US presidential candidates are seeking the support of crypto voters as the election approaches. The Biden administration recently took a 180-degree turn in their stance on digital assets. This shift in gears appeared to be inspired by Republican Donald Trump’s Cabinet approval of digital assets during his campaign.
However, Billionaire Mark Cuban believes that the Security and Exchange Commission’s (SEC) crackdown on the crypto industry may cost US President Joe Biden the election.
Has the SEC Ruined Biden’s Chance for Reelection?
On Thursday, Mark Cuban criticized the chairman of the SEC, Gary Gensler, during Coinbase’s State of Crypto Summit 2024. The crypto advocate expressed his opinion about the Commission’s position on cryptocurrencies and its regulatory approach.
As reported by Eleanor Terrett, the crypto lawyer revealed that he has spoken to US politicians about the regulations. Cuban said he has been talking to senators, governors, and congressional representatives about the challenges facing American crypto companies.
Mark Cuban during the State of Crypto Summit 2024. Source: Eleanor Terrett on X
To him, the SEC registration process is a problem that many companies face in the country, calling it “the unique American Gary Gensler Problem.”
Cuban has called the US Congress on this issue. The billionaire urged the representatives to create an acceptable law that provides clear rules for the industry. In addition, he suggested that crypto voters will play an important role in the upcoming presidential election.
Likewise, he said Gensler’s decline in the industry could jeopardize Biden’s chance for reelection. During Coinbase’s event, Cuban said Gensler could “call Joe Biden to the polls” because of the “new crypto-owning voters.”
Cuban considers that the SEC’s regulations, led by Gensler, have created a dangerous and unacceptable environment for legitimate businesses in this sector.
Crypto Industry Slams Gary Gensler
During his speech, Cuban said the SEC chairman should rethink his political career. He said, “If he thinks about politics, he is done.” Criticism of Gensler didn’t end there, as Coinbase’s CLO, Paul Grewal, thanked Cuban for “saying the silent part out loud.”
Similarly, Republican Senator Bill Hagerty criticized the chairman of the SEC for the lack of effort of the organization in developing the industry in the US. During a Senate Budget Committee hearing, Senator Hagerty called out Gensler for not prioritizing new areas that need resources.
You don’t put workers first and pass laws in areas that need them the most. I am talking about putting a constructive set of traffic rules in the crypto industry.
Senator Hagerty calls out SEC's chairman. Source: Senator Bill Hagerty on X
The Republican senator considers that the action of the SEC has slowed down the opportunity of the US to become a leader in the field while other countries and authorities are “establishing the traffic rules of their nature.” Instead of opening up the industry, the sector has been pushed to the shores by the agency’s “permanent roadblocks and lack of certainty.”
What is happening is that this new industry is increasingly being pushed to the shores. I don’t think that’s the outcome we want to have here in America.
Many members of the public agree with this criticism, saying that the only solution is to fire the SEC chairman. Investors think that the industry will not be able to thrive in the US as long as Gensler is “fighting” it.
Ultimately, Senator Hagerty believes that the SEC’s resources would be better allocated if they were used to focus on setting clear rules for new markets such as the crypto industry.
Bitcoin (BTC) is trading at $67,107 in the weekly chart. Source: BTCUSDT on TradingView
Featured image from Unsplash.com, Chart from TradingView.com
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