Sunday, May 26, 2024
Home > News > Bitcoin News > SEC could tank Biden’s re-election chances

SEC could tank Biden’s re-election chances

Billionaire Mark Cuban is concerned about President Joe Biden’s chances of re-election and blaming the U.S. Securities and Exchange Commission (SEC).

In a May 10 post on X, Cuban — a minority stakeholder of the Dallas Mavericks — criticized SEC chair Gary Gensler’s regulatory approach toward the crypto industry.

And if the 2024 U.S. presidential election goes to former, and twice-impeached President Donald Trump, the SEC could bear the blame, he says.

“If [Biden] loses, there is a good change you will be able to thank Gary Gensler,” Cuban says. See below.

“All [Gensler] has done is make it nearly impossible for legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many entrepreneurs,” the “Shark Tank” host said. “This is also a warning to Congress.”

On Election Day, Nov. 5, a total of 468 seats in the U.S. Congress (33 in the Senate and all 435 House seats) are in play.

“Crypto voters will be heard this election,” Cuban continued. “You could solve this problem for Biden by passing legislation that defines registration that is specific to the crypto industry just as other industries have registration that is defined for them.”

Mark Cuban: SEC not protecting crypto investors

Biden hasn’t ignored the cryptocurrency sector.

On March 9, 2022, his administration touted the “first whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”

The Biden administration has identified several priorities as part of an executive order, including consumer and investor protection; countering illicit finance; and responsible innovation.

But according to Cuban, the SEC’s role has been harmful thus far, particularly as digital assets are popular among younger voters.

He emphasized the significance of the crypto industry in this demographic and criticized Gensler for failing to protect investors from fraudulent activities. Instead, he claimed that Gensler’s crackdown had harmed legitimate crypto businesses, leading to their closure.

Under Gensler’s leadership, the SEC has filed lawsuits against several crypto companies for alleged fraud and unregistered securities sales.

The regulator is currently engaged in legal battles with major players in the crypto industry, including Ripple, Coinbase, Huobi, and Binance.

Cuban warned Congress of the importance of addressing the concerns of crypto voters in the upcoming election. He also proposed potential solutions to regulatory challenges, suggesting tailored legislation for the crypto sector or assigning all crypto regulation to the CFTC for their expertise in the field.

Donald Trump courting crypto community

Meanwhile, Trump — who currently faces criminal charges in New York for falsifying business records — is embracing cryptocurrency.

Just three years ago, Trump said Bitcoin “seems like a scam.”

Now, the quadruple-indicted GOP candidate is reaching out to donors with cryptocurrency. See below.

At a March 8 gathering with members of the crypto community at Mar-a-Lago, Trump urged them to support him, citing the Biden administration’s tough stance on crypto regulation.

Observers note that Trump reversed his stance on crypto once he was saddled with millions of dollars in legal fees and fines from ongoing legal trouble. He has also resorted to hawking sneakers, cologne and his own Bible to raise cash.

Trump’s crypto portfolio reportedly consists of Ethereum, MAGA tokens and other meme coins, obtained through NFTs that feature his face in photoshopped costumes.

While some Democrats are uneasy about Trump’s overture to the crypto industry, the party remains divided on how to approach the sector.

Gensler, appointed by Biden, has taken a tough stance on enforcing securities laws against crypto firms. The White House itself has threatened to veto legislation aimed at undoing SEC guidelines for the crypto industry.