuss ways to retain crypto and blockchain innovation in the US.
One of the legislators set to appear in the meeting is Democrat Ro Khanna. Khanna has previously taken a pro-crypto stance, including supporting the FIT21 bill. The bill sought to bring regulatory clarity to the US crypto industry, but President Biden later vetoed it.
The roundtable discussions on supporting crypto innovation could significantly shift how the Biden administration approaches the crypto issue.
As Cuban pointed out in his recent remarks, crypto is increasingly becoming a political matter. With former US President Donald Trump coming out as a crypto supporter, the Biden campaign team now wants to lure crypto voters. The planned discussions add to the latest efforts to make Washington appear more involved with the industry.
