Renowned billionaire Mark Cuban warns that Gary Gensler, head of the SEC, could seriously jeopardize President Joe Biden’s re-election with his tough approach to the crypto sector.

According to Cuban, the SEC’s attitude could well be the deciding factor in the battle for the White House in 2024. Does Gary Gensler’s strict policy help Donald Trump in the saddle?

Biden’s re-election in jeopardy

Billionaire and crypto proponent Mark Cuban recently shared his concerns about the potential damage Gary Gensler’s actions as head of the US Securities and Exchange Commission (SEC) could do to incumbent US President Joe Biden’s re-election bid.

Speaking at Coinbase’s State of Crypto Summit, Cuban indicated that Gensler “could literally cost Joe Biden the election,” according to Fox Business reporter Eleanor Terrett.

This isn’t the first time Cuban has indicated he believes Gary Gensler, and thus the SEC itself, could thwart Biden’s hopes for a second term. Cuban has long called for clear regulations. He previously called for the US Commodity Futures Trading Commission (CFTC) to take over the duties of crypto regulation.

Cuban then declared that crypto voters “will be heard in this election,” referring to the 2024 US presidential election. He also warned that “if Joe Biden loses, there’s a good chance you can thank Gary Gensler and the New York SEC.”

Biden over cryptocurrency

It is reported that Biden has begun discussions with crypto industry insiders to potentially accept crypto donations for his campaign. However, this rapprochement could come too late, as investors already know how Biden really thinks about crypto. It seems that he is mainly trying to copy Donald Trump.

It is not really convincing, especially not from a president who has mainly opposed Bitcoin and crypto during his current term. It will be interesting to see whether crypto will also become a topic of discussion during the debates between Trump and Biden.

Trump over cryptocurrency

Former President Donald Trump’s position on cryptocurrency differs greatly from Biden’s. In a remarkable turnaround, Trump recently expressed full support for the technology.

Trump has pledged to “end Joe Biden’s war on crypto” and to “ensure the future of crypto and the future of Bitcoin in America are secured.”

In previous comments posted on his Truth Social media network, Trump said he would protect the crypto industry from government interference. He called Biden “the worst president in the history of our country” and claimed that Biden “wants crypto to die a slow and painful death.”

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