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Gensler’s crypto crackdown could cost Biden the election: Mark Cuban

2min Read

Will Biden’s anti-crypto moves, including renominating Crenshaw, backfire in the upcoming presidential election?

Biden’s anti-crypto moves

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  • Mark Cuban criticizes SEC’s strict crypto regulations, potentially hurting Biden’s re-election chances.
  • Biden’s anti-crypto stance contrasts sharply with Trump’s pro-crypto policies.

While the crypto community welcomed SEC Chair Gary Gensler’s announcement on the potential approval of an Ethereum ETF this summer, billionaire entrepreneur Mark Cuban expressed a contrasting perspective.

Cuban criticises Gensler

Cuban openly criticized Gensler, suggesting that his regulatory actions could negatively impact President Joe Biden’s prospects in the forthcoming elections. 

Moreover, at Coinbase’s State of Crypto Summit 2024, Mark Cuban spoke to attendees about the difficulties American crypto companies encounter with the SEC’s registration process. 

He shared his concerns with senators, governors, and representatives, labeling the issue as “a uniquely American Gensler problem.”

Analyzing Cuban’s criticism reveals that 2024 has witnessed increased scrutiny from the SEC against various crypto platforms, including Coinbase, Ripple, Uniswap, ConsenSys, etc.

Biden’s moves might backfire

However, it’s not just Gensler’s actions that could impact Biden’s re-election chances. President Biden himself has taken steps that reflect his anti-crypto stance.

Recently, he vetoed the repeal of SAB 121, a move seen as detrimental to the crypto industry. Combined with the SEC’s actions, these decisions suggest that Biden’s position on cryptocurrency remains stringent.

And now as of the latest update, on 14th June, Biden made headlines by renominating SEC Commissioner Caroline Crenshaw, who is known for her anti-crypto stance.

This decision has sent shockwaves through both the crypto and the political spheres, especially considering that the Biden administration has been reported to seek crypto donations.

Remarking on the same, FOX Business journalist Eleanor Terrett took to X and noted, 

“Crenshaw has been typically anti-crypto, voting against the approval of the $BTC spot ETFs.” 

Will Trump gain more votes from the crypto community?

On the contrary, Trump’s pro-crypto stance has garnered significant support from crypto voters this year.

He not only became the first major presidential candidate to accept crypto donations but also proposed mining all remaining Bitcoin in the U.S., potentially influencing voter preferences.

Highlighting the differing approaches of the two presidential candidates, crypto lawyer Preston Byrne remarked, 

“Trump’s crypto policy is actually very substantive and well thought out. Biden’s crypto policy is insane and punitive, @mcuban. There’s a huge difference between the two candidates on this one issue.” 

To which Cuban replied, 

Mark Cuban

Source: Mark Cuban/X

 

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Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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