SEC could tank Biden’s re-election chances

Billionaire Mark Cuban is concerned about President Joe Biden’s re-election chances and is blaming the U.S. Securities and Exchange Commission (SEC).

Cuban, a minority shareholder of the Dallas Mavericks, criticized SEC chairman Gary Gensler’s regulatory approach to the crypto industry in an X-related post on May 10.

And if the 2024 U.S. presidential election goes to former and twice-impeached President Donald Trump, he says, the SEC could take the blame.

“If [Biden] “If you lose, it’s a good change you can thank Gary Gensler for,” Cuban says. See below.

“All [Gensler] “What it has done is make it nearly impossible for legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many entrepreneurs,” the “Shark Tank” host said. “This is also a warning to Congress.”

A total of 468 seats in the US Congress (33 in the Senate and all 435 House seats) will be in play on Election Day, November 5.

“The voices of crypto voters will be heard in this election,” Cuban continued. “You can solve this problem for Biden by passing legislation that defines registration specific to the crypto industry, just like other industries have registrations defined for them.”

Mark Cuban: SEC does not protect crypto investors

Biden did not ignore the cryptocurrency industry.

On March 9, 2022, his administration announced “the first whole-of-government approach to addressing risks and leveraging the potential benefits of digital assets and their underlying technology.”

The Biden administration has outlined several priorities as part of an executive order, including consumer and investor protection; combating illegal financing; and responsible innovation.

But the SEC’s role has been detrimental so far, according to Cuban, especially as digital assets remain popular among younger voters.

He emphasized the importance of the crypto industry in this demographic and criticized Gensler for failing to protect investors from fraudulent activity. Instead, he claimed that Gensler’s pressure harmed legitimate crypto businesses, leading to their closure.

Under Gensler’s leadership, the SEC filed lawsuits against several crypto companies for alleged fraud and unregistered securities sales.

The regulator is currently waging legal battles with major players in the crypto industry, including Ripple, Coinbase, Huobi and Binance.

Cuban warned Congress about the importance of addressing the concerns of crypto voters in the upcoming elections. He also suggested potential solutions to regulatory challenges by proposing specific legislation for the crypto industry or outsourcing all crypto regulation to the CFTC for their expertise in this area.

Donald Trump is courting the crypto community

Meanwhile, Trump, who is currently facing criminal charges in New York for falsifying business records, is embracing cryptocurrency.

Just three years ago, Trump said Bitcoin “looks like a scam.”

Now, the four-time impeached GOP candidate is reaching out to donors with cryptocurrency. See below.

In a meeting with members of the crypto community at Mar-a-Lago on March 8, Trump urged them to support him, citing the Biden administration’s tough stance on crypto regulation.

Observers note that Trump reversed his stance on crypto after facing millions of dollars in legal fees and fines due to ongoing legal issues. He also resorted to selling sneakers, cologne and his own Bible to raise cash.

Trump’s crypto portfolio reportedly consists of Ethereum, MAGA tokens, and other meme coins acquired through NFTs featuring his face in photoshopped costumes.

While some Democrats are uneasy about Trump’s proposal for the crypto industry, the party is divided on how to approach the sector.

Gensler, a Biden appointee, has taken a tough stance on enforcement of securities laws against crypto companies. The White House has threatened to veto legislation aimed at rolling back SEC rules on the crypto industry.