Mark Cuban Joins Calls Against Anti-Crypto Biden Administration, Slams SEC

On May 11, the American businessman and TV personality said that if Joe Biden lost the presidential election, “there’s a good chance you can thank Gary Gensler and the SEC (Securities and Exchange Commission).”

“Crypto is a mainstay with younger, independent voters,” he said before adding that SEC Chairman Gensler “has failed to protect any investor from fraud.”

The outspoken entrepreneur didn’t stop there, adding that all the SEC has done is make it virtually impossible for crypto companies to operate in the United States, “killing who knows how many companies and ruining who knows how many entrepreneurs.”

Yes @joebiden lose, there are many possibilities you can thank @GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger, independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD

All he has done is make it nearly impossible to… https://t.co/uBKupxLhS9

— Mark Cuban (@mcuban) May 10, 2024

Biden’s War Against Crypto Riles Rivals

The comments were in response to a May 10 Politico article reporting that Donald Trump has become the first major-party presidential candidate to openly court the crypto community.

Trump told supporters this week that they should vote for him because of the way the Biden administration has cracked down on the crypto industry.

Kristin Smith, CEO of the Blockchain Association, said: “President Trump’s comments signal a sea change in the importance of digital assets in this election cycle.”

Cuban, who chastised the SEC in 2023, followed up with a warning to Congress that crypto voters will be heard this election. He suggested that passing specific legislation for crypto companies and the asset class could solve Biden’s problem before adding:

“Or you could make the better choice and assign all crypto to be regulated by the Commodity Futures Trading Commission (CFTC).”

Bitcoin environmentalist Daniel Batten agreed with Cuban, commenting:

“Joe Biden could be the first politician in the world to lose an election because of his party’s open hostility to Bitcoin and indulgence of colleagues who spread misinformation about Bitcoin.”

Cuban wasn’t the only one to attack the Biden administration this week. Cardano founder Charles Hoskinson attacked the White House in one video at X on May 9.

“A vote for Biden is a vote against the US cryptocurrency industry,” Hoskinson said, adding that the Biden administration is actively trying to “destroy the US cryptocurrency industry.”

others, included Ethereum lawyer Ryan Sean Adams and Stock-to-flow model creator “PlanB” joined the calls against the anti-crypto administration.

Biden hates crypto
Biden hates the unvaccinated

– 40% of US adults own crypto
– 20% unvaccinated in the US

IF Trump embraces cryptography AND restores basic human rights (informed consent, bodily integrity, freedom of speech), then he gets 50% of the vote AND wins the November 24th election! pic.twitter.com/sC7BvYOn1y

— PlanB (@100trillionUSD) May 9, 2024

The crypto crackdown is on the rise

Biden’s war on crypto has intensified in recent weeks. The SEC is now targeting larger trading firms, such as Robinhood, which this month received a threat of enforcement action over its crypto business.

In addition, Biden’s office said it would veto legislation that sought to overturn SEC guidelines that discourage banks from holding crypto assets in custody.

Pro-crypto Senator Cynthia Lummis reacted to Biden’s threat to ban banks from holding crypto for their customers, saying, “We will not allow the administration to regulate the tools for financial freedom out of existence.” .

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