U.S. Presidential Election Comes Down To Crypto, Mark Cuban Says

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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June 11, 2024 14:24 EDT

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Billionaire Mark Cuban suggested on June 8 that the U.S. 2024 presidential election between Republican frontrunner Donald Trump and current President Joe Biden may boil down to each candidate’s stance on crypto.

In response to an op-ed piece written by crypto lawyer Preston Byrne, the long-term crypto investor discussed Trump and Biden’s respective crypto policies openly.

“I have said many times that Biden has to choose between Gensler or crypto voters, or it could cost him the White House,” Cuban said.

Mark Cuban Claims Crypto is A Key Issue In 2024 Election

Biden, who has often sided with U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on swift crypto regulation, has shifted his tone in recent weeks amid Trump’s vocal promotion of digital assets.

Do you really think he understands anything about crypto? Beyond saying he made money selling NFTs?

Neither of them does.

And I have said many times that Biden has to choose between Gensler or crypto voters or it could cost him the Whitehouse

— Mark Cuban (@mcuban) June 9, 2024

Mark Cuban further alleged that neither Biden nor Trump had knowledge of crypto despite previously taking opposing stances on the matter.

“Do you really think he understands anything about crypto? Beyond saying he made money selling NFTs?” Cuban continued. “Neither of them do.”

Trump and his wife, Melania, have been big proponents of non-fungible tokens (NFTS), with the former First Lady releasing several digital collectibles through her website.

Trump, meanwhile, recently hosted a gala dinner for purchasers of his “Mugshot Edition” NFTs shortly ahead of his 34-count conviction on fraud charges stemming from a hush money payment sent to former adult film star Stormy Daniels.

“This was a disgrace,” the former U.S. president said of the verdict. “This was a rigged trial by a conflicted judge who was corrupt.”

The verdict was a total net gain for Trump supporters, however, with several Trump meme coins soaring in value following the trial.

The Race Between Donald Trump And Joe Biden Heats Up

With less than six months until the election, crypto voters are more prominent in the political landscape now than ever.

A recent poll from the Digital Currency Group shows that 20% of voters in swing states consider digital assets to be a major political issue when deciding which candidate to support.

Additionally, Biden stopped short of vetoing the House of Representatives Financial Innovation and Technology for the 21st Century Act (FIT21), which would allow companies in the blockchain sector greater freedoms amid the country’s current lack of regulatory clarity.

Cuban’s commentary on crypto comes as the race to the Oval Office reaches new levels of intensity, with Trump edging out Biden in the polls by just 1% of voters.