SEC Chair’s Stance on Crypto Could Impact Biden’s Re-election Bid

• Mark Cuban believes Gary Gensler could hinder Joe Biden’s re-election.
• Cuban believes the population of young voters who own crypto could swing the votes.
• The problem of American crypto companies is the SEC’s registration process.

Billionaire investor and cryptocurrency advocate Mark Cuban has warned that the Securities and Exchange Commission’s aggressive regulatory approach, spearheaded by Chairman Gary Gensler, could jeopardize President Joe Biden’s re-election bid.

Cuban believes the growing number of young crypto investors, disillusioned by the SEC’s actions, may express their discontent at the polls.

Fox Business reporter Eleanor Terrett highlighted Cuban’s comments from a recent Coinbase “State of Crypto” event on X (formerly Twitter). Cuban revealed he had spoken with U.S. politicians about the impact of Gensler’s actions on American crypto companies, emphasizing that the SEC’s registration process is “a uniquely American Gary Gensler problem.”

Cuban cited a 2023 survey that categorized the U.S. voter population who own cryptocurrency to gauge the potential impact of this demographic on the upcoming election, should they choose to vote against President Joe Biden in response to Gensler’s policies.

The survey report showed that cryptocurrency investors in the U.S. are diverse in terms of political affiliation, age, and gender. The report noted that while the future of cryptocurrency may not be as stable or predictable as that of mainstream assets like the NASDAQ or the S&P 500, the technology behind virtual currencies has inspired a global, multicultural financial movement.

Even as the U.S. Presidential election is nearing, many in crypto see it as an opportunity to vote for leaders who fosters a favorable regulatory environment for the crypto sector. They view the current administration as unfriendly toward crypto, with Gensler leading the implementation of policies they perceive as hindering the industry’s growth.