According to Billionaire Mark Cuban, SEC Chair Gary Gensler’s might jeopardize President Joe Biden’s re-election prospects in 2024. Cuban expressed his concerns at Coinbase’s State of Crypto event on Thursday, suggesting that the growing political friction with Republican frontrunner Donald Trump could play a crucial role.
Gary Gensler’s Impact on Biden’s Election, According to Mark Cuban
Eleanor Terrett, a journalist from Fox Business, reported Cuban’s assertion that Gensler’s actions might “literally cost Joe Biden the election.” Cuban highlighted the significant number of young Americans invested in crypto as a critical factor.
“If he has a political career in mind, he’s done,” Cuban remarked about Gensler.
These comments, however, are not new. Cuban has repeatedly warned that Biden might need to choose between Gensler and crypto voters, potentially risking his hold on the White House.
Crypto Regulation Heats Up Tensions Between Trump and Biden
President Biden has generally supported Gensler’s regulation-by-enforcement strategy concerning digital assets. However, Biden has had to modify his stance in light of Trump’s pro-crypto position. Recently, Biden refrained from announcing plans to veto the House of Representatives’ Financial Innovation and Technology for the 21st Century Act (FIT21). This bill aims to grant slight regulatory authority over digital assets to the Commodity Futures Trading Commission (CFTC), allowing blockchain companies more freedom to innovate without fear of government enforcement.
“The Administration is eager to work with Congress on a comprehensive digital assets regulatory framework,” stated a May 22 Statement of Administration.
Donald Trump’s Pro-Crypto Activities and Their Political Impact
Meanwhile, Trump has actively engaged with the crypto community. He recently held a gala dinner for select purchasers of his “mugshot edition” non-fungible tokens (NFTs). This event took place amid his highly-publicized trial, where he was convicted on 34 counts of fraud related to a 2016 “hush money” payment to Stormy Daniels.
Trump has claimed the trial was “rigged” and continues to maintain his innocence. Despite his legal troubles, Trump remains a formidable opponent, currently polling neck-and-neck with Biden. Both candidates are scheduled to face off on June 27 in a televised debate hosted by CNN.
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