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Gary Gensler Could Cost Joe Biden The Oval Office In 2024, Mark Cuban Says

Julia Smith
Last updated: | 2 min read
A digital rain of Bitcoin symbols falls upon the White House, highlighting the growing impact of cryptocurrency on American politics.
Mark Cuban believes that the SEC's approach to crypto could affect the 2024 presidential election.

United States Securities and Exchange Commission (SEC) Chair Gary Gensler may very well cost current President Joe Biden the White House in 2024 amid growing political tension with Republican frontrunner Donald Trump, Billionaire Mark Cuban alleged while speaking at Coinbase’s State of Crypto event on Thursday.

Joe Biden’s Election Chances Fall On SEC Chair Gary Gensler, Mark Cuban Says

According to Fox Business journalist Eleanor Terrett, Cuban claimed that the federal regulator “could literally cost Joe Biden the election” due to the large percentage of young people in America who invest in crypto.

“If he (Gensler) has a political career in mind, he’s done,” Cuban continued. But Thursday’s comments are far from the first time the “Shark Tank” star has made such claims as the U.S. Presidential race between Biden and Trump heats up.

“I have said many times that Biden has to choose between Gensler or crypto voters, or it could cost him the White House,” he said in a June 8 X post.

Tensions Heat Up Between Donald Trump, Joe Biden Over Crypto

Biden has largely stood by Gensler in his regulation-by-enforcement approach to digital assets, though the current U.S. President has seemingly been forced to shift his tone amid Trump’s heavily pro-crypto stance.

Most recently, Biden notably did not announce plans to veto the House of Representatives Financial Innovation and Technology for the 21st Century Act (FIT21), a bill that would delegate slight regulatory authority over digital assets to the Commodity Futures Trading Commission (CFTC) while providing companies in the blockchain industry greater freedom to innovate without fear of governmental enforcement.

“The (Biden) Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global financial system,” a May 22 Statement of Administration reads.

Meanwhile, Trump recently hosted a gala dinner for select purchasers of his “mugshot edition” non-fungible tokens (NFTs) amid a highly-publicized trial that saw the former U.S. president convicted on 34 counts of fraud stemming from a 2016 “hush money” payment to adult film actress Stormy Daniels.

Trump, who would become the first convicted felon to take the Oval Office if elected to the presidency in November, has since claimed the trial was “rigged.”

Currently neck-and-neck in the polls, the two presumed U.S. presidential candidates will meet face-to-face on June 27 for a televised debate hosted by CNN.