Gary Gensler ‘could cost Joe Biden in the election’ – Mark Cuban
Billionaire investor and cryptocurrency advocate Mark Cuban has shared his thoughts on the potential for turmoil as Gary Gensler's recent move to head the Securities and Exchange Commission could derail US President Joe Biden's re-election bid.
Speaking at Coinbase's State of Crypto Summit, Cuban said Gensler “could cost Joe Biden the election,” according to Fox Business reporter Eleanor Terrett.
This isn't the first time Cuban has expressed his belief that Gary Gensler and the SEC itself could act as a foil to Biden's second term hopes. It has long been called for regulatory transparency. Cointelegraph in 2016 As reported in May 2024, Cuba called on the United States Commodity Futures Trading Commission (CFTC) to take over cryptocurrency regulatory functions.
At the time, he said, referring to the 2024 US presidential election, crypto voters “will listen to this election.” He also warned, “If Joe Biden loses, there's a good chance he'll be thanking Gary Gensler and the New York SEC.”
Joe Biden on cryptocurrency
President Biden has reportedly started discussions with cryptocurrency industry insiders to find a potential source to receive crypto donations for his campaign. This may be too little-too-late for the president, as his tenure in office has been characterized by a relatively negative view of the industry.
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Otherwise, it is not clear how the incumbent plans to deal with the issue during the rest of the campaign. Perhaps the issue will come up during the upcoming presidential debate.
Donald comes down on cryptocurrency
Former US President Donald Trump's position on cryptocurrency differs significantly from Biden's. In a complete 180-degree turn, Trump recently threw his full support behind the technology.
Cointelegraph recently reported that Trump has promised to “end Joe Biden's war on crypto” and “ensure that the future of crypto and bitcoin is made in America.”
In previous comments, Trump posted on the reality social media network that he would protect the cryptocurrency industry from government encroachment and that “Crook Joe Biden, the worst president in our country's history, wants to slowly die.” And a painful death.
