Gary Gensler could ‘literally cost Joe Biden the election’

The billionaire investor also hinted that any political ambitions Gensler harbored would be rendered irrelevant by the SEC chairman’s opposition to the cryptocurrency market

Mark Cuban, a billionaire investor and cryptocurrency advocate, recently expressed his concerns regarding the potential damage Gary Gensler’s actions as the head of the Securities and Exchange Commission could cause to the reelection campaign of incumbent United States president Joe Biden.

Cuban expressed his belief that Gensler could “literally cost Joe Biden the election” during his speech at Coinbase’s State of Crypto Summit, as Eleanor Terrett of Fox Business reported.

This is not the first time Cuban has publicly stated that he believes Gary Gensler, and by extension, the SEC, could serve as a roadblock to Biden’s aspirations for a second term. There has been a longstanding demand for regulatory clarity. Cuban requested that the United States Commodity Futures Trading Commission (CFTC) assume responsibility for cryptocurrency regulation, as reported by Cointelegraph in May 2024.

He stated that crypto voters “will be heard this election,” which was about the 2024 U.S. presidential election. Additionally, he cautioned, “There is a high probability that you will be able to express your gratitude to Gary Gensler and the New York SEC if Joe Biden loses.”

Joe Biden’s perspective on cryptocurrency

It has been reported that President Biden has initiated discussions with cryptocurrency industry insiders regarding the possibility of accepting crypto donations for his campaign. This may be a too-little-too-late action for the president, as his tenure in office has been characterized by a relatively negative stance toward the industry.

Otherwise, it is uncertain how the incumbent intends to address the matter as it emerges throughout the campaign. It is conceivable that the matter may be addressed during the forthcoming presidential debates.

Donald Trump’s perspective on cryptocurrency

Bidens’ perspective on cryptocurrency vastly differs from that of former U.S. president Donald Trump. In a complete 180-degree turn, Trump has recently expressed his unwavering support for the technology.

Trump has pledged to “end Joe Biden’s war on crypto” and to “ensure that the future of crypto and the future of Bitcoin will be made in America,” as reported by Cointelegraph recently.

Trump has previously stated on his Truth social media network that he will protect the cryptocurrency industry from government infringement. He also stated that “Crooked Joe Biden, the worst president in the history of our country, wants it to die a slow and painful death.”