Cuban Warns SEC Chief's Policy May Harm Biden's Reelection, Trump Champions Crypto
Summary:
Billionaire Mark Cuban warns that Gary Gensler's leadership of the SEC could negatively impact President Joe Biden's reelection campaign, attributing potential failure to antagonistic crypto policies. Meanwhile, former President Trump takes a primal stance in favour of crypto, pledging his full support for the industry's future in the U.S.
Prominent billionaire and crypto-enthusiast Mark Cuban recently voiced concerns about the possible turbulence Gary Gensler's leadership at the Securities and Exchange Commission might inflict on President Joe Biden's reelection ambitions. In his address at the State of Crypto Summit organized by Coinbase, Cuban suggested that Gensler's actions could "directly influence Joe Biden's election results," according to a report by Fox Business journalist Eleanor Terrett.
Cuban has previously shared his opinion that Gensler, and therefore the SEC as a whole, could pose a considerable barrier to Biden's aspirations for a second term. He has repeatedly advocated for more precise regulation, emphasizing in Cointelegraph's May 2024 report his call for the United States Commodity Futures Trading Commission (CFTC) to assume responsibility for cryptocurrency regulation.
His belief is that the voices of crypto supporters "will resonate in this election," signifying the 2024 U.S. presidential election. He also hinted at the potential consequences of a loss for Biden: "If Biden's bid fails, it might be due to Gensler and the New York SEC."
On cryptocurrency matters, President Biden has been rumoured to initiate conversations with crypto-industry experts to possibly incorporate crypto donations into his campaign. However, this might be a belated attempt from the President amid his seemingly anti-crypto stance throughout his presidency.
Despite Biden's rejection of the SEC's anti-crypto resolution from both chambers, there's ambiguity about his future approach towards crypto-related issues that might crop up during the campaign's remainder. The topic might surface during the upcoming presidential debates.
Contrary to Biden's viewpoint on cryptocurrency, former U.S. president Donald Trump completely swings in favour of the technology. Of late, Trump has openly endorsed the crypto space. As reported by Cointelegraph, he has pledged to "terminate Joe Biden’s battle against crypto," and to "guarantee that the future of cryptocurrency and that of Bitcoin will be shaped in America."
In earlier remarks shared on his Truth social media platform, Trump vowed to protect the crypto-industry from governmental interference, compared to "Corrupt Joe Biden, our country's poorest president to date, who desires its slow and painful demise.
Published At
6/16/2024 11:23:48 PM
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