Billionaire investor Mark Cuban believes the Securities and Exchange Commission’s (SEC) strict stance on cryptocurrency could backfire on President Joe Biden’s re-election bid.
Gensler’s Crackdown
Cuban claims that SEC Chairman Gary Gensler’s aggressive approach to crypto has created unique challenges for the US industry. He argues that Gensler’s lawsuits against crypto companies have made it difficult for legitimate businesses to operate.
“Gensler’s suing everybody,” Cuban said. “The problem isn’t the entrepreneurs. It’s the registration process.”
Impact on Scam Coins
Cuban also expressed concern that the SEC’s actions are allowing illicit activities to flourish in the crypto space. He believes that the lack of clear regulatory guidelines has made it easier for scam coins to operate.
Political Fallout
Cuban warned that the upcoming presidential election could be a “payback time” for Biden if the SEC’s crypto policies remain unchanged. He suggests that young voters who own crypto may be alienated by the government’s perceived hostility towards the industry.
“If he [Gensler] has a political career in mind, he’s done,” Cuban said. “He could literally cost Joe Biden the election.”
