US presidential candidates are seeking support from crypto voters as the election approaches. The Biden administration recently took a 180-degree turn in its stance on digital assets. This gear shift was apparently fueled by Republican candidate Donald Trump’s support for digital assets during his campaign.
However, billionaire Mark Cuban believes that the Securities and Exchange Commission’s (SEC) crackdown on the crypto industry could cost US President Joe Biden the election.
Did the SEC ruin Biden’s re-election chances?
Mark Cuban criticized SEC Chairman Gary Gensler during Coinbase’s 2024 State of Crypto Summit on Thursday. The crypto advocate expressed his opinion on the Commission’s stance on cryptocurrencies and its regulatory approach.
As reported by Eleanor Terrett, the crypto advocate revealed that he has discussed the regulation with US politicians. Cuban said he spoke with senators, governors and congressional representatives on the challenges of American crypto companies.
Mark Cuban during the State of Crypto Summit 2024. Source: Eleanor Terrett on X
For him, the SEC registration process is the problem most companies face in the country, calling it “a typical American Gary Gensler problem.”
Cuban has already called the US Congress on this issue. The billionaire urged representatives to create welcoming legislation that would provide clear regulations for the industry. Additionally, he suggested that crypto voters would play an important role in the upcoming presidential elections.
Likewise, he said Gensler’s crackdown on the industry could have hurt Biden’s re-election chances. At the Coinbase event, Cuban said Gensler “could literally cost Joe Biden the election” because of “young voters owning cryptocurrencies.”
Cuban believes that SEC regulations, led by Gensler, have created a harmful and unwelcoming landscape for legitimate businesses in the industry.
Crypto industry criticizes Gary Gensler
During his presentation, Cuban said the SEC chairman should rethink his political career. He said: “If he has a political career in mind, it’s over. » The criticism of Gensler did not stop there, as Coinbase CLO Paul Grewal thanked Cuban for “saying the quiet part out loud.”
Similarly, Republican Senator Bill Hagerty criticized the SEC chairman for the agency’s lack of effort in developing the industry in the United States. At a Senate Appropriations Committee hearing, Sen. Hagerty criticized Gensler for not prioritizing innovative areas that need resources.
You are not prioritizing staffing and rulemaking in areas that desperately need it. I’m talking about establishing a constructive set of rules of conduct for the crypto industry.
Senator Hagerty calls out SEC's chairman. Source: Senator Bill Hagerty on X
The Republican senator believes that the SEC’s actions have slowed the United States’ ability to be a chief in the sector while other countries and jurisdictions “establish rules of conduct for their ecosystems”. Instead of pioneering the industry, the sector was pushed overseas due to the agency’s “constant obstacles and lack of certainty”.
What is happening is that this innovative industry is increasingly being pushed abroad. I don’t think that’s the outcome we want to have here in America.
Many community members agreed with the critics, saying the only solution was to fire the SEC chairman. Investors consider that the industry will not be able to prosper in the United States as long as Gensler is “fighting” against it.
Ultimately, Senator Hagerty believes that the SEC’s resources would be better allocated if used to focus on establishing clear rules for innovative markets like 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
