US presidential candidates are seeking support from cryptocurrency voters as the election approaches. The Biden administration recently changed its position on digital assets 180 degrees. This shift in gear was apparently prompted by Republican candidate Donald Trump’s support for digital assets during his campaign.
However, billionaire Mark Cuban believes that the Securities and Exchange Commission (SEC) crackdown on the cryptocurrency industry could cost US President Joe Biden the election.
Has the SEC ruined Biden’s re-election chances?
On Thursday, Mark Cuban criticized SEC Chairman Gary Gensler during the Coinbase State of Crypto Summit 2024. The cryptocurrency advocate expressed his opinion on the Commission’s position on cryptocurrencies and its regulatory approach.
As reported by Eleanor Terrett, a cryptocurrency supporter revealed that he has talked to US politicians about the regulations. Cuban said he has spoken to senators, governors and congressional representatives about the challenges facing U.S. crypto companies.
Mark Cuban during the State of Crypto Summit 2024. Source: Eleanor Terrett on X
According to him, the SEC registration process is a problem facing most companies in the country, calling it “Gary Gensler’s uniquely American problem.”
The Cuban has already addressed the US Congress on this matter. The billionaire urged representatives to create warm legislation that would provide the industry with clear regulations. He further suggested that cryptocurrency voters will play an critical role in the upcoming presidential elections.
Similarly, he said Gensler’s crackdown on the industry could have jeopardized Biden’s re-election chances. During the Coinbase event, Cuban said Gensler “could literally cost Joe Biden the election” because of “young crypto-owning voters.”
Cuban believes SEC regulations, led by Gensler, have created a harmful and hostile landscape for legitimate businesses in the sector.
The cryptocurrency industry sharply criticizes Gary Gensler
During his presentation, Cuban said the SEC chairman should rethink his political career. He stated: “If he has a political career in mind, he is finished.” The criticism against Gensler doesn’t end there, as Coinbase’s chief executive, Paul Grewal, he thanked Cuban for “saying the quiet part out loud.”
Similarly, Republican Senator Bill Hagerty sharply criticized the SEC’s position over the agency’s lack of efforts to develop the industry in the US. During a Senate Appropriations Committee hearing, Senator Hagerty criticized Gensler for not prioritizing pioneering areas that require resources.
You don’t prioritize staffing and you don’t legislate for areas that desperately need it. I’m talking about establishing a constructive set of operating rules for the crypto industry.
Senator Hagerty calls out SEC's chairman. Source: Senator Bill Hagerty on X
The Republican senator believes the SEC’s actions have slowed the United States’ opportunity to lead the sector while other countries and jurisdictions “set the rules for their ecosystems.” Instead of being an industry pioneer, the sector has been pushed overseas due to “continued obstacles and a lack of certainty” from agencies.
What is happening is that this pioneering industry is increasingly being pushed abroad. I don’t think that’s the outcome we want to achieve here in America.
Many community members agreed with the criticism, saying the only solution was to fire the SEC chairman. Investors to consider that the industry will not be able to thrive in the US as long as Gensler “fights” it.
Ultimately, Senator Hagerty believes that SEC resources would be better allocated if they were used to focus on establishing clear rules for pioneering markets such as the cryptocurrency 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
