Billionaire Mark Cuban Warns Gensler's SEC Crypto Policies Could Cost Biden the Election

Billionaire Mark Cuban has criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s handling of crypto regulations, suggesting it could harm Biden’s election chances. “Gensler has not protected a single investor against fraud,” he stressed. “All he has done is make it nearly impossible for legitimate crypto companies to operate.”

‘This Is Also a Warning to Congress’

Billionaire Mark Cuban, a Shark Tank star and former principal owner and current minority owner of the Dallas Mavericks of the National Basketball Association (NBA), voiced his critique of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s approach to cryptocurrency regulation on social media platform X Friday. He suggested that Gensler’s stance could alienate crypto-focused voters, potentially impacting Joe Biden’s electoral prospects.

He stated that if Biden is defeated in the upcoming November election, “there is a good chance you will be able to thank” Gensler and the SEC office in New York. The billionaire added:

Crypto is a mainstay with younger and independent voters. Gensler has not protected a single investor against fraud.

“All he [Gensler] 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 star noted.

Cuban continued:

This is also a warning to Congress. Crypto voters will be heard this election.

“You could solve this problem for Biden by passing legislation that defines registration that is specific to the crypto industry just as other industries have registration that is defined for them. Or you could do the better option and assign all crypto to be regulated by the CFTC [Commodity Futures Trading Commission]. They actually know what they are doing,” he opined.

The Dallas Mavericks owner has been vocal in his criticism of the securities watchdog. In December last year, he called the SEC “the Quickbooks of financial regulation,” stating that the agency does not “protect anyone but they are really good at bookkeeping.” In March, he explained that BTC is “a great store of value,” noting that its value is driven by supply and demand.

Do you agree with Mark Cuban about the SEC, Gary Gensler, and how SEC actions could cost Joe Biden the election? Let us know in the comments section below. #Write2Earn